Page 3 - Frankenmuth Insurance 2023 Annual Report

2023 Financial Report

Combined Financial Statement (in thousands)

ASSETS 2023 2022 LIABILITIES 2023 2022

Fixed-income securities $1,187,006 $1,210,059 Claim reserves $667,030 $629,696

Equity securities 212,613 202,595 Unearned premium reserves 472,155 405,054

Real estate 36,057 35,770 Other liabilities 112,719 109,058

Cash and short-term investments 81,384 41,197 TOTAL LIABILITIES $1,251,904 $1,143,808
Other invested assets 138,142 119,682 Total Policyholders’
Contingency Reserve Fund* $794,961 $800,130
Total cash and investments $1,655,202 $1,609,303
TOTAL $2,046,864 $1,943,938
Premium receivable 324,218 278,665

Deferred Federal income tax 30,283 30,425 Note: 2023 figures are unaudited.
* Excess of assets over obligations. This fund is set aside to allow us
to pay catastrophic claims without affecting normal operations.
Other assets 37,162 25,545
TOTAL ADMITTED ASSETS $2,046,864 $1,943,938

Combined Financial Highlights (in millions)

$2,500
$2,047
$2,000

$1,591
$1,500
$1,188
$1,043
$957
$1,000
$753
$651 $593
$471 $795
$500 $307 $641

$445
$314
$222
$0
2003 2008 2013 2018 2023

Admitted Assets Direct Written Premium Policyholders’ Contingency
Reserve Fund

$1B $2B $795M A

Direct Written Premium In Assets In Policyholders’ Contingency (Excellent) Rating By AM Best
Reserve Fund