WELCOME

FINANCIALS

2025 HIGHLIGHTS

BOARD OF DIRECTORS

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In Good Company:
With You Every Step of the Way

Welcome to the 2025 Amica Annual Report

Message from the CEO

Ted Shallcross President and CEO

Insurance works best when it brings together people who care deeply about protecting the life they’ve built.

And at Amica, we’ve always sought out customers who have a strong sense of responsibility and preparedness for all the risks life entails. That’s why supporting you with comprehensive coverage and exceptional service is at the core of who we are – and the reason why Amica has stood the test of time.

As a mutual company, we build relationships with our customers that are grounded in trust and a shared commitment to navigating life’s uncertainties together. We work with you to tailor protection to your individual needs and help you minimize risk to prevent losses before they occur. And when the unexpected happens, you can count on us to be there with care, guidance and empathy. From everyday questions to the moments when you truly need us, we’ll be here to listen, support you and deliver on our promise.

We make decisions with our customers in mind and remain committed to the long‑term financial strength we’ve built over the past 119 years. The stability we’ve established allows us to take a disciplined, long-term approach and invest confidently in our products, our people and the service our customers rely on.

The trust you place in us is something we work to earn every single day. We never take lightly the responsibility of protecting your car, your home, your family and your future. Thank you for choosing Amica – and for being part of a community that believes in care, responsibility and long-term thinking. Together, we are truly in good company.

This Annual Report captures the highlights of 2025 and details some of the initiatives that defined the year – from brand and product enhancements to operational improvements.

Many of the trends we observed in recent years continued throughout last year. Uncertainty in financial markets, increasing loss severity, climate-driven natural disasters and ever-changing digital advances were pervasive themes. Against that backdrop, Amica remained steady and focused on our mission.

We responded quickly and with compassion when our customers needed us most, including in the aftermath of the devastating wildfires in California. The losses sustained in that disaster made it the largest catastrophe event in Amica’s history, but we’re built to withstand those challenges and provide the world-class experience you’ve come to expect from us.

Over the past year, we took great strides in how we serve you by making our products and services simpler, more intuitive and more personal. We’re investing in digital tools that offer you a more customized experience, workforce optimizations that ensure real people are there when you need us, and new, more flexible product offerings designed to fit your life at every stage. On all fronts, we’re focused on protecting the things that matter most to you and adding value to our relationship.

We also support many nonprofit organizations that focus on things like education, access to health care, housing and environmental sustainability. And once again, our employees stepped up to support the community by giving generously of their time and financial resources. We’re incredibly grateful for their dedication to strengthening the communities where they live and work, and we’re proud to report that half of our annual giving is employee driven.

To learn more about the important work that was done at Amica in 2025, check out the video below.

Thank you for being part of Amica’s story. We deeply appreciate your loyalty and support, and we look forward to serving you in 2026.

Respectfully,

Edmund (Ted) Shallcross III
President and Chief Executive Officer
Amica Insurance

Financials overview

Amica fortified its financial position in 2025 through disciplined underwriting, exceptional service delivery and a focus on operational efficiency. Below, you’ll find some of the highlights from the year.

Our performance in 2025 helped us further strengthen our balance sheet, including reaching the second-highest surplus level in company history. Surplus isn’t just a number – it’s a measure of security for our policyholders, and it ensures that we have the resources to respond quickly and effectively when they need us most.

Excluding the COVID year of 2020, we achieved the lowest combined ratio in over a decade. The auto loss ratio decreased by more than 5 points from 2024, while the home loss ratio increased by a little more than 1 point during that same period.

$6.3 billion

in assets

$3.1 billion

in surplus

New sales play a vital role in sustaining our growth, helping us expand our customer base while reinforcing long‑term financial strength.

$157 million

from new policies

written

More than

104,000

new policies

Combined ratio, auto loss ratio and home loss 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.

102.7%

combined ratio

58.3%

auto loss ratio

55.3%

home loss ratio

Amica Life Insurance Company, a wholly owned subsidiary of Amica Mutual, also had another strong year.

$8.1 million

in new life premium

More than

6,100

new policies

$62 billion

of coverage in force

$16.6 million

increase in surplus

In 2025, 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.

Financial Strength Rating AM Best A+ Superior

* 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.

2025 highlights

YourPlan, our new auto and home product offerings, launched in 2025 with a tiered lineup designed to meet customers at different life stages. These products offer intuitive, modernized solutions that make it easier to choose the right level of protection. Whether someone is buying their first home, managing a growing household or protecting a long‑established property, YourPlan provides clear options that align with their needs. Customers in participating states also benefit from exclusive advantages when they bundle auto and home coverage, adding even more value and simplicity.

Since its launch, YourPlan has expanded across Connecticut, Arizona, New Hampshire, Maine, Tennessee, Illinois, Oregon, Rhode Island and Vermont. Delaware, Maryland, Pennsylvania, Massachusetts and New Mexico are also approved and entering the market in 2026.

Throughout 2025, Amica continued to strengthen its digital experience to make managing insurance easier and more intuitive for customers. Enhancements across our website and mobile platforms simplified shopping for coverage, servicing policies and accessing information quickly. These improvements delivered a more seamless, on‑demand experience while preserving the high standard of service Amica is known for. And our empathetic representatives remained readily available to provide personal support whenever customers preferred a human connection.

We also strengthened partnerships designed to bring customers extra value. Members of car clubs enjoyed exclusive discounts that helped lower premiums. Alumni association partnerships gave graduates access to additional savings. And our home‑protection partnerships offered customers preventive tools – like water‑leak sensors – that helped them avoid costly damage before it happened. These added benefits were more than features – they were meaningful ways to help customers protect what matters most.

Amica’s commitment to educating and empowering customers reached national audiences as well, thanks to two appearances on “Good Morning America.” Senior Assistant Vice President Vinny Fiorino shared how small lifestyle choices can make life insurance more affordable – advice that helped countless viewers understand that coverage isn’t just for later in life, but a tool that can protect families today. Then, Senior Assistant Vice President Bryanca Colvin offered practical steps for managing debt, drawing on her own experiences. Their stories gave viewers across the country confidence and clarity in moments that often feel overwhelming.

Meanwhile, our community efforts remained just as impactful in 2025. Guided by the belief that giving back strengthens the places we call home, Amica invested in initiatives that create long‑lasting change. In August, our partnership with the Boston Celtics Shamrock Foundation helped break ground on a new early childhood education center in Providence. For families who often face long waiting lists or limited access to high-quality care, this center will offer a safe, nurturing environment for up to 42 children – creating new opportunities for learning and growth.

Employees also came together for our annual Giving Thanks Giving Back initiative, surpassing our goal by contributing more than 70,000 items and donations nationwide. They also helped support U.S. Hunger by packing tens of thousands of meals for communities in need.

And through our paperless initiative with American Forests, customers played a direct role in environmental sustainability. Every policyholder who chose digital documents contributed to real impact – more than 33,000 trees planted across the continental U.S. by the end of 2025.

In closing, 2025 marked a meaningful step forward for Amica – one defined by innovation with purpose, deeper human connection and a renewed commitment to the communities we serve. From more flexible, customer‑driven coverage options and intuitive digital tools to memorable brand storytelling and impactful partnerships, everything we introduced was guided by a simple belief: Insurance should meet people where they are and stand with them through every stage of life. As we build on this momentum in the year ahead, we remain focused on making protection feel more personal, more accessible and more enduring – so our customers, employees and communities can move forward with confidence, together.

Awards and recognitions

JD Power 2025 U.S. Insurance Digital Experience Study – Shopping Segment: first place

JD Power 2025 U.S. Auto Insurance Study – New England Region: first place

JD Power 2025 U.S. Home Insurance Study – Homeowners and Renters Segments: first place

Forbes 2024 America's Best Insurance Companies Powered by Statista

AM Best: Standing the Test of Time

Amica is proud to be one of just 22 insurers worldwide to maintain an A or higher financial strength rating from AM Best for over a century (104 consecutive years).

Forbes

One of America’s Best Insurance Companies of 2025

Insure.com

One of the Best Companies for Auto, Home and Life Insurance

Newsweek

One of America’s Greatest Workplaces

U.S. Veterans Magazine

Named to the List of Top Veteran-Friendly Employers

One of the Best Places to Work in Rhode Island

A look ahead

As we move along through 2026, we’re energized by the possibilities in front of us. We’re continuing to invest in tools and technology that make it easier for customers to do business with us, while never losing sight of the personal connection that defines the Amica experience.

Most importantly, we’re grateful to have you with us as we enter this next chapter in Amica’s story. Your trust allows us to do what we do every day – protect what matters, offer peace of mind and be there for you when the unexpected happens.