View Our Annual Statement

Our Strong Financial Foundation and Big Heart: A Winning Combination

 

Most people consider financial strength to be a key component of an insurance carrier because you need them to provide resources and assistance when you need it most. At Badger Mutual Insurance Company, we find that having a big heart is just as important—if not more important—than a solid financial foundation.

For us, it all starts with relationships. We work diligently with our local agents to provide them the service, technology, and solutions they need for their customers–quickly. This dedication allows our agents to provide quality insurance solutions for their local community members, property owners, and businesses.

Our heart extends to the investment in our people, building on our staff members’ talent and experience. Badger Mutual has a great mix of friendly, energetic, and enthusiastic employees who really like and understand insurance, and the protection it provides to our customers. You’ll notice the difference the first time you pick up the phone or walk into one of our agents’ offices—exceptional service from people who are genuinely interested in you.

Badger Mutual’s focus on relationships extends to our community. Our employees volunteer many hours helping to make their communities a better place to live. We also support local and national charities.

Finally, heart is all about sharing. We share our annual reports and business information so both agents and customers know we are strong, secure, and operate in a highly ethical and professional manner. And since we are a mutual insurance company, we measure our ultimate performance by the satisfaction of the people we serve–our agents and customers—not profits.

Assets, Liabilities & Surplus


Assets202020192018
Cash and Short-Term Securities$6,630,552$3,763,310$5,659,051
Bonds (Amortized Cost)148,792,809142,591,481135,379,115
Stocks (Market Value)17,436,97411,614,3228,719,039
Mortgage Loans01,504,2721,551,360
Real Estate3,889,9405,124,5625,672,851
Accrued Investment Income740,693724,614750,692
Premium Balances19,423,470
19,113,114
17,920,925
Company Owned Life Insurance5,978,0374,847,2804,331,703
Deferred Taxes/Taxes Receivable4,102,9383,667,2984,962,589
Loss Recoverable from Reinsurers1,856,085944,019
331,652
Computer Hardware396,130
284,195
100,911
Total Assets$209,247,628
$194,178,467
$185,379,888

Liabilities & Surplus202020192018
Reserves for Losses & Adjusting Expenses$61,071,347$57,996,473
$56,963,510
Reserve for Unearned Premiums49,469,934
46,247,695
42,684,811
Reserve for General Expenses7,222,801
6,023,612
5,890,770
Reserve for Premiums Paid in Advance1,883,4771,819,3691,276,495
Reinsurance Payable1,873,566882,285
1,366,835
Reserve for Federal Income Taxes0
0
0
Reserve for Pension Benefits7,742,507
7,002,150
6,668,426
Reserve for Other Liabilities842,139
701,972
495,234
Policyholder Surplus79,141,85773,504,911
70,033,807
Total Liabilities & Surplus$209,247,628
$194,178,467
$185,379,888


Statement of Income


 202020192018
Premiums Written$131,699,926
$125,427,079
$114,184,839
Change in Unearned Premiums(3,222,240)
(3,941,358)
(3,876,557)
Reinsurance Ceded(26,200,997)
(24,427,877)
(22,399,704)
Premiums Earned$102,276,689
$97,057,844
$87,908,578
Losses Incurred$59,230,452
$60,730,487
$51,759,165
Loss Adjusting Expenses Incurred10,669,232
9,794,166
11,923,002
Underwriting Expenses Incurred29,914,374
28,136,939
26,585,117
Underwriting Gain (Loss)$2,462,631
($1,603,748)
($2,358,706)
Net Investment Income$5,705,157
$3,869,296
$2,607,667
Other Income663,480
738,854
191,225
Dividends to Policyholders(120,972)(95,311)(79,250)
Federal Income Taxes729,083(431,767)(655,771)
Net Gain (Loss)$7,981,213
$3,340,859
$1,016,707
Net Premium/Surplus Ratio1.331.371.31
Percentage Growth in Premiums Written5.00%9.85%10.08%