American Family Insurance Financial Performances from Time to Time– American Family Insurance is one of the biggest insurance companies from United States of America (USA). Historically, American Family Insurance’s history began on October 3, 1927, and this company was founded by Herman Wittwer. Farmers Mutual Automobile Insurance Company in Madison. Later In 1963, Farmers Mutual changed its name to American Family Mutual Insurance Company because of its broader customer base. Operationally, The American Family Insurance has Headquarters Madison, Wisconsin, U.S.
Along with business development, the American Family Insurance has over 12 million of customers with more than 13,500 employees nationwide. Based on insurance products, American Family Insurance has some insurance products:
- Vehicle Insurance (Car Insurance, Motorcycle Insurance, Boat Insurance, RV & Camper Insurance, ATV Insurance, Snowmobile Insurance)
- Property Insurance (Home Insurance, Renters Insurance, Condo Insurance, and Manufactured Home Insurance)
- Personal Insurance (Life Insurance, Umbrella Insurance)
- Commercial Insurance (Business Insurance, Landlord Insurance)
- Farm & Ranch Insurance
The financial conditions and business performance of American Family Insurance still in the good conditions in the last 7 years from 2015-2022. It can be seen from Balance sheet, Income statements of the company.
The Assets, Liabilities, and Equities of American Family Insurance
| Years | Assets | Liabilities | Equities |
|---|---|---|---|
| (in USD Millions) | (in USD Millions) | (in USD Millions) | |
| 2022 | $36,087 | $27,897 | $8,190 |
| 2021 | $36,852 | $25,443 | $11,408 |
| 2020 | $33,941 | $23,339 | $10,602 |
| 2019 | $31,123 | $21,360 | $9,763 |
| 2018 | $27,502 | $18,495 | $9,006 |
| 2017 | $24,233 | $16,181 | $8,051 |
| 2016 | $22,661 | $14,902 | $7,759 |
| 2015 | $21,463 | $14,101 | $7,362 |
| Source : American Family Insurance Annual Report,2016- 2022 | |||
In 2015, the assets of American Family Insurance were about $21,463 million with liabilities about $14,101 million and equities around $7,362 million. Meanwhile, in 2022, the assets have become $36,087 million, with liabilities around $27,897 million and equities around $8,190 million.
The Revenue and Net Income of American Family Insurance
| Years | Revenue | Net Income (Losses) |
|---|---|---|
| (in USD Millions) | (in USD Millions) | |
| 2022 | $14,440 | $ -1,896 |
| 2021 | $14,414 | $898 |
| 2020 | $12,934 | $403 |
| 2019 | $12,166 | $455 |
| 2018 | $10,177 | $295 |
| 2017 | $9,253 | $155 |
| 2016 | $8,725 | $325 |
| 2015 | $8,068 | $693 |
| Source : American Family Insurance Annual Report,2016- 2022 | ||
In the year of 2015, the revenue of American Family Insurance was around $8,068 million and still had gained net income around $693 million. Meanwhile, in 2022, the revenue has grown into $ 14,440 million but suffered net loss around $ -1,896 million.
Property & Casualty (P&C) and Life premiums earned of American Family Insurance
| Years | Property & Casualty premiums earned | Life premiums earned |
|---|---|---|
| (in USD Millions) | (in USD Millions) | |
| 2022 | $13,313 | $ 387 |
| 2021 | $12,194 | $ 372 |
| 2020 | $11,381 | $ 356 |
| 2019 | $10,721 | $ 346 |
| 2018 | $8,927 | $338 |
| 2017 | $8,205 | $331 |
| Source : American Family Insurance Annual Report,2018- 2022 | ||
In the year of 2017, the premium earned of property & casualty (P&C) was about $8,205 million and premium earned of life was about $331 million. Meanwhile 2022, the premium earned of Property & casualty (P&C) of American Family Insurance had become $13,313 million and premium earned of life insurance was $ 387 million.
Bibliography of American Family Insurance Financial Performances from Time to Time
American Family Insurance. 2022. Annual Report 2017-2022. Accessed via https://www.amfam.com on July 26th, 2023.
