Financial Summary - Third Quarter 2012

Balance Sheet 


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With assets in excess of $553 million and surplus that exceeds $250 million, MMIC Insurance, Inc. (MMIC Insurance) continues to build and maintain financial strength and stability for the long-term protection of our policyholders. This strong surplus position also enables MMIC Insurance to seek and capitalize on growth opportunities.



Total Assets 


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With total assets exceeding $553 million, MMIC Insurance continues to build financial strength and stability for the protection of our policyholders over the long term.



Invested Assets 


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With invested assets that have grown by 10.6% since December 31, 2007 to over $516 million, MMIC Insurance provides a stable foundation for its policyholders. With 46% of our invested assets in tax-exempt bonds, MMIC Insurance has continued to receive tax equivalent yields greater than taxable bonds with the stability of a municipal portfolio. Continued positive cash flow from operations has allowed MMIC Insurance to opportunistically invest in the financial markets while maintaining a well structured and diversified investment portfolio.



Policyholders' Surplus 


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A fundamental component of an insurer’s financial strength is surplus. The surplus for MMIC Insurance has grown by over $73 million or in excess of 41% since December 31, 2007.




Income Statement 


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The $16.5 million of net income earned during the first 9 months of 2012, has continued to help build policyholders’ surplus, an important component in overall financial health. 
Because of this continued financial success, MMIC Insurance declared a dividend of $8 million returnable to its policyholders in 2013. This will bring the total amount of dividends returned to shareholders since 1994 to $109 million.




Direct Premium Written


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Despite a highly competitive and softening market which is pressuring rates, MMIC Insurance remains as one of the leading providers of medical professional liability insurance in the Upper Midwest.




Combined Ratio 


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The statutory combined ratio is a comparison of losses and expenses to premiums. The combined ratio for MMIC Insurance was 87.1% for the first nine months of 2012.