PMG: Pharmacists Mutual Releases First Quarter Financial Results

PMG: Pharmacists Mutual Releases First Quarter Financial Results

News Release – May 12, 2016

PMG: Pharmacists Mutual Releases First Quarter Financial Results

For the quarter ending March 31, 2016, Pharmacists Mutual Insurance Company has reported increased surplus and premiums written due to the addition of new members. 

A summary of Pharmacists Mutual’s first quarter financial results is shown below:

(in millions)

Quarter Ending March 31

 

2016

2015

Direct Written Premium

$32.4

31.0

Net Earned Premium

  23.9

22.2

Net Underwriting Income

   0.7

 0.2

Net Investment Income

  1.7

 3.1

Net Income

 1.2

 2.5

Surplus Change

 1.8

 1.3

Surplus

   107.5

    99.1


Chief Operating Officer Jon Grether commented “Great results in March helped close out a successful first quarter for our company.  Our year to date combined ratio came in at 95.6%, surpassing a very positive 96.2% in 2015.  Written premium grew by $1.4 million for a 4.5% growth rate and we added $1.8 million to surplus bringing our surplus to a record $107.5 million.” Customer satisfaction during the first quarter was very strong with our members giving us an overall score of 4.8 on a 1-5 scale with 5 being Excellent.  94.6% of our members scored us either a 4 or a 5.

Please note that management believes all of the information provided to be true.  However, the amounts shown have not been audited.

 ##

 
powered by MemberClicks