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


Assets202120202019
Cash and Short-Term Securities$5,727,649$6,630,552$3,763,310
Bonds (Amortized Cost)159,968,705148,792,809142,591,481
Stocks (Market Value)14,384,54917,436,97411,614,322
Other Invested Assets4,097,462--
Mortgage Loans--1,504,272
Real Estate3,720,0513,889,9405,124,562
Accrued Investment Income983,189740,693724,614
Premium Balances21,273,965
19,423,470
19,113,114
Company Owned Life Insurance7,129,9825,978,0374,847,280
Deferred Taxes/Taxes Receivable3,401,8414,102,9383,667,298
Loss Recoverable from Reinsurers3,102,9511,856,085944,019
Computer Hardware211,953396,130
284,195
Total Assets$224,002,297
$209,247,628
$194,178,467

Liabilities & Surplus202120202019
Reserves for Losses & Adjusting Expenses$61,492,214$61,071,347$57,996,473
Reserve for Unearned Premiums58,523,54349,469,934
46,247,695
Reserve for General Expenses7,577,6347,222,801
6,023,612
Reserve for Premiums Paid in Advance2,079,7041,883,4771,819,369
Reinsurance Payable752,0971,873,566882,285
Reserve for Federal Income Taxes0
0
0
Reserve for Pension Benefits5,652,8397,742,507
7,002,150
Reserve for Other Liabilities994,346842,139
701,972
Policyholder Surplus86,929,92079,141,85773,504,911
Total Liabilities & Surplus$224,002,297
$209,247,628
$194,178,467


Statement of Income


 202120202019
Premiums Written$142,110,437$131,699,926
$125,427,079
Change in Unearned Premiums(9,053,609)(3,222,240)
(3,941,358)
Reinsurance Ceded(26,105,426)(26,200,997)
(24,427,877)
Premiums Earned$106,951,403
$102,276,689
$97,057,844
Losses Incurred$67,272,894$59,230,452
$60,730,487
Loss Adjusting Expenses Incurred7,835,10910,669,232
9,794,166
Underwriting Expenses Incurred32,237,21129,914,374
28,136,939
Underwriting Gain (Loss)($393,811)
$2,462,631
($1,603,748)
Net Investment Income$4,345,924$5,705,157
$3,869,296
Other Income394,446663,480
738,854
Dividends to Policyholders(130,924)(120,972)(95,311)
Federal Income Taxes210,023729,083(431,767)
Net Gain (Loss)$4,005,612
$7,981,213
$3,340,859
Net Premium/Surplus Ratio1.331.331.37
Percentage Growth in Premiums Written7.90%5.00%9.85%