2022 Annual Report

Supporting the jewelry industry, protecting our customers, and giving back in our communities.

Jewelers Mutual annual report

A message from Scott Murphy 

President and Chief Executive Officer, Jewelers Mutual Group 

Scott Murphy

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. 

Scott Murphy signature

Statement of Financial Position

Jewelers Mutual Insurance Companies

 As of December 31 (in thousands)




 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

Company Highlights

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Jewelers Mutual recognition and awards

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. 

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Diamond hearts

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.

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Conversations in Park City

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. 

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Rings on display in jewelry store

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. 

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Partner for Protection city scenery

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.

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Jewelers Mutual employees

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.

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