Amica Mutual Insurance Company (Amica) reported continued financial stability in 2020, a year in which it returned nearly $90 million to customers for COVID-19 premium relief.
Amica CEO, president and chairman, Robert A. DiMuccio, announced the results during the company’s annual meeting held at its corporate headquarters. Amica’s earned premiums totaled $2.4 billion for the second straight year, while net income was $178 million, according to the financial report. Company surplus, which provides a safety net in the event of unprecedented catastrophic losses, reached $3 billion, according to the financial report.
“Our main objective as an insurance company is to protect our policyholders and provide them with peace of mind,” said DiMuccio. “Our financial strength allows us to continue doing that.”
In April Amica launched two consecutive premium relief programs, which provided financial support to auto customers for up to six months.
“I’d like to express my sincere gratitude to our policyholders for their business, particularly during such a difficult year,” DiMuccio said. “We’re humbled that you’ve placed your trust in us.”