Today’s News American Family moves up 20 spots in Fortune 500 rankings 06/09/2014 Fortune magazine recently released its annual rankings of the country’s 500 largest businesses, and American Family placed No. 373. We ranked No. 393 last year. “Moving up 20 spots in the Fortune 500 rankings is a significant jump,” says Kari Grasee, controller vice president. “It speaks to the financial strength of our company and our expanding revenue stream.” Our purchase of The General and our own premium growth are the main reasons for our move up in the rankings. Fortune bases its rankings solely on total enterprise revenues, including earned premium, investment income, net capital realized gains and other income, in American Family’s case. By comparison, rating agencies, like A.M. Best, use such quantitative data along with extensive qualitative analyses to rate companies. Fortune rankings are based on the most recent year’s performance, whereas A.M. Best typically looks at longer-term results. Our net income for 2013 – which includes line operating results, investment income, realized gains and taxes – increased 5.1 percent to $378.8 million from $360.5 million in 2012. And, our policyholder equity increased to nearly $6.6 billion. Fortune included The General’s revenue numbers in this year’s rankings. However, it did not include Homesite, which means we’ll likely move up in the rankings again next year. The following chart shares rankings of property and casualty insurance companies listed in the Fortune 500.
Posted on: Tue, 10 Jun 2014 14:05:42 +0000
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