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welcome
2021 will be remembered as a year that tested us on many levels. But it was also a year where we were reminded of how much we can accomplish when we come together for something we believe in. We look forward to 2022 with optimism and vigor. We’re grateful for the trust you place in us, and we remain, as always, forward focused.
I'm proud of the way our employees have come together to overcome obstacles and find the best ways to serve you, despite present challenges.
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Copyright © 2022 Amica,
100 Amica Way, Lincoln, RI 02865
A Message From Our CEO
1 Investment Committee 2 Audit Committee 3 Governance and Nominating Committee 4 Compensation Committee
Chief Executive Officer, UnitedHealthcare Specialty Benefits (Retired)
Age 69. Director since 2019. 1, 4
Diane D. Souza
President and Chief Executive Officer,
Neighborhood Health Plan of Rhode Island
Age 53. Director since 2019. 1, 3
Peter M. Marino
Chief Executive Officer,
Fellowship Health Resources, Inc.
Age 58. Director since 2019. 1, 2
Debra M. Paul
Senior Lecturer, Harvard Business School
Age 54. Director since 2015. 1, 2 (Chair)
Jill J. Avery
Executive Vice President and
Chief Administrative Officer, Providence
Age 60. Director since 2012. 1, 4
Debra A. Canales
Chairman, President and
Chief Executive Officer, Amica Insurance
Age 64. Director since 2005. 1
Robert A. DiMuccio
Chancellor Emeritus,
Winston-Salem State University
Age 75. Director since 2004. 1, 2
Donald Julian Reaves, Ph.D.
President, New Directions, Inc. (Retired)
Age 73. Director since 2001. 1, 3, 4
Michael D. Jeans
Attorney-at-law
Age 76. Director since 2000. 1, 3 (Chair)
Barry G. Hittner, J.D.
President, Bryant University (Retired)
Age 73. Director since 1999. 1, 4 (Chair)
Ronald K. Machtley
Attorney-at-law
Age 75. Director since 1993. 1, 2
Jeffrey P. Aiken, J.D.
President, Ravengate Partners, LLC
Age 73. Director since 1992. 1 (Chair), 3
Patricia W. Chadwick
Board of Directors
We focus our giving on causes that promote community well-being and aim to support work that will have lasting, positive impact. From driving improvement in health and human services and education, to supporting basic needs and helping people recover after natural disasters, the scope of our giving is wide.
Community. Focused.
in net income
$110 million
Solid net income
Financials
Download full financials
Our high-quality investment portfolio – coupled with our consistent focus on operational efficiency – kept us on firm financial ground.
REFLECTING ON 2021
financials
Board of directors
to your life. These range from tools and resources that reduce the chance you’ll experience a loss, to partnerships with reputable companies that can provide you with quality products or services.
Robert A. DiMuccio
Chairman, President and Chief Executive Officer
Amica Insurance
I find it useful in trying times to take a long-term view, envisioning how things might look when the dust settles. Doing so allows me to see opportunities to innovate, learn and grow. Many great advances are born from disruption. And change, even when unplanned, is necessary to thrive over time.
2021 was defined by uncertainty, as the pandemic lingered and the world struggled to return to normal. The challenges faced on societal, business and individual levels were significant.
We want insurance to be something you’re happy to handle because every interaction with Amica is simple, friendly and reassuring. Our goal is to make you feel comfortable knowing you’re protected and confident that, should you need to call on us, we’ll do everything in our power to assist you.
I believe I work alongside the best team in the industry, and I’ve witnessed, time and again, the length our employees go to help you. As a mutual insurer, we make decisions with our customers top of mind, as opposed to the interests of investors. We have a steadfast focus on the quality of our service, and are always looking for ways to impress you.
Our financial strength allows us to uphold our promise to customers when you need us most.
Below, you’ll find some of the financial highlights for 2021.
AM Best Company, Feb. 2, 2022.
*
a leading
*
insurance rating agency and the nation’s authority on insurance company financial stability.
AM Best reaffirms “Superior” ratings for Amica Mutual, Amica Life
new policies
6,380
in new life premium
$7.1 million
new business in force
$3.3 billion
Amica Life Insurance Company continues to be an important part of our strategy to provide products that meet all of our customers’ needs.
Amica Life growth
in surplus
$3.2 billion
in assets
$5.8 billion
Company assets and surplus are indicators of financial strength, and our ability to fulfill our commitment to policyholders.
Healthy balance sheet
Our combined ratio increased in 2021. As the economy reopened, inflation, supply chain disruption, natural disasters and labor costs were among the factors that impacted our business.
Combined ratio
Amica Mutual and Amica Life once again received “Superior” financial strength ratings of A+ from AM Best,
While Amica exists to protect and attend to the insurance needs of our customers, being a responsible and supportive member of the community is also a very important part of who we are. We proudly support hundreds of organizations each year, and we’ve developed longstanding relationships with many worthy nonprofit organizations.
In response to the wildfires in California, we donated over $75,000 to relief efforts. This allowed volunteer teams to complete mitigation work that significantly reduces the likelihood and scale of future wildfires.
We rallied our employees and customers to support the CEO Soak, a reimagined version of the Ice Bucket Challenge, in support of the ALS Association Rhode Island Chapter. Amica was the top fundraising team in the state, collecting nearly $80,000 for this organization.
As part of our Month of Giving, Amica partnered with Feeding America. This network of 200 food banks and 60,000 food pantries serves over 40 million people each year. Through employee and public donations, we provided nearly 500,000 meals for those in need.
by the Age-Friendly Institute
Certified as one of the best places to work for employees age 50 and over
that rates businesses around the world
Rated “Excellent” on Trustpilot,
a consumer review website
2021 Providence Business News Best Places to Work in Rhode Island
by Forbes
Named one of America’s Best Midsize Employers and one of America’s Best Insurance Companies
U.S. Home Insurance Study
Highest ranking in two J.D. Power studies:
from Blue Cross & Blue Shield of Rhode Island and Greater Providence Chamber of Commerce
2021 Exemplary Worksite Health Award
U.S. Auto Insurance Study, New England Region
1
2021 Guidewire Innovation Award for our Homeowner Physical Damage Desk Review Model
from our corporate social responsibility program, Amica in the Community:
2021 highlights
We share your interest in securing the things in life you’ve worked so hard to build. We partner with you to protect your home, help you become a safer driver and reassure you that, should the unexpected happen, we’ll be there to assist in any way we can.
As a mutual company built to serve the needs of our customers, we foster connections that last for generations. We’re ardent believers that enduring relationships are grounded in trust. That’s why we’re thrilled that one in three Amica customers has trusted us to protect them for more than 20 years.
And every year brings its own surprises. In 2021, Texas was caught off guard by the historic winter storm and the subsequent freeze events and power outages. The human and economic costs of this event were substantial. Here's one story of how an Amica adjuster was there for a customer during a difficult time.
In times like these, the trust you place in us is put to the test. And in these moments, we have the opportunity to show you that your trust is warranted. We’re proud to have employees who go above and beyond for our policyholders.
From preventing losses to saving you money, we’ve got your best interests in mind.
Owning and maintaining a home is a big responsibility, and all of the tasks can be challenging to keep up with. Let us help you stay ahead of home maintenance so you can focus on enjoying life. Home Check by Amica is a free app you can use to track your home maintenance tasks, inventory your possessions in case of a loss, and receive personalized tips and expert advice to keep your home in top condition.
If you haven’t checked it out yet, download the app from the App Store or Google Play today.
TM
Home Check by Amica
Apple and the Apple logo are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc., registered in the U.S. and other countries.
Google Play and the Google Play logo are trademarks of Google LLC.
Amica teamed up with broadcast pioneer “This Old House” to help people do what’s best for their homes. Together, we created several videos on DIY home maintenance tasks, proactive maintenance tips and the importance of understanding your home insurance policy. Be on the lookout for Amica on PBS, in “This Old House” magazine and as the category-exclusive sponsor of “This Old House” on Roku.
Did you know Amica is now the official auto, home and life insurance partner of the BMW Car Club of America? Like BMW, Amica has been perfecting its craft for over a century, making this partnership a natural fit. And if you’re a BMW Car Club member, you may qualify for a policy discount. If you’d like to learn more, you can call 844-677-7702. And to learn more about the BMW Car Club of America, visit bmwcca.org.
BMW Car Club of America
Smarter, safer homes
Focused.
forward.
the center of everything we do.
Our relationship with you is at
Customer. Focused.
here at Amica is truly a beautiful thing.”
“We are just so very grateful ... The culture
Month of Giving
CEO Soak
California wildfires
(MADD)
We’ve delivered on our promise to policyholders for 115 years. As a leading national insurer, we’re proud to be recognized for our commitment to them and our employees.
Awards and Recognitions
Welcome to the 2021 Amica Annual Report
Have you met AVA, the Amica Virtual Assistant? This industry-recognized tool on Amica.com helps with product information, self-service functionality and other common questions. AVA is available by clicking the orange “Need Help?” button at the bottom-right corner of all Amica.com pages. When you enter your question, AVA will quickly answer or guide you to key information to assist you. When using AVA, you always have the option to speak with a representative. And if you inquire about something that AVA knows it can’t assist with, it will automatically direct you to a live agent who can help.
Amica Virtual Assistant
highest in the country for customer satisfaction in mortgage servicing by J.D. Power for the past eight straight years, 2014-2021. To learn more, click here.
®
Getting life insurance with Amica is easier than ever before, thanks to our modern and flexible platform. More customers can now qualify for our streamlined underwriting process, which uses data obtained during application to mitigate the need for invasive and time-consuming requirements like lab work and physician statements. We also introduced a process where some applicants can receive an underwriting decision and policy within minutes if they qualify. To learn more about life insurance with Amica, click here.
Amica Life
®
Mothers Against Drunk Driving
program. As an insurance company, we see firsthand the importance of safe driving practices. For more information about our partnership, which runs through the end of 2025, visit our Power of You(th) page.
(MADD) to support its Power of You(th)
®
We proudly teamed up with Mothers Against Drunk Driving
®
“2021 was defined by uncertainty...”
We’re also seeking ways to
expand our relationship with you
in ways that add value
We’re pleased to offer discounts for certain smart home technology, specifically sensors and systems that detect and prevent theft, fire and water loss. These systems can help to avoid costly damage, make homes more energy-efficient and keep people safe. With today’s smart home devices reporting instantly to homeowners through their smartphone, the chance of a large loss can be greatly decreased. Amica customers can also get discounts on the purchase of certain smart home products. To learn more, click here.
combined ratio
108.3%
As of March 31, 2022.
In the year ahead, we look forward to the opportunity to continue serving you. The greatest measure of our success is your satisfaction.
causes across the country.
We want to be a brand you’re proud to associate with. Amica has always been a
, and we’re honored to give back to many communities and worthy
company with a heart
Net income was $110 million, and, at year-end, we had $5.8 billion in assets and over $3.2 billion in surplus. Customer retention also remains very high, and Amica Life Insurance Company has continued its strong performance.
remain on firm financial ground
From an operational perspective, our results were impacted by catastrophes, more drivers back on the roadways, supply chain challenges and inflation. Our combined ratio came in at 108.3%, a bit higher than planned. I’m pleased to report, however, that we
.
1
Amica evaluates all change against a single measure – whether it furthers our mission to create peace of mind and build enduring relationships.
One of the ways we supported Feeding America during this initiative was through the sharing of our 2021 Thanksgiving e-card. For every share, Amica donated $1 to the organization. To learn more about our Thanksgiving card, and the artist who painted the image, Jerry Lynn, check out the video to the left.
that provides customers with a special
In 2021, Amica kicked off a partnership with Rocket Mortgage
costs when you buy a new home or refinance with Rocket Mortgage!
You can now save $2,000 on closing
mortgage benefit.
Rocket Mortgage has ranked
Beth Flanagan
ALS Association of Rhode Island
Download Financials
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Photo by Anthony Tieuli/This Old House
Welcome
Reflecting on 2021
Financials
Download Full Report
Download Financials
Board of directors
“2021 was defined by uncertainty...”
“We are just so very grateful ... The culture
As a mutual company built to serve the needs of our customers, we foster connections that last for generations. We’re ardent believers that enduring relationships are grounded in trust. That’s why we’re thrilled that
Amica customers has trusted us to protect them for more than 20 years.
one in three
As a mutual company built to serve the needs of our customers, we foster connections that last for generations. We’re ardent believers that enduring relationships are grounded in trust. That’s why we’re thrilled that one in three Amica customers has trusted us to protect them for more than 20 years.
As a mutual company built to serve the needs of our customers, we foster connections that last for generations. We’re ardent believers that enduring relationships are grounded in trust. That’s why we’re thrilled that one in three Amica customers has trusted us to protect them for more than 20 years.
, and we’re honored to give back to many communities
that provides customers with a special mortgage benefit.
You can now save $2,000 on closing costs when you buy a new home or refinance with Rocket Mortgage!
program. As an insurance company, we see firsthand the importance of safe driving practices. For more information about our partnership, which runs through the end of 2025, visit our Power of You(th) page.
