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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$1,840,827($2,129,578)$5,727,649
Bonds (Amortized Cost)131,417,504150,847,258159,968,705
Stocks (Market Value)3,540,54711,005,74714,384,549
Other Invested Assets13,2293,746,8684,097,462
Mortgage Loans7,272,4813,197,609-
Real Estate2,247,1233,546,0503,720,051
Accrued Investment Income741,005753,472983,189
Premium Balances23,668,96124,285,33421,273,965
Company Owned Life Insurance6,672,6845,957,1017,129,982
Deferred Taxes/Taxes Receivable3,209,19410,718,1533,401,841
Loss Recoverable from Reinsurers1,445,4811,889,5583,102,951
Computer Hardware73,978115,076211,953
Total Assets$182,143,014$213,932,648

Liabilities & Surplus202320222021
Reserves for Losses & Adjusting Expenses$74,001,634$71,989,793$61,492,214
Reserve for Unearned Premiums62,312,16267,021,34458,523,543
Reserve for General Expenses4,799,9786,292,8417,577,634
Reserve for Premiums Paid in Advance2,269,0842,460,4222,079,704
Reinsurance Payable784,0542,002,018752,097
Reserve for Federal Income Taxes0
Reserve for Pension Benefits1,985,8592,476,6975,652,839
Reserve for Other Liabilities615,1311,347,677994,346
Policyholder Surplus35,375,11260,341,85686,929,920
Total Liabilities & Surplus$182,143,014$213,932,648

Statement of Income

Premiums Written$147,180,616$154,845,895$142,110,437
Change in Unearned Premiums4,709,181(8,497,801)(9,053,609)
Reinsurance Ceded(20,858,576)(29,115,157)(26,105,426)
Premiums Earned$131,031,221$117,232,937
Losses Incurred$106,628,581$106,227,450$67,272,894
Loss Adjusting Expenses Incurred12,819,72711,466,0067,835,109
Underwriting Expenses Incurred37,553,74234,362,84432,237,211
Underwriting Gain (Loss)(25,970,829)
Net Investment Income$4,552,160$3,046,937$4,345,924
Other Income950,832(635,084)394,446
Dividends to Policyholders(183,900)(162,952)(130,924)
Federal Income Taxes(647,957)(2,629,097)210,023
Net Gain (Loss)($20,003,780)
Net Premium/Surplus Ratio3.572.101.33
Percentage Growth in Premiums Written-4.95%8.96%7.90%