2022 Annual Report
Supporting the jewelry industry, protecting our customers, and giving back in our communities.
2022 has been a year of transition. We came back together at our office locations, welcomed new team members across the country, strengthened the products and services we put our name behind, and reimagined how Jewelers Mutual serves the jewelry industry.
This past year, Jewelers Mutual has proven to be the consistent, dependable company that its over one million customers throughout the U.S. and Canada have come to depend on. Despite the unique challenges we all have faced in the global economy, we continued to drive strong results and carry that positive momentum into 2023, the year of our 110th anniversary.
Jewelers Mutual has redefined what an insurance company can be and continues to do so. We are more focused than ever on supporting each other with the same level of commitment we have in supporting our customers. It is what keeps us all moving forward. We remain dedicated to innovation and new investments in technology solutions, to be better, faster, and smarter for our customers and the entire industry we serve. With the momentum we have built, it is sure to be an exciting year ahead.
Below highlights a small portion of the many accomplishments I am proud of from the year. I welcome you to also review our financial statement which illustrates the year’s success – the result of tremendous dedication to our employees, customers, and jewelry industry.
After 110 years, we are just getting started and look forward to continuing to lay the foundation for what the next 110 years will bring.
As of December 31 (in thousands) |
2022 |
2021 |
|---|---|---|
Assets |
||
| Cash and invested assets | 584,722 | 564,786 |
| Premium receivable | 43,070 | 38,788 |
| Other assets | 15,258 | 10,563 |
| Total Assets | 643,050 | 614,137 |
Liabilities & Surplus |
||
| Loss & LAE reserves | 54,483 | 42,815 |
| Unearned premium | 171,970 | 151,029 |
| Other liabilities | 49,422 | 52,840 |
| Policyholder surplus | 367,175 | 367,454 |
| Total Liabilities & Surplus | 643,050 | 614,137 |
Recognition & Awards
As of November 2022, we earned our 36th consecutive A+ Superior financial strength rating from A.M. Best Company, one of the world’s most respected insurance rating and information sources. We also were recognized on the Ward’s 50® List of the top-performing property-casualty insurance companies for the 12th consecutive year, in addition to earning awards within our community—including gold-level Employee Friendly Workplace in the Fox Cities.
Charitable Giving
We have an extensive history of supporting the jewelry industry and the communities our customers and employees call home. From scholarships that help promote the jewelry trade to future generations to giving back through volunteer opportunities and gift matching, we continue to take great pride in being responsible corporate citizens.
Conversations in Park City
We hosted the first leadership retreat for the jewelry industry in Park City, Utah to bring a new experience to the current lineup of industry events. The three-day immersive experience gathered established and emerging jewelry industry leaders and influencers in a retreat environment, sparking conversations about how to continue to support the industry and help move today’s jewelers forward.
Jewelry Industry Council
We are committed to supporting and advancing the jewelry industry. It is why we established a new Jewelry Industry Council of jewelry industry experts and other influential leaders to give them a platform to tackle current industry challenges, drive change and help us shape the industry for a bright future.
Partner for Protection
We spearheaded an industry-wide movement to help reduce jewelry crime throughout the U.S. and Canada. Partner for Protection calls on all jewelers to raise their crime awareness and take collective action to stay vigilant in their jewelry communities and follow higher safety and security standards to protect their employees and their businesses.
Our People
United by dedication, innovation and heart, our employees are committed to building on our 110-year heritage to support the industries and communities to which we belong.
By inspiring our team to bring their authentic self to work, we create motivated, cross-functional teams that drive innovation and value for our customers while enabling career exploration and growth for our employees. We take pride in being part of an organization that lives its values, succeeds through collaboration, and encourages all employees to make their mark today.