Each year, our annual report offers us the opportunity to pause and reflect on our performance. For us, 2023 brought exciting changes to Missouri Employers Mutual, now known as MEM. After almost 30 years, we’re not simply changing our name, we’re amplifying our purpose.
At our annual meeting in 2023, policyholders voted to convert MEM to a private mutual insurance company, giving us the flexibility to streamline our operations and serve businesses more efficiently. We will continue to focus on providing expert service, delivered with compassion and integrity – that’s the MEM promise.
Our 2023 highlights include:
- Growth: Despite fierce competition and continued downward pressure on rates, we earned new customers and increased premium revenue, ending the year with in-force premium of $199.6 million.
- Efficiency: Our efficiency allowed us to control expenses in an environment of steeply rising costs, while continuing to deliver exceptional customer experience and improved claims outcomes.
- Safety: For as long as there are injuries on the job, our work isn’t done. In 2023, 86 percent of our policyholders were injury-free, and we experienced lower-than-expected claim severity. This shows our commitment to workplace safety is working, and we know there are more businesses to reach.
- Profitability: Profitability fuels our mission and financial strength, allowing us to invest in resources and programs that empower businesses to prioritize employee well-being. Net income of $23.6 million in 2023 bolstered policyholders’ equity to $303.3 million.
More Measures of Success in 2023
How did we measure up in 2023? Check out a few highlights from the year:
