People.
Passion.
Purpose.
From Our
President
& CEO
Strategies without action are simply words on paper, which is why our success is reflective of a team committed to execution. As a passionate, people-first organization driven to outperform, we are truly unique in the marketplace.
Throughout a year of dramatic change in the market and workforce, our performance was guided by focused business strategies that once again led to results outpacing the industry.
In 2022, we further established our workers’ compensation core processes, strategically expanded into new industry segments and geographies and achieved excellent underwriting results.
Our unrelenting focus on the customer led to the exploration of new technologies that improved injured worker outcomes, enabled quicker identification of new market opportunities and provided agility in responding to rapid market changes toward long-term profitable growth.
All of this laid a solid foundation for our acquisition of AmeriTrust Group, generating momentum to accelerate our five-year strategy toward further growth and diversification.
In April 2022, AF Group announced its intent to purchase AmeriTrust Group – a nationally recognized Property and Casualty insurer headquartered in Southfield, MI. With decades of success, strong agent partnerships and a financial rating of “A-” from A.M. Best, AmeriTrust further strengthens AF Group’s portfolio and adds more than 800 high-performing teammates nationwide. The acquisition was formally completed on Jan. 3, 2023.
Our Greatest Value:
People
First
As tireless representatives of our People First culture, our teammates were celebrated in 2022 for their immense contributions to the organization. Their efforts continue to distinguish us in the industry, as evidenced by their commitment to providing an exceptional customer experience to our agent partners, customers, injured workers and to each other.
Each year, we celebrate these achievements by recognizing teams and individuals from across the organization with our annual employee awards — which was capped by the naming of our Employee of the Year Cindy Hall and Leader of the Year Kim Drew.
As a clear reflection of our People First and diverse culture, more than 1,000 teammates joined together to engage in our employee resource networks, which create awareness through dynamic educational opportunities to increase competency in inclusion and diversity — knowledge we believe is critical to our business.
Financial
Strength
Collective Financial Performance (dollars in thousands)
Year Ended December 31
Gross Written Premium
- 2022
- 2,202,702
- 2021
- 2,312,031
- 2020
- 2,281,130
| 2022 | 2021 | 2020 | |
|---|---|---|---|
| Net Income | (13,629)* | 174,432 | 149,287 |
| Return on Equity | -0.3% | 10.6% | 9.7% |
| Statutory Net Written Premium/Surplus | 0.95 | 1.18 | 1.32 |
| 2022 | 2021 | 2020 |
|---|---|---|
| 93.8% | 93.5% | 98.6% |
| 2022 | (13,629)* |
|---|---|
| 2021 | 174,432 |
| 2020 | 149,287 |
| 2022 | -0.3% |
|---|---|
| 2021 | 10.6% |
| 2020 | 9.7% |
| 2022 | 0.95 |
|---|---|
| 2021 | 1.18 |
| 2020 | 1.32 |
| 2022 | 93.8% |
|---|---|
| 2021 | 93.5% |
| 2020 | 98.6% |
* Reflective of significant volatility in the investment market in 2022.
Our newly defined Workers’ Compensation Division entered 2022 with a number of growth-focused initiatives, including a broadened appetite and the exploration of new ways to write middle market business — toward the goal of achieving increased success in a challenging marketplace.
Efforts to streamline and build strong partnerships across our Loss Control and Claim teams led to a positive response from the market, which further demonstrated our brand value to agent partners and our shared customers.
Gross Written Premium
- 2022
- 806,815
- 2021
- 841,005
- 2020
- 874,655
GAAP CY Combined Ratio
| 2022 | 2021 | 2020 |
|---|---|---|
| 90.4% | 92.7% | 94.9% |
| 2022 | 90.4% |
|---|---|
| 2021 | 92.7% |
| 2020 | 94.9% |
Gross Written Premium
- 2022
- 323,375
- 2021
- 347,781
- 2020
- 336,345
GAAP CY Combined Ratio
| 2022 | 2021 | 2020 |
|---|---|---|
| 91.0% | 91.6% | 109.0% |
| 2022 | 91.0% |
|---|---|
| 2021 | 91.6% |
| 2020 | 109.0% |
Gross Written Premium
- 2022
- 138,882
- 2021
- 146,765
- 2020
- 153,880
GAAP CY Combined Ratio
| 2022 | 2021 | 2020 |
|---|---|---|
| 122.0% | 102.8% | 108.0% |
| 2022 | 122.0% |
|---|---|
| 2021 | 102.8% |
| 2020 | 108.0% |
Gross Written Premium
- 2022
- 69,806
- 2021
- 85,652
- 2020
- 98,147
GAAP CY Combined Ratio
| 2022 | 2021 | 2020 |
|---|---|---|
| 100.3% | 100.4% | 103.1% |
| 2022 | 100.3% |
|---|---|
| 2021 | 100.4% |
| 2020 | 103.1% |
In 2022, our diversification brands benefited from a growing reputation in the market — the result of our commitment to partnership and delivering on our promises. Our focus on building relationships with an analytics-driven, personalized sales approach continues to serve as a market differentiator.
Gross Written Premium
- 2022
- 669,267
- 2021
- 695,008
- 2020
- 615,493
Underwriting Margin as a Percentage of GEP
| 2022 | 2021 | 2020 |
|---|---|---|
| 3.9% | 3.8% | 3.9% |
| 2022 | 3.9% |
|---|---|
| 2021 | 3.8% |
| 2020 | 3.9% |
Fee Income Earned
- 2022
- 62,509
- 2021
- 67,354
- 2020
- 70,222
Fee Income Earned
| 2022 | 2021 | 2020 |
|---|---|---|
| 11,709 | 13,620 | 13,939 |
| 2022 | 11,709 |
|---|---|
| 2021 | 13,620 |
| 2020 | 13,939 |
Gross Written Premium
- 2022
- 72,697
- 2021
- 58,446
- 2020
- 41,911
GAAP CY Combined Ratio
| 2022 | 2021 | 2020 |
|---|---|---|
| 112.0% | 97.8% | 99.2% |
| 2022 | 112.0% |
|---|---|
| 2021 | 97.8% |
| 2020 | 99.2% |
Passion in
Community
Engagement
Together with our Emerging Markets teammates, our focus on impacting, influencing and giving back to the communities in which we work and live remains paramount.
With an award-winning culture and lasting commitment to others, we’re proud of the spirit of benevolence we’ve established as a caring, dedicated community partner.
Community-Focused Strategic Pillars:
- Diversity
- Economic Development
- Education
- Health and Human Services
Here are a few ways we made a difference in 2022:
Ele’s Place and AF Group have walked hand in hand since our founding in 1991. We are so grateful for the partnership and the support of AF Group, Emergent Holdings and their associates for helping us to ensure no Michigan children and teens have to grieve alone.
Because of AF Group’s generous donation of funds and handmade blankets, MOWWM continues to fill the bellies and warm the hearts of our seniors. Thank you for helping us realize our vision of a community where no senior is hungry or forgotten!
The Dalai Lama said, ‘The intelligent way to be selfish is to work for the welfare of others.’ AF Group repackaged 10,600 diapers that will help 212 babies and Nashville Diaper Connection couldn’t be more happy for the support provided by this group for simply showing up. Thank you, a million times!
Purpose-Driven
Leadership
With a passion for serving our People First, our leadership team carries decades of Property and Casualty experience, leading with insights and authenticity that have made us a destination employer.
