We unveiled our new logo – the fifth in the company’s history – during the second half of the year. The script style gives the logo the feeling that it was handwritten, which is a nod to the personal service we provide to our customers. But unlike most script, ours stands upright, providing a more contemporary feel. We believe this gives a nice sense of our history, our modern capabilities and our strength moving forward.

Like the rest of the insurance industry, we’ve also been put to the test over the past few years by fluctuating financial markets, devastating natural disasters and a life-altering pandemic. I’m pleased to report that, despite all of this, we remain in a solid financial position, and are well equipped to weather these economic issues and be there for you when you need us most. Learn more about our 2022 financials here.

From the time of our founding in 1907, Amica has exemplified service and excellence by protecting our policyholders and the things that matter most to them. Through prudent business practices and careful management, we’ve stood the test of time and established significant financial strength and stability. Maintaining our customers’ trust and providing them with peace of mind is something we’re dedicated to at every level of this organization.

A Message From Our CEO

Empathy in Action

Welcome to the 2022 Amica Annual Report

Our long-term success has been achieved by holding strong to foundational principles that are at the heart of what Amica stands for. It’s an approach that allows us to provide unwavering peace of mind, value and security to our customers, our employees and our communities.

Since our founding, Amica has aimed to attract customers who are responsible and risk-averse. Then, we partner with you to protect valuable parts of your life, provide you with world-class service and form lasting relationships that often extend through generations. And if the unexpected happens, you can trust you’ll be met with empathy and guidance from our caring representatives.

Empathy is important because it sets us apart from our competitors. It elevates a relationship that’s often transactional to one that’s meaningful, and it’s at the root of why customers stay with Amica for life. In fact, 98% of customers who bundle auto, home and umbrella insurance with us come back year after year.

We believe so strongly in the power of empathy that we made it the focus of our new marketing messaging. In 2022, we rolled out a campaign that showcases the way we support customers in times of need. Learn more about that campaign here.

We also know the employees who provide this type of service need to be supported and taken care of. As an employer of thousands across the country, we’re proud to offer an inclusive workplace where our people can grow both personally and professionally. The result is a compassionate and talented team that gives you an insurance experience you can rely on.

Another thing we really care about at Amica is our community. Active involvement in the places where we live and work – both through charitable giving and volunteerism – is an important part of our corporate culture. We were excited to continue supporting the impactful work of hundreds of nonprofits around the country in 2022. Learn more about that support here.

Thank you for taking the time to read our Annual Report. Please know how grateful we are for your business, and how much we’re looking forward to serving you in the year ahead.

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

Financial Strength Rating AM Best A+ Superior

* AM Best Company, Feb. 8, 2023.

Amica Mutual and Amica Life once again received “Superior” financial strength ratings of A+ from AM Best,* 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

6,101

in new life premium

$7.4 million

coverage in force

$48.3 billion

Through Amica Life Insurance Company, we provide products and services that protect the ones you love. We saw continued strong performance from the Life Company in 2022.

Amica Life growth

combined ratio

116.4%

Combined ratio expresses the relationship between expenses incurred (operational costs and claim payments) to premiums earned. Our combined ratio in 2022 was higher than we had originally planned due to factors like inflation, supply chain challenges and volatile investment markets. These were conditions that impacted the entire insurance industry.

Combined ratio and expense ratio

in surplus

$2.7 billion

in assets

$5.4 billion

Company assets and surplus are indicators of financial strength, and our ability to fulfill our commitment to policyholders.

Healthy balance sheet

Download full financials

Our financial strength is one of the many reasons you can feel confident about choosing Amica as your insurer.

Financials

Welcome

financials

year in review

board of directors

Below, you’ll find some of the highlights for 2022.

Our expense ratio – which speaks to our operational efficiency – came in under budget and has been relatively stable the last three years.

expense ratio

37.6%

Our new look and feel

In September, we were awarded the naming rights to the Civic Center in Providence, Rhode Island. The building was renamed Amica Mutual Pavilion (the AMP), and is home to the Big East’s Providence College men’s basketball team and the AHL’s Providence Bruins ice hockey team. It also hosts major national touring acts, family shows and other sporting events. Not only does this signal our lasting commitment to the state, it strengthens our bonds with the Rhode Island community.

Welcome to the Amica Mutual Pavilion

1 Investment Committee 2 Audit Committee 3 Governance and Nominating Committee 4 Compensation Committee

Chief Executive Officer, UnitedHealthcare Specialty Benefits (Retired) Director since 2019. 1, 4

Diane D. Souza

President and Chief Executive Officer, Neighborhood Health Plan of Rhode Island Director since 2019. 1, 3

Peter M. Marino

Chief Executive Officer, Fellowship Health Resources, Inc. Director since 2019. 1, 2

Debra M. Paul

Senior Lecturer, Harvard Business School Director since 2015. 1, 2 (Chair)

Jill J. Avery

Executive Vice President and Chief Administrative Officer, Providence Director since 2012. 1, 4

Debra A. Canales

Chairman, President and Chief Executive Officer, Amica Insurance (Retired) Director since 2005. 1

Robert A. DiMuccio

Chancellor Emeritus, Winston-Salem State University Director since 2004. 1, 2

Donald Julian Reaves, Ph.D.

President, New Directions, Inc. (Retired) Director since 2001. 1, 3 (Chair), 4

Michael D. Jeans

President, Bryant University (Retired) Director since 1999. 1, 4 (Chair)

Ronald K. Machtley

President, Ravengate Partners, LLC Director since 1992. 1 (Chair), 3

Patricia W. Chadwick

Board of Directors

increase in surplus

$8.8 million

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President, UPS Northeast District (Retired) Director since 2022. 1, 2

Ivy L. Brown

President and Chief Executive Officer, Amica Insurance Director since 2022. 1

Edmund Shallcross III

Principal, Pannone Lopes Devereaux & O’Gara LLC Director since 2022. 1, 2

Matthew A. Lopes, Jr., J.D.

As of March 31, 2023.

We’re excited about the opportunities we’ll have to expand our relationships with you in 2023. And we’ll do so while embracing the values that have served this company so well for so long.

Recognized in the

Property & Casualty

Insurance Monitor Awards Report for:

Policy Holder Site Homepage: Gold

Payment Capabilities: Bronze

from Blue Cross & Blue Shield of Rhode Island and Greater Providence Chamber of Commerce

2022 Exemplary Worksite Health Award

2022 Providence Business News Best Places to Work in Rhode Island

PBN Providence Business News Best Places to Work Awards Winner 2022

Rated “Excellent” on Trustpilot, a consumer review website

by Forbes

Named one of America’s Best Insurance Companies

U.S. Home Insurance Study

U.S. Auto Claims Satisfaction Study

U.S. Auto Insurance Study, New England Region

We’ve provided protection for customers for 116 years, and we’re proud to be recognized for our commitment to them and our employees.

Awards and Recognitions

Ranked #1 in the New England Region in the J.D. Power 2022 U.S. Auto Insurance Study

Highest in Customer Satisfaction Among Homeowners Insurance

Highest in Customer Satisfaction With the Auto Insurance Claims Experience

2022 was a year filled with exciting change at Amica. To learn more, check out the video and blurbs below.

Year in Review

We were pleased to launch the Amica Resource Center, which provides customers and prospects with valuable insurance and lifestyle information. Our goal is to help you protect the people you love and the belongings that matter to you. Click here to visit the Resource Center.

Launching the Amica Resource Center

Did you know the Amica Virtual Assistant (AVA) can provide you with product information, self-service functionality and answers to your common insurance questions? Located in the bottom-right corner of pages on Amica.com, this tool can serve up useful information – from billing to claims to policy details. And with every question you ask AVA, it becomes even more robust. We also continue to add more content to AVA on a regular basis to better assist you. Get to know AVA today!

Get to know AVA

For many, pets are family. That’s why we’ve partnered with Embrace to provide pet insurance, which can help you manage unexpected vet costs in the event they become sick or injured. In fact, we have nearly 2,000 pet insurance policies in place to help protect your furry family members. To learn more about pet insurance, and our relationship with Embrace, click here.

Protect your furry family members

At Amica, we believe a smarter home is a safer home. Through our Smarter Home Savings program, Amica customers may be eligible for policy discounts, as well as discounts on devices that are connected to the internet and monitored by you or a third party.* Click here to learn more about our Smarter Home Savings program.

Smarter Home Savings

Over the course of the past year, we donated millions of dollars and thousands of hours of service to organizations that make this world a better place. By focusing on important causes like food security, safe housing, education and job training, we aim to bring about positive and lasting change. We’re also proud of how involved our employees are in their communities. Through a variety of company programs, we’re thrilled to report that 62% of our giving last year was employee driven.

Amica in the Community

* Discounts are subject to state’s regulatory approval and are typically greater when your device is monitored by a third-party service.

Ted Shallcross President and CEO

“Standing the Test of Time” recognition from AM Best, for a credit rating of A or higher for over 75 years

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Would you or someone you know be a good fit at Amica? Check out our new careers site to learn more!

that rates businesses around the world

Welcome

Financials

year in review

Board of directors

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