LIVONIA, Mich., April 12 /PRNewswire/ -- American Community Mutual Insurance Company, a leading provider of individual and group health insurance, reported strong operating results through 2003, ending the year with direct written premiums of $363.4 million. Policyholders’ surplus rose to $84.2 million -- a 31% increase from 2002. Net income grew to $23.5 million from last year’s $18.5 million. The company’s strong year-end figures capped more than 12 quarters of continuous profitability.
According to Gerald Meach, American Community President & CEO, “Our company success can be attributed to two main factors: staying committed to a strategy of controlled, profitable growth; and having a dedicated, professional team of employees and a strong network of independent agents. It is because of their support and hard work that we achieved our 2003 objectives, and are continuing our upward momentum into 2004.”
American Community has grown by focusing on the small to medium-size group market, and individual health market. “Although we compete effectively at many levels,” said Gregory Mac, Senior Vice President - Group Products, “our small group and individual product solutions are uniquely strong and provide exceptional policyholder value.”
Insurance-industry observers have also taken note of American Community’s improved performance. A.M. Best Company, a nationally recognized insurance ratings organization, recently upgraded its rating of American Community, which included a positive outlook for the company.
To view a copy of American Community’s 2003 Annual Report, go to http://www.american-community.com/ , then click on “Who We Are,” then “Annual Report.”
About American Community
Founded in 1938, American Community Mutual Insurance Company was the first health insurance company in Michigan, and is one of the oldest in the nation. Based in Livonia, Michigan, American Community provides individual and group health insurance products in eight states through an agency force of over 5,000. The company provides high quality, affordable coverage to approximately 200,000 people. For more information, visit http://www.american-community.com/ .
American Community Mutual Insurance Company
CONTACT: Kim Van Kirk of Smith-Winchester, +1-248-352-3333,kim@smith-winchester.com , for American Community Mutual Insurance Company
Web site: http://www.american-community.com/
