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$217,455$1,912,654$11,577,246
Bonds (Amortized Cost)135,076,945130,445,262117,423,563
Stocks (Market Value)10,412,55410,760,5949,594,158
Mortgage Loans2,017,3202,065,3802,110,395
Real Estate6,158,3346,653,3997,151,449
Accrued Investment Income815,002714,525701,010
Premium Balances16,011,06114,534,71514,806,743
Company Owned Life Insurance4,747,6124,390,3854,353,541
Deferred Taxes/Federal Taxes Receivable4,694,6215,633,6476,064,526
Loss Recoverable from Reinsurers403,929345,31848,482
Computer Hardware126,781145,778233,536
Total Assets$180,681,614$177,601,657$174,064,648

Liabilities & Surplus201720162015
Reserves for Losses & Adjusting Expenses$52,204,150$53,877,445 $54,673,878
Reserve for Unearned Premiums39,173,38141,258,297 41,906,528
Reserve for General Expenses5,619,2134,876,0094,609,600
Reserve for Premiums Paid in Advance1,246,1271,181,6851,316,207
Reinsurance Payable3,868,9201,211,972845,919
Reserve for Federal Income Taxes330,09800
Reserve for Pension Benefits7,591,0887,210,1545,910,722
Reserve for Other Liabilities739,107988,574 646,669
Policyholder Surplus69,909,53066,997,521 64,155,125
Total Liabilities & Surplus$180,681,614$177,601,657$174,064,648

Statement of Income

Premiums Written$103,726,887$97,387,257$98,626,959
Change in Unearned Premiums2,084,916648,231270,968
Reinsurance Ceded(16,205,513)(9,909,020)(7,671,944)
Premiums Earned$89,606,290$88,126,468$91,225,983
Losses Incurred52,710,57952,329,23554,407,750
Loss Adjusting Expenses Incurred11,259,0299,419,5909,042,888
Underwriting Expenses Incurred26,309,67025,806,70126,059,628
Underwriting Gain (Loss)($672,988)570,942$1,715,717
Net Investment Income$3,523,137$3,323,037$1,976,123
Other Income361,409456,702502,628
Dividends to Policyholders(78,142)(92,029)(99,127)
Federal Income Taxes453,665-405,73454,535
Net Gain (Loss)$2,679,750$4,664,386$4,040,808
Net Premium/Surplus Ratio1.251.311.42
Percentage Growth in Premiums Written6.51%-1.26%-2.25%