Amica reports growth in 2016

AMICA MUTUAL Insurance Co. Chairman, President and CEO Robert A. DiMuccio said 2016 "was an exceptional year from a sales standpoint." / PBN FILE PHOTO/ MICHAEL SALERNO
AMICA MUTUAL Insurance Co. Chairman, President and CEO Robert A. DiMuccio said 2016 "was an exceptional year from a sales standpoint." / PBN FILE PHOTO/ MICHAEL SALERNO

LINCOLN – Amica Mutual Insurance Co. on Friday announced record-high 2016 earned premium totaling $2 billion, and net income totaling $147 million.

The company said it achieved such robust results, despite significant claims made last year.
“It was an exceptional year from a sales standpoint,” said Robert A. DiMuccio, chairman, president and CEO of the Lincoln-based insurer.

Net policy grew 4.3 percent, increasing total policies in force to nearly 1.6 million, DiMuccio added.

Last year, the company also realized an increase in weather-related claims in the Northeast and Southwest, DiMuccio said during the company’s annual meeting on Thursday. He also reported more severe auto accidents throughout the country. DiMuccio said the increased number of auto claims was an industrywide trend fueled by more cars on the road, more distracted driving and “higher repair costs for newer vehicles.”

- Advertisement -

Despite the increased number of claims, however, the company ended 2016 with $5.1 billion in assets and about $2.6 billion surplus.

A full copy of the company’s financial statements was not immediately available.

DiMuccio said the company’s life insurance arm, Amica Life Insurance Co., also had “an exceptional” 2016. Life insurance in force grew 6.2 percent and life premiums and annuity deposits totaled $67.4 million, representing an increase of about $4 million, according to a press release.

“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.”

Amica, founded in 1907, says it employs more than 3,700 people in 44 offices throughout the country.

No posts to display