Annual Reports
Every year, MEMIC provides an annual report of its financials to our policyholders and general public.
2023 Financial Highlights (in thousands of dollars)
| 2023 | 2022 | |
| Assets | ||
| Invested | $1,545,800 |
$1,466,444 |
| Other | $186,022 |
$178,160 |
| TOTAL ASSETS | $1,731,822 |
$1,644,604 |
| Liabilities | ||
| Loss and LAE Reserves | $862,279 |
$793,274 |
| Other | $283,951 |
$327,474 |
| TOTAL LIABILITIES | $1,146,230 |
$1,120,748 |
| . | ||
| Policyholders’ Surplus | $585,592 |
$523,856 |
| . | ||
| Key Statistics | ||
| Dividend | $23,411 |
$24,281 |
| Direct Written Premium# | $420,738 |
$401,492 |
| Premium-to-Surplus Ratio, Direct | .72:1 |
.77:1 |
| Premium-to-Surplus Ratio, Net | .71:1 |
.77:1 |
| Number of Policyholders | 20,633 |
20,786 |
| Direct Combined Ratio Before Dividends | 95.82% |
94.99% |
| Net Operating Ratio | 90.90% |
93.73% |
| Change in Asset Base Year over Year | $87,218 |
$19,361 |