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

MEMIC 2023 Financials

MEMIC 2023 Annual Report

Past Annual Reports

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