Acuity sets financial records in 2018

Posted on Feb 6, 2019 :: Insight on Business, Web Exclusive.
Posted by of Insight Publications

2018 was a record year for Acuity. The insurer set new records across key areas of measurements in 2018 while exceeding industry performance statistics.

Acuity posted a 93.5 combined ratio, which is 8 points better than its competitors in the property/casualty industry, the eighth year in a row it earned a combined ratio of less than 100.

Other financial highlights:

  • Generated a net income of more than $200 million for the first time in Acuity’s 93-year history.
  • Added to policyholders’ surplus — essential for fulfilling its promise of financial protection to customers — ending the year at a record $2.034 billion (GAAP).
  • Total assets increased to $4.465 billion (GAAP).
  • Reported strong revenue growth of more than $100 million.
  • Saw a 7.2 percent increase in written premium — the highest in four years and exceeded the industry average.
  • Earned $255 million in new business premium and finished 2018 with more than $1.5 billion in total written premium for the first time. In personal lines, Acuity surpassed $400 million in written premium — another first.

“Acuity is a consistent source of strength for our independent agent partners and the hundreds of thousands of individuals, families, businesses and workers who depend on us to be there when disaster strikes,” said Acuity President and CEO Ben Salzmann. “Our continued strong performance reflects the hard work of everyone at Acuity and confirms that we are doing things right — pricing products fairly and accurately, maintaining underwriting discipline and operating at a high level of efficiency.”