LINCOLN, R.I. - Amica Mutual Insurance Company reported a record high for earned premium at more than $2 billion and a net income of $147 million, despite significant claims in 2016.
Robert A. DiMuccio, chairman, president and chief executive officer of Amica, announced the results yesterday (Feb. 9) during the company’s annual meeting at its corporate headquarters.
“It was an exceptional year from a sales standpoint,” DiMuccio said. “Our net policy growth was 4.3 percent, raising our total number of policies in force to almost 1.6 million.”
According to DiMuccio, Amica saw an increase in weather-related claims in the Northeast and Southwest, as well as higher severity for auto accidents around the country. However, DiMuccio noted that auto losses are an industrywide issue, as there are more cars on the road, a pattern of distracted driving and higher repair costs for newer vehicles.
Despite this activity, Amica’s balance sheet remained strong. At the end of the year, the company had more than $5.1 billion in assets and almost $2.6 billion in surplus.
DiMuccio also reported that Amica Life Insurance Company has an exceptional year in 2016. The amount of life insurance in force grew by 6.2 percent, and life premiums and annuity deposits totaled $67.4 million, an increase of almost $4 million.
“As a mutual company, our focus is on maintaining a strong financial position for our policyholders,” DiMuccio said. “We continue to be there for them by living up to the customer service standards that have defined our company for more than a century.”