Roy A. Westran Chairman of the Board
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1 A C C I D E N T F U N D I N S U R A N C E C O M P A N Y O F A M E R I C A A N N U A L R E P O R T Roy A. Westran Chairman of the Board
2 James C. Epolito President & CEO Focusing on Success Innovative organizations must have a distinct vision for their future. As if peering through a telescope, companies focus in on precise images of growth, financial stability, and customer satisfaction. These clear-cut pictures, revealing the future of our business, increase our knowledge of how to proceed, as we further establish ourselves in the national workers compensation arena. Led by industry experts, Accident Fund has continued to thrive. We have an experienced team to guide our progress, including leaders such as Roy Westran, who served 24 years as the former president and CEO of a major insurance corporation. Roy was inducted, in 1994, to the Michigan Association of Insurance Agent s Hall of Fame, and we are honored to accept his direction. As our Board chairman for nearly ten years, Roy exemplifies our tireless efforts to focus on our clients and employees by serving their needs. Creating the Westran Insurance Scholarship Foundation providing financial scholarships to students pursuing insurance degrees Roy embodies the importance of community in our company. Clearly, understanding our goals and vision at Accident Fund Insurance Company of America has allowed us to center our attention on our agents, their policyholders and our employees. This insight, on the insurance industry as a whole, is at the heart of our success. Solidly ranked by the Gallup Organization, 2003 survey results reveal that agents are strongly involved and loyal to Accident Fund. Employee engagement scores, also compiled by Gallup, confirm that concentrating on our work force is instrumental to providing the best level of service to our agent partners. Receiving a Best in Class rating as an employer directly impacts profitability, retention and customer service. Our team proves that strong relationships originate with personal attention. A solid plan, with an eye on the future, focuses our company on consistent performance. Once again, Accident Fund was rated "A" (Excellent) from A.M. Best Company, a leader in industry rankings. With a spot in Ward s 50, listing the top property/casualty insurance carriers in the nation, we have proved our commitment to providing exceptional products and services. We re proud to receive recognition from such prominent trade groups, which rate us on the strength of our earnings, capital position and high-quality investment portfolio. With assets at nearly $1.5 billion and $398 million in surplus, our focus on steady growth and planned national expansion has proven sound. As the industry changes, we maintain our vision to support, engage and partner with the most trusted insurance agents in the country. This attention to collaboration is unmistakable, as together we see one image; that of an organization directly sustained through partnerships and compassion.
3 Ronald H. Schoen Chief Financial Officer Planning for the Future In 2003, Accident Fund Insurance Company of America experienced another successful year: we grew premium, surplus and assets. Direct written premium from our 10 core states (including Illinois, Indiana, Iowa, Kansas, Michigan, Missouri, North Carolina, South Carolina, Tennessee and Wisconsin) and 26 accommodation states reached $412 million, $79 million more than Statutory net income reached $22.6 million, improving by 37 percent from the previous year. Our combined ratio in 2003 was percent, once again placing Accident Fund better than the industry average of 108 percent. These results reveal a clear, well-developed plan for past success and future growth and stability. Putting an emphasis on our agent partners, Accident Fund s work force and leadership will assist us as we focus on the future. With over $398 million in surplus and assets approaching $1.5 billion, Accident Fund is wellpositioned to face the challenges of continually shifting market conditions.
4 Balance Sheets ($ in Thousands) AS OF DECEMBER 31 Assets Cash, Cash Equivalents & Short-term Investments 90,982 76,801 Bonds 943, ,322 Common Stocks 157,164 99,719 Premiums Receivable 190, ,233 Property and Equipment, Net 27,592 26,910 Other Assets 77,982 52,090 Total Assets 1,487,568 1,280,075 Liabilities and Surplus Reserves for Losses and Loss Adjustment Expenses 759, ,283 Unearned Premiums 200, ,817 Other 129, ,026 Total Liabilities 1,089, ,126 Capital 12,000 12,000 Unassigned Surplus 386, ,949 Total Surplus 398, ,949 Total Liabilities and Surplus 1,487,568 1,280,075 Statement of Operations ($ in Thousands) and Underwriting Ratios YEARS END, DECEMBER Net Premiums Written 441, ,172 Change in Unearned Premiums -37,274-41,019 Net Premiums Earned 404, ,153 Losses Incurred 261, ,444 Loss Adjustment Expenses 45,396 32,129 Other Underwriting Expenses 90,488 71,710 Underwriting Gain 7,292 9,870 Net Investment Income 45,496 49,653 Net Realized Capital Gains (Losses) 17,870-7,234 Other Expenses, Net 27,940 14,805 Federal Income Taxes 20,088 21,026 Net Income 22,630 16,458 Loss Ratio 64.6% 62.9% Loss Adjustment Expense Ratio 11.2% 10.5% Other Underwriting Expense Ratio 20.5% 20.7% Dividend Ratio 3.9% 2.6% Combined Ratio 100.2% 96.7% Statements are prepared on the basis of statutory accounting principles.
5 2003 Board of Directors 2003 Executive Staff Richard E. Whitmer President and CEO Roy A. Westran Chairman Retired President and CEO Citizens Insurance Company Edward B. McRee Vice Chairman Retired President and CEO Ingham Regional Medical Center J. Paul Austin Senior Vice President, Michigan Sales & Services Mark R. Bartlett Executive Vice President and Chief Financial Officer Charles L. Burkett Retired Administrative Director Michigan Farm Bureau Gregory Eaton Legislative Consultant Karoub Associates Frank D. Garrison Retired President Michigan State AFL-CIO Frank J. McDevitt, D.O. Consultant, Medical Affairs Beverley L. McDonald Chair Michigan Consumers Health Care Coalition Barry McGuire Retired Executive Vice President Michigan Automobile Dealers Association Nancy P. McKeague Senior Vice President Administration Michigan Chamber of Commerce James C. Epolito President and CEO Accident Fund Insurance Company of America Senior Vice President, Subsidiary Operations James C. Epolito President and Chief Executive Officer Mark R. Hogle AIC Executive Vice President and Chief Operating Officer Ronald H. Schoen Executive Vice President and Chief Financial Officer Elizabeth R. Wiesner FCAS Executive Vice President and Chief Business Development Officer Steven C. Hess Executive Vice President and General Counsel Keith D. Adkins Vice President Regional Operations James P. Dillon, Esq. Vice President Claims Lisa M. Domagalski Vice President Corporate Meeting Planning R. Samuel Holland, Ph.D. Vice President Quality Improvement Jennifer B. Nash Vice President Information Services Anthony G. Phillips FCAS, MAAA Vice President Actuarial Steven E. Reynolds Vice President Innovation and Planning
6 232 S. Capitol Avenue P.O. Box Lansing, MI
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