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Dear Agency Partners,
Our 2013 year-end results are in and I am pleased to report that our financials are strong and reflect our emphasis on consistent underwriting, profitable growth and service excellence. For the year ending December 31, 2013, FFVA Mutual Insurance has reported a net income of $9.1 million that represents an increase of $11.4 million over the prior year.
FFVA Mutual Year-End Financial Highlights:
- Net Admitted Assets growth of 8.2% to $291 million.
- Surplus increase of 21% to $123 million.
- Written Premium increased 6.3% from the prior year.
- Net Underwriting Gain of $3.6 million versus prior year net loss of $4.8 million.
- Net Income of $9.1 million versus prior year net loss of $2.3 million.
- Net Investment Gain of $12.9 million.
- Direct Loss Ratio of 56.9% down from 63.3% from the prior year.
- Combined Ratio of 103.2% compared to 113.4% in 2012.
These positive financials were achieved through the dedication and support of our agents, policyholders and employees. Thank you for making FFVA Mutual your choice for workers' compensation.
Sincerely,
Craig Menzl
President & CEO |
