Matanuska Glacier, AK
Photo by Stacey Matteson | Umialik Employee
March 6, 2017
(Anchorage, Alaska) Umialik Insurance Company and the Western National Insurance Group today announced full-year financial results through December 31, 2016. Significant comparative financial measures include:
Total Assets grew from $1.02 billion to $1.14 billion ($124.9 million or 12.2% growth compared to 12/31/15)
Direct Premium Written totaled $566.3 million, an increase of $47 million (9.0%) over 2015
The Combined Ratio (without dividends) rose slightly to 91.8% compared to 90.4% in 2015
Net Income After Tax totaled $40.7 million, compared to $40.1 million in 2015
Surplus increased from $390.6 million to $433.5 million ($43 million or 11% growth compared to 12/31/15)
These figures reflect the combined performance of all group companies, including Western National Mutual Insurance Company and its subsidiaries: American Freedom Insurance Company, Arizona Automobile Insurance Company, Pioneer Specialty Insurance Company, Umialik Insurance Company, Western National Assurance Company, and Western Home Insurance Company. These numbers do not include results from recently acquired Nevada General Insurance Company or affiliate Michigan Millers Insurance Company. With affiliate results, the group’s year-end results include total assets of $1.32 billion, surplus of $487.1 million, and direct written premium of $630.9 million.
“We’re pleased to report that 2016 was another successful year of financial performance and policyholder protection for the Western National Insurance Group,” said Stuart Henderson, President and Chief Executive Officer. “These results have added to our strong financial foundation, and we thank our employees and agency partners for their hard work in executing our long-term plan. We look forward to building on these successes in 2017 and beyond for the continued protection of our policyholders.”
Western National Insurance Group, headquartered in Edina, Minn., is a super-regional property-and-casualty insurance group writing over $560 million in Direct Premium in 19 states, plus surety in an additional 7 states. The group consists of eight active insurance companies (Western National Mutual Insurance Company, Western National Assurance Company, Pioneer Specialty Insurance Company, Western Home Insurance Company, Arizona Auto Insurance Company, Umialik Insurance Company, American Freedom Insurance Company, and Nevada General Insurance Company), as well as one affiliate company (Michigan Millers Mutual Insurance Company), together serving personal and commercial customers in the Midwestern, Northwestern, and Southwestern U.S, and in Alaska. All of the group’s products are sold exclusively through professional Independent Insurance Agents.
For further information, please contact:
Steve Norman, CPCU, M.A., AIT
Vice President – Communications & Customer Experience
(952) 921-5680 or (800) 862-6070 Ext. 7680