Posted on Jan 31, 2015 |
Workers’ Comp Carrier FFVA Mutual Releases Its 2015 Annual Report
FOR IMMEDIATE RELEASE
Multi-state Workers’ Comp Carrier Unveils Fresh Consumer-Focused Brand
MAITLAND, Fla. (May 13, 2015) – FFVA Mutual, a Florida-based regional insurance carrier specializing in workers’ compensation, released its 2015 annual report today. It shows the company had 2014 net income of $19.7 million which represents a 217% increase from $9.1 million the prior year.
Other highlights from the report include the following:
- $110.4 million in direct written premium, an increase of 6.6% from the prior year.
- 12.2 million net underwriting profit compared to $3.6 million in 2013.
- 12% policyholder surplus growth.
- $7.5 million in policyholder dividends distributed. Notably, FFVA Mutual’s Board of Directors has a 100% record of awarding dividends to policyholders based on terms of various plans since the company’s inception in 1956.
- Processed 5,646 claims with a reported claim closure rate of 71% for the year.
- Reviewed 63,700+ medical bills that resulted in savings of more than $30 million.
- Less than 5% of filed claims were litigated as a result of proactive claims management by adjustors.
In addition, the company conducted 1,907 job-site visits and provided safety training to
2,549 employees, presented bimonthly webinars on trending safety topics, and offered OSHA 10-hour and 30-hour compliance training at no extra cost to policyholders. [Read More] or [Click for 2015 Annual Report]