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Welcome to the 2024 Amica Annual Report
Powered by the People We Protect
Board of directors
Executive Vice President and Chief Administrative Officer, Providence (Retired)
Director since 2012. 4 (Chair), 3
Debra A. Canales
Chief Executive Officer, Fellowship Health Resources, Inc. (Retired)
Director since 2019. 2 (Chair), 4
Debra M. Paul
Chief Executive Officer, UnitedHealthcare Specialty Benefits (Retired)
Director since 2019. 1 (Chair), 3
Diane D. Souza
President and Chief Executive Officer,
Neighborhood Health Plan of Rhode Island
Director since 2019. 3 (Chair), 1
Peter M. Marino
President, UPS Northeast District (Retired)
Director since 2022. 1, 2
Ivy L. Brown
Principal, Pannone Lopes Devereaux & O’Gara LLC
Director since 2022. 2, 4
Matthew A. Lopes, Jr., J.D.
President and Chief Executive Officer, Amica Insurance
Director since 2022.
Edmund Shallcross III
Independent Financial Consultant and Trustee; Co-Founder and Managing Partner, Adamas Partners, LLC
Director since 2023. 1, 2
Heidi C. Pearlson
Senior Vice President and Chief Engineer, Boeing Company (Retired)
Director since 2023. 2, 4
Joan Robinson-Berry
1 Investment Committee 2 Audit Committee 3 Governance and Nominating Committee 4 Compensation and HR Committee
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financials
2024 Highlights
board of directors
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Financials overview
Through our disciplined underwriting, exceptional service delivery and focus on operational efficiency, 2024 was another successful year at Amica. Below, you’ll find some of the highlights.
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$2.9 billion
in surplus
$5.9 billion
in assets
Our performance in 2024 allowed us to further strengthen our balance sheet, keeping us well-positioned to support our policyholders into the future.
Strong balance sheet
54.0%
home loss ratio
63.5%
auto loss ratio
103.5%
combined ratio
Combined ratio expresses the relationship between expenses incurred (operational costs and claim payments) to premiums earned. Auto and home loss ratios are the losses an insurer incurs due to paid auto and home claims as a percentage of premiums earned.
Our combined ratio for 2024 was more than 11 points lower than 2023. It was also the best we’ve seen over the past decade, aside from the COVID year of 2020. The auto loss ratio and home loss ratio were also down more than 12 points and 9 points, respectively, from 2023.
Combined ratio, auto loss ratio and home loss ratio
* A+ (Superior) is the second highest of 13 company ratings. Ratings range from A++ (Superior) to D (Poor). AM Best's ratings measure an insurer’s financial strength.
Amica Mutual and Amica Life once again received A+ (Superior) financial strength ratings from AM Best,* a leading insurance rating agency and the nation’s authority on insurance company financial stability.
AM Best reaffirms ratings for Amica Mutual, Amica Life
$56 billion
of coverage in force
$14.7 million
increase in surplus
More than
6,100
new policies
$8.3 million
in new life premium
Amica Life Insurance Company, a wholly owned subsidiary of Amica Mutual, also had another outstanding year.
Amica Life growth
We’re also in the process of rolling out Calendly, a tool to simplify appointment scheduling that syncs directly with your Outlook calendar and allows you to connect more easily with our live representatives on insurance matters. Look for more information about Calendly in the future.
Insurance your way
At Amica, we take pride in bringing additional value to our relationship with you. That’s why we’re constantly enhancing our service delivery through partnerships with external organizations. From car clubs to home insurance perks, we have you covered. To learn more about Amica’s partnerships, click here.
Innovative offerings
We know life gets busy, so we want to provide you with communication channels that allow you to connect with us in ways that best fit your needs.
In 2024, AVA – the Amica Virtual Assistant – continued to assist customers with its conversational abilities and wealth of information. To chat with AVA about a number of insurance topics, simply click the “Need Help?” icon in the bottom-right corner on Amica.com. And if for some reason AVA can’t assist with your specific inquiry, we’ll put you in touch with a live representative.
Customers who bundle – meaning they buy more than one type of policy from Amica – often get additional discounts and benefits. They can pay their insurance premiums all in one place, manage their portfolio of coverages, and contact a single insurer even if there’s damage to two categories of property. They also can receive discounts that make the coverages they purchase more affordable. In short, bundling your insurance products with one company can make your life a whole lot easier. For more information, click here.
Bundle benefits
In 2024, Amica launched a new Multi-Year Guaranteed Annuity (MYGA) product. With a fixed deferred annuity like a MYGA, you make one or multiple payments, which, in turn, gives you a fixed return on your contributions, regardless of market fluctuations. To learn more about this product, click here.
Introducing Multi-Year Guaranteed Annuities
In 2024, Amica was featured on an episode of The Mel Robbins Podcast. Robbins is an author, motivational speaker and former lawyer, and her podcast has a global audience and over 200 million downloads. In this particular episode, she illustrated the importance of the human connection by highlighting the bond between a retired Amica representative and a longtime policyholder who had a minor car accident and submitted a claim. You can listen to the episode, "Transform Your Life at Any Moment: The Surprising Science of Happiness,” wherever you get your favorite podcasts.
The Mel Robbins Podcast
Boston Celtics/Jayson Tatum partnerships
In July, we launched an exciting new partnership, becoming the Exclusive Auto, Home and Life Insurance Partner of the Boston Celtics. This sponsorship prominently places the Amica brand in front of a younger, more diverse and much larger audience.
We’re also excited to work with the Celtics Shamrock Foundation to improve access to quality, early-education opportunities across New England. There’s a critical lack of early-education availability across the region, and we believe the impact we’ll make together will be life-changing for the families involved. Keep an eye out for more updates about this in 2025.
As we entered our partnership with the Boston Celtics and Jayson Tatum, it was important to us that it be about more than just a jersey patch. We selected these partners because we all share a passion for giving back to the community and bringing about lasting change. In the first year of our partnership, we’ve had several opportunities to share meaningful experiences with members of the community. To learn more about one of those opportunities, view the video below.
Fan Experiences/Celtics Shamrock Foundation
Awards and recognitions
We’re honored to be recognized for our long-standing commitment to customers, employees and the communities where we live and work. Below, you’ll find a handful of the accolades Amica earned in 2024.
#1 in Customer Satisfaction Among Auto Insurers in the New England Region
U.S. Auto Insurance StudySM – New England Region
#1 in Customer Satisfaction With the Home Insurance Claims Experience
U.S. Property Claims Satisfaction StudySM
Named one of the “Best Car Insurance Companies” and one of the “Best Homeowners Insurance Companies” by Consumer Reports
Named one of the World’s Top Companies for Women
Named one of America’s Best Insurance Companies
Forbes
Made Newsweek’s list of America’s Greatest Workplaces for Women
Made Newsweek’s list of America’s Greatest Workplaces for Diversity
Made Newsweek’s list of America’s Greatest Workplaces
Newsweek
Named to U.S. Veterans Magazine’s list of Top Veteran-Friendly Companies
Senior Lecturer, Harvard Business School
Director since 2015. 1
Jill J. Avery
We’re excited about the opportunities 2025 will present at Amica. We remain committed to introducing innovative products, enhancing the tools we offer our customers, and finding new ways to deliver on the service you’ve come to expect from us.
As we embark on this bright new chapter, we’re grateful for your business and steadfast in our promise to uphold the values that have earned the trust of generations of Amica customers.
A look ahead
Edmund (Ted) Shallcross III
President and Chief Executive Officer
Amica Insurance
Respectfully,
We appreciate you taking the time to read our Annual Report, and we’re honored to be powered by the people we protect. We look forward to continuing this important relationship with you in 2025 and beyond.
As always, supporting the communities where we live and work is a cornerstone of who we are at Amica. Each year, we provide grants to many nonprofit partners who work diligently to bring about positive change. We also offer our employees a number of programs to enhance their charitable giving. The end result was that, once again in 2024, Amica and its employees donated millions of dollars and hundreds of hours to organizations that are close to their hearts. Learn more about our community efforts here.
Last year we also made strategic investments to have the Amica brand show up in meaningful ways to more consumers. Perhaps most notable was our partnership with the 18-time champion Boston Celtics. As their Exclusive Auto, Home and Life Insurance Partner, we’ve elevated the Amica brand, not only throughout New England but across the country. Learn more about this partnership, and other Amica initiatives from 2024, here.
Overall, 2024 was successful for Amica. After a few tumultuous years where we – along with the rest of the industry – experienced significant inflation, volatile markets and unprecedented supply chain challenges, I’m pleased to report we were able to restore profitability and restrengthen our financial position in 2024. We had the highest rate of new policy sales since 2019, and we fortified our surplus position – a critical factor in being ready and able to come through when you need us. Learn more about our 2024 financials here.
In this Annual Report, we’ll share key initiatives and outcomes from the past year.
As a mutual insurer owned by our policyholders, we have the unique ability to put your needs first. We’re so glad you’ve chosen to place your trust in Amica to protect the things that matter most to you, and it’s a responsibility we don’t take lightly.
At Amica, you – the customer – are the “why” behind all we do.
Message from the CEO
Ted Shallcross, President and CEO
$162 million
from new policies written
More than
109,000
new policies
We had the highest rate of new policy sales since 2019.
New sales
We handle millions of customer interactions every year, and our team approaches each and every touchpoint with care and empathy. It’s this experience that truly differentiates us from our competitors, and why customers stay with us for so long. To learn more, check out the video below.
World-class customer care
The power of brand
We were also pleased to partner with Celtics star Jayson Tatum in 2024. Jayson’s story is one of relentless work ethic, teamwork and dedication, and he’s crafting a legacy centered around a strong commitment to family, team and the community.
To learn more about one such initiative – Amica’s Month of Giving in November – check out the video below.
Supporting the communities where we live and work is a cornerstone of who we are at Amica. Each year, we provide grants to nonprofit partners who work diligently to bring about positive change. We also offer our employees a number of programs to enhance their charitable giving. In fact, over 50% of those donations were employee-driven.
Corporate social responsibility
2024 highlights
The power of service
The power of community
Welcome to the 2024 Amica Annual Report
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Financials
2023 Highlights
Board of directors
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The power of community
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Welcome to the 2024 Amica Annual Report
Welcome to the 2024 Amica Annual Report
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