Skip to main content

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$5,727,649$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
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
Total Assets$224,002,297

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

Statement of Income

Premiums Written$142,110,437$131,699,926
Change in Unearned Premiums(9,053,609)(3,222,240)
Reinsurance Ceded(26,105,426)(26,200,997)
Premiums Earned$106,951,403
Losses Incurred$67,272,894$59,230,452
Loss Adjusting Expenses Incurred7,835,10910,669,232
Underwriting Expenses Incurred32,237,21129,914,374
Underwriting Gain (Loss)($393,811)
Net Investment Income$4,345,924$5,705,157
Other Income394,446663,480
Dividends to Policyholders(130,924)(120,972)(95,311)
Federal Income Taxes210,023729,083(431,767)
Net Gain (Loss)$4,005,612
Net Premium/Surplus Ratio1.331.331.37
Percentage Growth in Premiums Written7.90%5.00%9.85%