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Michigan Millers Mutual Insurance Company Announces Year-End 2023 Results
(Lansing, Mich.) Michigan Millers Mutual Insurance Company today announced full-year financial results through December 31, 2023.
Significant comparative financial measures include:
- Total Assets grew from $298.8 million to $332.3 million, an increase of $33.5 million (11.2%) compared to 12/31/22.
- Direct Premium Written totaled $148.2 million, with growth from continuing operations of 9.9% over 2022.
- Net Income After Tax totaled $4.0 million, compared to $6.4 million in 2022.
- Surplus increased from $103.3 million to $108.5 million, an increase of $5.2 million (5.0%) compared to 12/31/22.
“These year-end numbers for 2023 are strong, achieved during a year of increasing storm activity and challenging conditions for the industry,
are the result of the impressive hard work of our employees and agency partners over the past year,” said John Parsons, President of Michigan Millers Mutual Insurance.
“I’m proud of how our people and solid business plan enabled us to both serve our customers and further grow our policyholder’s surplus. These results add to our
strong foundation of financial security, and we look forward to building on them in 2024 and beyond for the continued protection of our policyholders.”
Michigan Millers, headquartered in Lansing, Michigan, is a regional insurance carrier writing commercial and specialty lines primarily in the states of Michigan,
New York, and Minnesota. Affiliated with the Western National Insurance Group since 2015, the companies write over $1 billion in Direct Written Premium sold exclusively through professional Independent Insurance Agents.
For further information, please contact:
John Parsons
President
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