NEWS ARTICLE
March 3, 2021
Umialik, Western National Insurance Group Announce Year-End 2021 Results
(Anchorage, Alaska) Umialik Insurance Company and the Western National Insurance Group today announced full-year financial results through December 31, 2021. Significant comparative financial measures include:
- Total Assets grew from $1.45 billion to $1.59 billion, an increase of $147.6 million (10.2%) compared to 12/31/19
- Direct Premium Written totaled $733.2 million, an increase of $15.9 million (2.2%) over 2019
- The Combined Ratio (without dividends) totaled 94.5%, compared to 95.7% in 2019
- Net Income After Tax totaled $57.2 million, compared to $49.5 million in 2019
- Surplus increased from $548.9 million to $611.0 million, an increase of $62.1 million (11.3%) compared to 12/31/19
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, Nevada General 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 affiliates. With affiliate results, the Group’s year-end results include Total Assets of $1.84 billion, Surplus of $696.3 million, and Direct Written Premium of $840.0 million.
“Thanks to the continued hard work of our employees and agency partners in what was a uniquely challenging year, we’re pleased to share a strong set of 2020 year-end results,” said Richard Long, President. “The results of 2020 reflect our solid, long-term business plan combined with agility on everyone’s part to carry out that plan amidst the trying circumstances of the COVID-19 pandemic. These results add to our Group’s strong foundation of financial security, and we look forward to building on them in 2021 and beyond for the continued protection of our policyholders.”
Umialik Insurance Company, headquartered in Anchorage, Alaska, has served the property-and-casualty insurance needs of Alaskans since 1981. Umialik is a member of Western National Insurance Group, a super-regional group of property-and-casualty insurance companies providing personal and commercial coverage in 22 states across the Midwestern and Western U.S. as well as in Alaska: and surety bonds in 41 states. The Group writes over $800 million in Direct Premium through seven 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—and through one affiliate, Michigan Millers Mutual Insurance Company. 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)
steven.norman@wnins.com
