MADISON – The American Family Insurance Group
reported a strong fiscal 2013 on Tuesday, saying its company
assets rose to $19.5 billion, an increase of 8.6 percent
compared to 2012.
“I'm proud of the financial strength that allows us to protect
and serve our customers,” said Chairman and Chief Executive
Officer Jack Salzwedel in a statement. “We’re investing in
technology, products and programs that will better serve our
customers for the long run, while at the same time maintaining
the capacity to withstand unanticipated financial challenges.”
American Family Insurance Group reported its strong financial
performance in 2013 was bolstered by solid operating results
from its American Family agency-brand subsidiaries. The
financials also include results from the first of the group's
recent acquisitions, Permanent General Holdings Corp.
In 2013, American Family increased its policyholder equity to
nearly $6.6 billion, which serves as financial protection for
policyholders in the event of unusual catastrophic events or
unexpected losses, according to the announcement.
“American Family is growing and diversifying to meet customer
needs and preferences today and in the future,” Salzwedel said
in the statement. “For the customers who prefer the outstanding
service of an insurance agent, we will continue to recruit and
support the best agency force in the business. Our agents remain
our heart and soul.”
The American Family Group added $444.1 million to policyholder
equity in 2013, following a $579.1 million increase in 2012. The
main contributor to the increase in policyholder equity in 2013
was net income of $378.8 million, which includes line operating
results, investment income, realized gains and taxes, according
to the announcement. Net income increased 5.1 percent from the
$360.5 million net income in 2012.
Company assets rose to $19.5 billion, an increase of 8.6
percent. Life insurance in force rose to $89.6 billion from
$88.3 billion, according to the announcement.
Madison-based American Family Insurance brand companies offer
auto insurance, homeowners insurance, life insurance, health
insurance, business and farm/ranch insurance in 19 states. The
company employs 7,800 people and sells its products through
3,500 independent contractor exclusive agents.