LINCOLN - Amica Mutual Insurance Co. reported net income of $149.5 million in 2013, more than double its 2012 profit of $71 million, according to financial results announced by Chairman, President and CEO Robert A. DiMuccio at the company’s annual meeting on Thursday.
The company’s favorable financial results for 2013 were generated by focusing on strengthening its technology, enhancing service to customers and expanding business, according to the announcement.
“The trend seen here is greatly impacted by the uneventful weather experienced in 2013,” DiMuccio said. “Also contributing to the profitability is a consistent, disciplined underwriting philosophy and a prudent investment strategy that we’ve employed over the years.”
Financial highlights also included a 7.1 point improvement in the company’s combined ratio.
The company’s showing was enhanced by 6.2 percent growth of life insurance in 2013 over the previous year, said DiMuccio.
“We see Amica Life as a key element of our long-term success that allows us to offer a wide variety of products to our policyholder base and further strengthen our relationships,” said DiMuccio.