Comparative Annual Statement
AM Best's Financial Strength Rating opinion addresses the relative ability of an insurer to meet its ongoing insurance obligations. For the latest Best's Credit Rating, access www.ambest.com.
Effective March 12, 2024
“AM Best has assigned a Financial Strength Rating of A (Excellent) and a Long-Term Issuer Credit Rating of “a+” (Excellent) to Millville Mutual Insurance Companies. The outlook assigned to these Credit Ratings (ratings) is stable. The ratings reflect Millville Mutual Insurance Companies' balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management (ERM).” Source: AM Best
ASSETS |
2023 |
2022 |
|
Cash on Hand |
$8,440,811 |
$9,883,808 |
|
Bonds |
$92,781,854 |
$78,753,545 |
|
Preferred Stock |
$0 |
$0 |
|
Common Stocks |
$3,395,152 |
$9,066,309 |
|
Mutual Funds |
$29,945,979 |
$27,552,809 |
|
Reinsurance Recoverable |
$732,963 |
$302,623 |
|
Real Estate |
$444,432 |
$362,596 |
|
Premium Receivable |
$7,228,071 |
$6,004,001 |
|
Accrued Investment Income |
$630,378 |
$540,080 |
|
Other Assets |
$588,486 |
$804,371 |
|
Total: |
$144,188,126 |
$133,270,142 |
|
|
||
LIABILITIES AND POLICYHOLDERS' SURPLUS |
||
|
Reserve for Unearned Premium |
$27,396,924 |
$24,315,127 |
|
Reserve for Losses & Expenses |
$12,979,104 |
$15,869,019 |
|
Reserve for All Other Liabilities |
$5,973,238 |
$4,551,318 |
|
Reinsurance Balances Payable |
$647,977 |
$673,055 |
|
Total Liabilities: |
$46,997,243 |
$45,408,519 |
|
Policyholders' Security Account |
$97,190,883 |
$87,861,623 |
|
Total: |
$144,188,126 |
$133,270,142 |
|
|
||
INCOME |
||
|
Direct Premium Written |
$48,829,596 |
$44,073,243 |
|
Premiums Earned |
$43,414,831 |
$40,725,906 |
|
Losses Incurred |
$23,013,140 |
$27,182,408 |
|
Loss Expense Incurred |
$2,715,833 |
$2,643,956 |
|
Underwriting Expense |
$13,564,001 |
$12,654,478 |
|
Net Underwriting Results |
$4,121,857 |
$-1,754,936 |
|
Investment Income |
$3,193,985 |
$2,332,463 |
|
Realized Capital Gains (loss) |
$753,967 |
$128,358 |
|
Unrealized Capital Gains (loss) |
$2,374,832 |
$-4,596,195 |
|
Net Investment Results |
$6,322,784 |
$-2,135,374 |
|
Other Income & Capital Adjustments |
$584,180 |
$495,124 |
|
Income Taxes |
$1,699,561 |
$251,356 |
|
Net Change |
$9,329,260 |
$-3,646,542 |
|
|
||
|
Policyholders' Security Account |
$97,190,883 |
$87,861,623 |
|
|
||
|
Combined Ratio |
88.4% |
102.9% |