March 8, 2019
Umialik, Western National Insurance Group Announce Year-End 2018 Results
(Anchorage, Alaska) Umialik Insurance Company and the Western National Insurance Group today announced full-year financial results through December 31, 2018. Significant comparative financial measures include:
Total Assets grew from $1.22 billion to $1.32 billion, an increase of $100 million (8.2%) compared to 12/31/17
Direct Premium Written totaled $665.3 million, an increase of $41.8 million (6.7%) over 2017
The Combined Ratio (without dividends) totaled 94.6%, compared to 96.2% in 2017
Net Income After Tax totaled $41.1 million, compared to $34.8 million in 2017
Surplus increased from $460 million to $492 million, an increase of $32 million (7.0%) compared to 12/31/17
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 $1.51 billion, Surplus of $560.3 million, and Direct Written Premium of $746.9 million.
“We’re pleased to report that 2018 was another successful year of financial performance and policyholder protection for the Western National Insurance Group,” said Stuart Henderson, President and Chief Executive Officer. “Thanks to a solid, long-term business plan and the continued hard work of our employees and agency partners, we were able to add to the Group’s strong financial foundation. We look forward to building on these results in 2019 and beyond.”
Umialik Insurance Company, headquartered in Anchorage, Alaska, has served the property-and-casualty insurance needs of Alaskans since 1981. Umialik is a member of Western National Insurance, 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 $660 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 & Customer Experience
(952) 921-5680 or (800) 862-6070 Ext. 7680