Acuity released its 2018 financial results, which showed that the insurer set new records across key areas of measurement while exceeding the industry’s performance in those areas.
Highlighting Acuity’s 2018 performance is a 93.5 combined ratio, over 8 points better than the insurer’s competitors in the property/casualty industry. This marks the 8th consecutive year Acuity has earned a combined ratio of less than 100.
Acuity showed strength and growth in many other areas in 2018 as well. The company continued to add to policyholders’ surplus—essential for fulfilling its promise of financial protection to customers—ending the year at a record $2.034 billion (GAAP). Assets increased to $4.465 billion (GAAP). Additionally, Acuity generated a net income of over $200 million for the first time in its 93-year history.
“Acuity is a consistent source of strength for our independent agent partners and the hundreds of thousands of individuals, families, businesses, and workers who depend on us to be there when disaster strikes,” said Ben Salzmann, Acuity President and CEO. “Our continued strong performance reflects the hard work of everyone at Acuity and confirms that we are doing things right—pricing products fairly and accurately, maintaining underwriting discipline, and operating at a high level of efficiency.”
In 2018, Acuity also combined outstanding financial performance with strong revenue growth of over $100 million. The company’s 7.2% increase in written premium was the highest in four years and exceeded the industry average. Fueled by $255 million in new business premium, Acuity finished 2018 with over $1.5 billion in total written premium for the first time in company history.
In commercial lines, Acuity surpassed 82,000 quote requests received for the first time ever and maintained an all-time-high 43.7 success ratio on writing those accounts. In personal lines, Acuity surpassed $400 million in written premium for the first time ever.