Dear Agency Partners,
I am pleased to report that our latest financial results have continued their upward momentum. For the third quarter ending September 30, 2014, FFVA Mutual Insurance has reported a net income of $11.4 million that represents an increase of $6.5 million over the same period in 2013. Strong and consistent results such as these mirror our focused goals of increased profitability and book of business growth in all of our eight state markets.
Third Quarter Financial Highlights
- Net Admitted Assets increased 4.2% to $303 million during the nine months ended September 30, 2014.
- Policyholder Surplus increased $8.8 million or 7.1% during the same period to $132 million.
- Direct Written Premium through September 30, 2014 of $86.8 million increased 4.7% over the same period in 2013.
- Net Income through nine months of $11.4 million in 2014 up from $4.9 million in 2013.
- Net Investment Gain through nine months of $10.7 million in 2014 up from $7.4 million in 2013.
- Direct Loss Ratio as of September 30, 2014 of 47.3% compared to 51.1% for the same period in 2013.
- Combined Ratio as of 96.02% through nine months of 2014 compared to 100.69% for the same period in 2013.
As we look to a successful year-end and a productive 2015, we would like to thank our agency partners for making FFVA Mutual your carrier of choice for workers’ compensation insurance.
President & CEO