Amica posts $136M profit in 2018

AMICA MUTUAL Insurance Co. reported a profit of $136 million in 2018. / COURTESY AMICA MUTUAL INSURANCE CO.
AMICA MUTUAL Insurance Co. reported a profit of $136 million in 2018. / COURTESY AMICA MUTUAL INSURANCE CO.

LINCOLN – Amica Mutual Insurance Co. reported net income of $136 million in 2018, a 63.9% increase year over year, according to its just released annual report.

The company reported premium revenue of $2.3 billion, a 6.6% year-over-year increase. The company had 1.6 million active issued policies in force at the end of 2018, a 0.7% decline over the year.

The company reported that there were 353,298 automobile claims for the year, a decline from 358,590 in 2017. Homeowners claims also declined from 62,176 in 2017 to 54,874 in 2018.

Total assets for the mutual insurer totaled $5.4 billion at the end of 2018, a 1% increase year over year. The company reported a surplus at the end of 2018 of $2.6 billion, a 4.3% decline from the end of 2017.

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The company paid $142 million in dividends to policy holders in 2018, a decline from $145 million the year before, while at the same time reporting a 94.3% combined auto and home policy retention rate.

Chris Bergenheim is the PBN web editor. You may reach him at Bergenheim@PBN.com.

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