The year 2021 was another unprecedented year for all of us. The impact of COVID-19 continued to touch every part of our lives. Our number one goal remained keeping our employees, agency partners, and customers as healthy as possible. While we did increase the number of employees returning to the office, most employees continued to work from home due to the COVID-19 variants. As we operated in this environment, our team remained focused on delivering exceptional service to you and to our customers.
Joe BabiakPresident and CEO
I want to thank our employees for their hard work and perseverance this past year. I am so proud of the dedication and resilience of our Hastings Mutual team. On behalf of everyone at Hastings Mutual, I want to thank you for the partnership that we have with your agency. We greatly appreciate the trust that you place in us.
In 2021, we achieved a 96.4% combined ratio which produced $27.9 million of net income. Our policyholder surplus grew by $44.3 million to $577.4 million. Our total assets climbed to $1.1 billion. We finished the year with Direct Written Premium of $379.3 million, up 1.4%. Our 2021 results reflect the hard work and exceptional service provided by our employees and agents.
AM Best has once again recognized Hastings Mutual’s financial strength and performance with its reaffirmation of our “A” (Excellent) rating. Hastings Mutual has achieved an “A” or higher rating each year since 1961.
We were able to continue and complete multiple projects in 2021 and began work on others that will favorably impact 2022 and beyond. Following are some of our key completed projects:
I am also pleased that we completed our multi-year building renovation project. Providing a high-quality and engaging environment for employees, agents, and customers is an important part of our culture. We are excited for you to visit our updated facilities.
Our community involvement continues through Hastings Mutual and the Hastings Mutual Insurance Company Charitable Foundation. Our Foundation, which focuses on the unmet needs of children and families, has donated over $2.1 million to those in need since its inception in 2005. Since our program is a matching program with our agency partners and employees, I am particularly pleased to share with you that together we have given back over $3.4 million to the communities that we serve. We were also a major contributor to the 2021/2022 Barry County United Way campaign.
We have seen so many changes over the past couple years. What has not changed are the core values of how we live and do our daily work at Hastings Mutual. Our core values are:
The year 2022 will provide new and exciting opportunities. We will continue to live our core values and work hard to make sure we deliver high-level products and services to you and our customers. We know that when we make 2022 a successful year for your agency, we ultimately make it a successful year for Hastings Mutual. On behalf of everyone at Hastings Mutual, I again thank you for the partnership that we have with your agency.
This is my last President’s Letter. It has been my privilege and pleasure to have served as the President and CEO of Hastings Mutual Insurance Company over the past ten years. I will leave with an abundance of wonderful memories of the dedicated, hard-working, and talented people that I’ve had the pleasure of working with over the past 21 years at Hastings Mutual. The Company is strong and well positioned for the future. I am confident that under Renee Beauford's leadership, we will continue to be the stable, growing, financially strong company that our employees, agents, and policyholders have depended on for over 136 years.
I wish you, your family, and your agency family the very best in 2022 and beyond.
Hastings Mutual Insurance Company404 E. Woodlawn Ave.Hastings, MI 49058
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