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
|Cash and Short-Term Securities||($2,129,578)||$5,727,649||$6,630,552|
|Bonds (Amortized Cost)||150,847,258||159,968,705||148,792,809|
|Stocks (Market Value)||11,005,747||14,384,549||17,436,974|
|Other Invested Assets||3,746,868||4,097,462||-|
|Accrued Investment Income||753,472||983,189||740,693|
|Company Owned Life Insurance||5,957,101||7,129,982||5,978,037|
|Deferred Taxes/Taxes Receivable||10,718,153||3,401,841||4,102,938|
|Loss Recoverable from Reinsurers||1,889,558||3,102,951||1,856,085|
|Liabilities & Surplus||2022||2021||2020|
|Reserves for Losses & Adjusting Expenses||$71,989,793||$61,492,214||$61,071,347|
|Reserve for Unearned Premiums||67,021,344||58,523,543||49,469,934
|Reserve for General Expenses||6,292,841||7,577,634||7,222,801
|Reserve for Premiums Paid in Advance||2,460,422||2,079,704||1,883,477|
|Reserve for Federal Income Taxes||0||0||0
|Reserve for Pension Benefits||2,476,697||5,652,839||7,742,507
|Reserve for Other Liabilities||1,347,677||994,346||842,139
|Total Liabilities & Surplus||$213,932,648||$224,002,297||$209,247,628
Statement of Income
|Change in Unearned Premiums||(8,497,801)||(9,053,609)||(3,222,240)
|Loss Adjusting Expenses Incurred||11,466,006||7,835,109||10,669,232
|Underwriting Expenses Incurred||34,362,844||32,237,211||29,914,374
|Underwriting Gain (Loss)||($34,823,363)||($393,811)||$2,462,631
|Net Investment Income||$3,046,937||$4,345,924||$5,705,157
|Dividends to Policyholders||(162,952)||(130,924)||(120,972)|
|Federal Income Taxes||(2,629,097)||210,023||729,083|
|Net Gain (Loss)||-$29,945,365||$4,005,612||$7,981,213
|Net Premium/Surplus Ratio||2.10||1.33||1.33|
|Percentage Growth in Premiums Written||8.96%||7.90%||5.00%|