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$5,659,051$217,455$1,912,654$11,577,246
Bonds (Amortized Cost)135,379,115135,076,945130,445,262117,423,563
Stocks (Market Value)8,719,03910,412,55410,760,5949,594,158
Mortgage Loans1,551,3602,017,3202,065,3802,110,395
Real Estate5,672,8516,158,3346,653,3997,151,449
Accrued Investment Income750,692815,002714,525701,010
Premium Balances17,920,925
Company Owned Life Insurance4,331,703
Deferred Taxes/Taxes Receivable4,962,589
Loss Recoverable from Reinsurers331,652
Computer Hardware100,911
Total Assets$185,379,888

Liabilities & Surplus2018201720162015
Reserves for Losses & Adjusting Expenses$56,963,510
$52,204,150$53,877,445 $54,673,878
Reserve for Unearned Premiums42,684,811
39,173,38141,258,297 41,906,528
Reserve for General Expenses5,890,770
Reserve for Premiums Paid in Advance1,276,495
Reinsurance Payable1,366,835
Reserve for Federal Income Taxes0
Reserve for Pension Benefits6,668,426
Reserve for Other Liabilities495,234
739,107988,574 646,669
Policyholder Surplus70,033,807
69,909,53066,997,521 64,155,125
Total Liabilities & Surplus$185,379,888

Statement of Income

Premiums Written$114,184,839
Change in Unearned Premiums(3,876,557)
Reinsurance Ceded(22,399,704)
Premiums Earned$87,908,578
Losses Incurred$51,759,165
Loss Adjusting Expenses Incurred11,923,002
Underwriting Expenses Incurred26,585,117
Underwriting Gain (Loss)($2,358,706)
Net Investment Income$2,607,667
Other Income191,225
Dividends to Policyholders(79,250)(78,142)(92,029)(99,127)
Federal Income Taxes(655,771)453,665-405,73454,535
Net Gain (Loss)$1,016,707
Net Premium/Surplus Ratio1.311.251.311.42
Percentage Growth in Premiums Written10.081%6.51%-1.26%-2.25%