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Dear Agency Partners,
I am pleased to report that our latest financial results have continued their upward momentum. For the third quarter ending September 30, 2013, FFVA Mutual Insurance has reported a net income of $4.8 million that represents an increase of $1.1 million over the same period in 2012. Strong and consistent results such as these mirror our focused goals of increased profitability and book of business growth in all of our eight state markets.
Third Quarter Financial Highlights:
- Net Admitted Assets growth of 5.7% to $284 million.
- Surplus increase of 11% to $113 million.
- Direct Premium Growth increase of 4.49% year to date.
- Net Underwriting Gain of $2.6 million versus 2012 third quarter of $1.1 million.
- Net Income of $4.8 million versus prior year to date $3.7 million.
- Net Investment Gain of $7.4 million.
- Direct Loss Ratio of 51% in the third quarter down from 53% prior year to date.
- Third Quarter Combined Ratio of 100.69%.
As we look to a successful year-end and a productive 2014, we would like to thank our agency partners for making FFVA Mutual your carrier of choice for workers' compensation insurance.
Sincerely,
Craig Menzl
President & CEO |
