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Annual Report

Annual Report

Click to view financial report.

Turning Ideas Into Action: A Strategy For Success
(President's message from 2015 Annual Report)

My father was someone who was always thinking about three steps ahead of everyone else. Not that he was disinterested in the here and now, but rather was always seeking an advantage or improvement over what we were doing at the time.

One day he was over the top to show me this new electronic box about the size of a washing machine. He dialed a telephone number into the controls, placed a document in a feed tray on top of the machine, and pushed a button. I calmly watched as the document crawled and paused to the beeps and buzzes as the machine worked through its cycle. In that spine-tingling minute and a half of processing, my father explained at a somewhat hysterical level that an exact replica of that document was printing in our Atlanta office! I honestly thought he needed a vacation; how could you get so excited over this machine sending a document over the telephone? "It's innovation," he explained, "the future of business communication," all while sending more of these faxes to Central's other regional offices.

I have no recollection of what was on the document he sent that day, but knowing him it was something like, "You ain't seen nothing yet!" More than 30 years later, our museum is filled with equipment like the aforementioned fax machine, but our drive for innovation is the same as it was in 1979: to improve our products and services and gain an advantage in delivering them to our customers. What's even more interesting is our strategy hasn't changed: identify a need, gather together a team of innovative problem solvers, and build a solution that fulfills the need. It's a strategy that has served us well in our 140 years and one you will hear more about in the pages of this report.

I am very proud to continue the investment in our culture of excellence; that passion my father valued so dearly. We will develop and build those exciting capabilities like the one he was proud to share with me so many years ago. It is our investment in your future – anticipating your needs so we can provide security, protection, and peace of mind.

Central is currently building an Innovation Team of people who think like my father to enhance the development of our products and services. Their focus will be to anticipate your needs in the future. We look forward to sharing these results in next year's report.

If you had one of those fancy little machines, I could fax you a document that says, "You ain't seen nothing yet!"

Since 1876...

F. W. Purmort
Chairman of the Board and President

 

Central Mutual & All America Insurance Companies
December 31, 2015

ASSETS CENTRAL MUTUAL ALL AMERICA
Bonds $750,845,499 $225,977,412
Stocks – Affiliates 145,965,052 0
Stocks – Nonaffiliated 268,017,938 1,979
Real Estate 44,251,738 0
Cash & Short-Term Investments 32,545,192 9,663,487
Agents' Balances & Uncollected Premiums 153,389,374 29,258,743
Accounts Receivable – Reinsurance 6,588,423 1,254,938
Interest & Dividends Due and Accrued 17,112,503 2,391,817
Federal Income Taxes Recoverable 0 0
Other Assets 32,467,691 7,235,151
Total Admitted Assets $1,451,183,410 $275,783,527
 
LIABILITIES & POLICYHOLDERS' SECURITY FUND
Losses & Loss Adjusting Expenses $361,267,060 $68,812,773
Unearned Premiums 263,403,060 50,172,014
Commissions Payable & Contingent Commissions 17,723,404 3,375,887
Ceded Reinsurance Premiums Payable 4,165,044 793,342
Taxes and Other Expenses 42,016,140 4,256,354
Dividends to Policyholders 290,697 55,371
Other Liabilities 56,515,884 2,352,734
Capital Stock and Contributed Surplus                  0 14,552,000
Unassigned Funds (Policyholders'
Security Fund)
705,802,121 131,413,052
Policyholders' Security Fund 705,802,121 145,965,052
Total Liabilities & Policyholders'
Security Fund
$1,451,183,410 $275,783,527
 
TANGIBLE ASSETS
Central Mutual Insurance Company   –   $1,451,183,410
All America Insurance Company   –   $275,783,527
Direct Premium Written   –   $630,501,027
Net Premiums Written / Policyholders’ Surplus Ratio   –   0.82
Combined Ratio - Central Companies   –   91.5%
Combined Ratio - P&C Industry   –   98.0%
A.M. Best Rating: A (Excellent)

This information is not intended to supercede, or be as comprehensive as, the statutory annual statement filed for each company with the appropriate state insurance departments. The statutory financial statements of Central Mutual Insurance Company and Consolidated Subsidiaries have been audited by Plante & Moran, PLLC. Complete copies of the statutory financial statements have been filed with the appropriate state insurance departments and are also on file at the Home Office of the Central Insurance Companies in Van Wert, Ohio.

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