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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

Cash and Short-Term Securities($2,129,578)$5,727,649$6,630,552
Bonds (Amortized Cost)150,847,258159,968,705148,792,809
Stocks (Market Value)11,005,74714,384,54917,436,974
Other Invested Assets3,746,8684,097,462-
Mortgage Loans3,197,609--
Real Estate3,546,0503,720,0513,889,940
Accrued Investment Income753,472983,189740,693
Premium Balances24,285,33421,273,965
Company Owned Life Insurance5,957,1017,129,9825,978,037
Deferred Taxes/Taxes Receivable10,718,1533,401,8414,102,938
Loss Recoverable from Reinsurers1,889,5583,102,9511,856,085
Computer Hardware115,076211,953396,130
Total Assets$213,932,648

Liabilities & Surplus202220212020
Reserves for Losses & Adjusting Expenses$71,989,793$61,492,214$61,071,347
Reserve for Unearned Premiums67,021,34458,523,54349,469,934
Reserve for General Expenses6,292,8417,577,6347,222,801
Reserve for Premiums Paid in Advance2,460,4222,079,7041,883,477
Reinsurance Payable2,002,018752,0971,873,566
Reserve for Federal Income Taxes0
Reserve for Pension Benefits2,476,6975,652,8397,742,507
Reserve for Other Liabilities1,347,677994,346842,139
Policyholder Surplus60,341,85686,929,92079,141,857
Total Liabilities & Surplus$213,932,648

Statement of Income

Premiums Written$154,845,895$142,110,437$131,699,926
Change in Unearned Premiums(8,497,801)(9,053,609)(3,222,240)
Reinsurance Ceded(29,115,157)(26,105,426)(26,200,997)
Premiums Earned$117,232,937
Losses Incurred$106,227,450$67,272,894$59,230,452
Loss Adjusting Expenses Incurred11,466,0067,835,10910,669,232
Underwriting Expenses Incurred34,362,84432,237,21129,914,374
Underwriting Gain (Loss)($34,823,363)
Net Investment Income$3,046,937$4,345,924$5,705,157
Other Income(635,084)394,446663,480
Dividends to Policyholders(162,952)(130,924)(120,972)
Federal Income Taxes(2,629,097)210,023729,083
Net Gain (Loss)-$29,945,365
Net Premium/Surplus Ratio2.101.331.33
Percentage Growth in Premiums Written8.96%7.90%5.00%