Annual Reports

Every year, MEMIC provides an annual report of its financials to our policyholders and general public.

2024 Financial Highlights (in thousands of dollars)

2024 2023
Assets
Invested $1,588,563
$1,545,800
Other 192,807
$186,022
TOTAL ASSETS $1,781,370
$1,731,822
 
 
Liabilities  
Loss and LAE Reserves $862,674
$862,279
Other 298,098
283,951
TOTAL LIABILITIES $1,160,772
$1,146,230
.  
Policyholders’ Surplus $620,598
$585,592
.  
Key Statistics  
Dividend $24,163
$23,411
Direct Written Premium# $435,583
$420,738
Premium-to-Surplus Ratio, Direct .70:1
.72:1
Premium-to-Surplus Ratio, Net .69:1
.71:1
Number of Policyholders 20,916
20,633
Direct Combined Ratio Before Dividends 93.35%
95.82%
Net Operating Ratio 86.23%
90.90%
 
Change in Asset Base Year over Year $49,548
$87,218

MEMIC 2024 Financials

MEMIC 2024 Annual Report

Past Annual Reports

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