Amica Mutual Insurance Company at its Annual Meeting on February 11 reported continued financial stability in 2020 and that it returned nearly $90 million to customers for COVID-19 premium relief.
Amica Chairman, President and Chief Executive Officer Robert A. DiMuccio announced the results during the company’s annual meeting at its corporate headquarters.
Amica’s earned premiums totaled $2.4 billion for the second straight year, while net income was $178 million. Company surplus, which provides an important safety net in the event of unprecedented catastrophic losses, reached $3 billion.
“Our main objective as an insurance company is to protect our policyholders and provide them with peace of mind,” DiMuccio said. “Our financial strength allows us to continue doing that.”
Beginning in April 2020, Amica launched two consecutive premium relief programs, which provided financial support to auto customers for up to six months.
Additionally, Amica Life Insurance Company reported It generated $7.4 million in new life premium and more than 7,000 new life policies. Meanwhile, total coverage in force grew to $46.3 billion.
“I’d like to express my sincere gratitude to our policyholders for their business, particularly during such a difficult year,” DiMuccio said. “We’re humbled that you’ve placed your trust in us.”