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


Assets201920182017
Cash and Short-Term Securities$3,763,310$5,659,051$217,455
Bonds (Amortized Cost)142,591,481135,379,115135,076,945
Stocks (Market Value)11,614,3228,719,03910,412,554
Mortgage Loans1,504,2721,551,3602,017,320
Real Estate5,124,5625,672,8516,158,334
Accrued Investment Income724,614750,692815,002
Premium Balances19,113,114
17,920,925
16,011,061
Company Owned Life Insurance4,847,2804,331,703
4,747,612
Deferred Taxes/Taxes Receivable3,667,2984,962,589
4,694,621
Loss Recoverable from Reinsurers944,019
331,652
403,929
Computer Hardware284,195
100,911
126,781
Total Assets$194,178,467
$185,379,888
$180,681,614

Liabilities & Surplus201920182017
Reserves for Losses & Adjusting Expenses$57,996,473
$56,963,510
$52,204,150
Reserve for Unearned Premiums46,247,695
42,684,811
39,173,381
Reserve for General Expenses6,023,612
5,890,770
5,619,213
Reserve for Premiums Paid in Advance1,819,3691,276,495
1,246,127
Reinsurance Payable882,285
1,366,835
3,868,920
Reserve for Federal Income Taxes0
0
330,098
Reserve for Pension Benefits7,002,150
6,668,426
7,591,088
Reserve for Other Liabilities701,972
495,234
739,107
Policyholder Surplus73,504,911
70,033,807
69,909,530
Total Liabilities & Surplus$194,178,467
$185,379,888
$180,681,614


Statement of Income


 201920182017
Premiums Written$125,427,079
$114,184,839
$103,726,887
Change in Unearned Premiums(3,941,358)
(3,876,557)
2,084,916
Reinsurance Ceded(24,427,877)
(22,399,704)
(16,205,513)
Premiums Earned$97,057,844
$87,908,578
$89,606,290
Losses Incurred$60,730,487
$51,759,165
52,710,579
Loss Adjusting Expenses Incurred9,794,166
11,923,002
11,259,029
Underwriting Expenses Incurred28,136,939
26,585,117
26,309,670
Underwriting Gain (Loss)($1,603,748)
($2,358,706)
($672,988)
Net Investment Income$3,869,296
$2,607,667
$3,523,137
Other Income738,854
191,225
361,409
Dividends to Policyholders(95,311)(79,250)(78,142)
Federal Income Taxes(431,767)(655,771)453,665
Net Gain (Loss)$3,340,859
$1,016,707
$2,679,750
Net Premium/Surplus Ratio1.371.311.25
Percentage Growth in Premiums Written9.85%10.08%6.51%