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 |