Dear Agency Partners,

I am pleased to report that FFVA Mutual’s year-end financials are strong and reflect our emphasis on profitable growth and consistent underwriting, in addition to proactive safety and claim services.

For the year ending December 31, 2014, FFVA Mutual Insurance Co. has reported a net income of $19.7 million that represents an increase of $10.6 million over the prior year.

2014 Year-End Financial Highlights:

• Net Admitted Assets growth of 5.7% to $308 million.
• Surplus increase of 12% to $138 million.
• Direct Written Premium increased 6.6% from the prior year.
• Net Underwriting Gain of $12.2 million versus $3.6 million the prior year.
• Net Income of $19.7 million versus prior year net income of $9.1 million.
• Net Investment Gain of $15.2 million.
• Loss Ratio of 49% down from 56.9% from the prior year.
• Combined Ratio (excluding dividends) of 88% compared to 96% in 2013.

FFVA Mutual’s employees are dedicated to developing lasting relationships and providing outstanding workers’ compensation solutions for our agency partners and policyholders. As we look toward a successful 2015, thank you for your trust and continued business.

Sincerely,

Craig Menzl
President & CEO