March 7, 2018
Umialik, Western National Insurance Group Announce Year-End 2017 Results
(Anchorage, Alaska) Umialik Insurance Company and the Western National Insurance Group today announced full-year financial results through December 31, 2017. Significant comparative financial measures include:
Total Assets grew from $1.14 billion to $1.22 billion, an increase of $74.8 million (6.5%) compared to 12/31/16
Direct Premium Written totaled $623.5 million, an increase of $50.8 million (8.9%) over 2016
The Combined Ratio (without dividends) rose to 96.2%, compared to 92.1% in 2016
Net Income After Tax totaled $34.8 million, compared to $40.4 million in 2016
Surplus increased from $433.5 million to $460.0 million, an increase of $26.5 million (6.1%) compared to 12/31/16
These figures reflect the combined performance of all group companies, including Western National Mutual Insurance Company and its subsidiaries: American Freedom Insurance Company, Arizona Automobile Insurance Company, Nevada General Insurance Company, Pioneer Specialty Insurance Company, Umialik Insurance Company, Western National Assurance Company, and Western Home Insurance Company. These numbers do not include results from affiliates. With affiliate results, the group’s year-end results include total assets of $1.41 billion, surplus of $520.0 million, and direct written premium of $695.8 million.
“Thanks to our strong, long-term business plan and the hard work of our employees and agency partners, we’re pleased to report that 2017 was another successful year for the Western National Insurance Group,” said Stuart Henderson, President and Chief Executive Officer. “Despite a very active storm season and the resulting loss activity, we were still able to grow profitably and add to policyholder’s surplus, providing ongoing protection for our customers. We look forward to building on these results and continuing our focus on the customer experience in 2018 and beyond.”
Western National Insurance, headquartered in Edina, Minn., is a super-regional group of property-and-casualty insurance companies providing personal and commercial coverage in 20 states across the Midwestern and Western U.S. as well as in Alaska; and surety bonds in 32 states. The Group writes over $620 million in Direct Premium through eight active insurance companies—Western National Mutual Insurance Company, Western National Assurance Company, Pioneer Specialty Insurance Company, Western Home Insurance Company, Arizona Auto Insurance Company, Umialik Insurance Company, American Freedom Insurance Company, and Nevada General Insurance Company—and through one affiliate, Michigan Millers Mutual Insurance Company. All of the Group’s products are sold exclusively through professional Independent Insurance Agents.
For further information, please contact:
Steve Norman, CPCU, M.A., AIT
Vice President – Communications
(952) 921-5680 or (800) 862-6070 Ext. 7680