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BRINGING SECURITY TO OUR CUSTOMERS SINCE 1935

For more than 80 years, Grange has been a source of protection, trust and stability for its customers. Today, combined with our affiliate, Integrity Insurance, we offer auto, home, life and business insurance in 13 states. And because we believe that our customers deserve only the best counsel and partnership in making these decisions, we sell our products exclusively through Independent Agents.

We are Committed, Connected, Partners for Our Agents.

We are Committed

With an "A" Excellent Rating from A.M. Best and $3 billion in assets, Grange is a stable, reliable partner that makes decisions based on doing what’s right for our agents and customers.

We are Connected

And while we have the stability of a larger carrier, we're still small enough to know our agents and their individual business needs. Whether it's our easy-to-use online platforms, specialized claims representatives or dedicated underwriters, Grange is connected to its agents.

We are Partners

We respect the sacred relationship between agent and client, and know that at each interaction, we represent our agents.

GRANGE ENTERPRISE P&C FINANCIAL REPORT

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Trusted Advisors.

Independent Agents are a Valued Source of Expertise and Education

Grange understands and supports the relationship between an agent and their client, and believes this bond is an integral part of our short- and long-term strategy. That's why we build unique relationships that focus on the Ease of Doing Business® for our agents while remaining a stable, consistent partner.

With a long history of partnering with Independent Agents, Grange is big enough to offer the stability of a larger insurance carrier, but small enough to connect with our agents like a small business. We partner with only the best agencies and seek out their feedback to help us make important decisions.

In today’s ever-changing economy, we know that partnering with Independent Agents is the way forward. Given the shift in risk caused by technology and consumer trends, the role of an agent as an experienced advisor is more important now than ever. Customers are relying on their agents to help them navigate the sharing economy and the continuing internet of things to make sure they have the appropriate coverages.

GRANGE ENTERPRISE P&C FINANCIAL REPORT

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Grange Price Importance
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A MESSAGE FROM THE CHAIRMAN OF THE BOARD

"There is a great power in being a mutual company - it affords us the opportunity to think about the long-term interests of our policyholders."

I’ve had the pleasure to serve on the Grange Board of Directors for nearly 30 years. As I reflect on this time, I’m proud of our lasting strength and stability as well as our unwavering dedication to our agents and policyholders. I’m also very proud that our board itself continues its progress to become more diverse, with a third of our members being women. But at Grange, we don’t rest on our laurels, we constantly evolve to meet the changing tides of the industry.

For this reason, 2017 was an exciting year for Grange. It was a successful year financially, with strong profitability and a record year-end surplus. Coming from this position of strength, we made smart investments for our future, evidenced by our new products, improved systems and a growing culture of innovation.

But it’s important to note that as we transform how we do business, we remain committed to our mission of providing peace of mind and protection. We’ve been guided by this mission for 80 years, since we began as a mutual casualty company. There is great power in being a mutual company – it affords us the opportunity to think about the long-term interests of our policyholders. As a mutual, Grange can be fully focused on doing what’s best for our agents and policyholders, both now and in the future.

Our Board of Directors takes this responsibility very seriously. The board helps set the strategic course of the enterprise, guiding Grange in making decisions that support the strength and integrity of the business. In addition to this critical governance and oversight, the board ensures that the company’s fiduciary responsibility to our policyholders is met.

In 2017, the board fully supported Grange’s strategy to transform and modernize the business, ensuring that we thrive in a rapidly changing industry. We know that what led us to this point, won’t take us where we need to go in the future. We’re embracing innovation, technology and a new course to bring more value to our agents and policyholders.

It has been my pleasure to serve as Chairman of the Board this past year. I am very pleased with the significant progress of our company in 2017 and look forward to an even better year in 2018.

Grange Chairman Signature

David C. Wetmore


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A MESSAGE FROM THE PRESIDENT & CEO

"Our industry is faced with unprecedented challenges and opportunities due to the pace of change from technology and customer demands."

Last year, we continued our exciting journey of transformation. We stayed the course on our strategic plan and built a solid foundation to grow our company in a disciplined way. We also made critical investments and embraced change to prepare our business and our agents to not only survive but thrive in a rapidly changing landscape.

Our industry is faced with unprecedented challenges and opportunities due to the pace of change from technology and customer demands. The new sharing economy is blurring the lines of liability and changing how we look at risk. Technology advances continue to give rise to market disruptors at a record pace. Lastly, the “Amazon experience” is changing customer expectations and we are responding by working to make our customer interactions simple and easy from any place at any time. In fact, we are leading this change with our own skill on Amazon’s Alexa Voice Service and our mobile app.

At Grange, we’re meeting industry challenges from a position of great strength. In 2017, we generated $1.21 billion in premium and delivered a combined ratio of 94.7%. We grew new business in both Personal Lines and Commercial Lines combined by nearly 20% over the prior year. In addition, we achieved an all-time high year-end surplus of $1.27 billion. The industry recognized our financial strength and stability, with A.M. Best affirming Grange’s “A” rating with a stable outlook.

Across our business segments we brought new, competitive products to market and made smart investments to position us for future success. In Commercial Lines, new business results were up across the business and we finished the year with our lowest combined ratio in nearly a decade. We also launched innovative products that set us apart from our competitors. Personal Lines continues to enhance our home and auto products, with agent feedback included, to provide customized coverages and competitive prices to our customers. As a result, we were able to grow new business, build our customer base and finish the year profitably.

In addition, we continue to maximize our relationship with our affiliate, Integrity Insurance, to better serve our agents and customers across our 13-state footprint. Integrity delivered its sixth straight year of profitable growth for the enterprise.

Our strength and stability have allowed us to make important investments to meet rising industry challenges. We are intentionally disrupting ourselves to take advantage of new ideas, both internally and in the marketplace. We launched an innovation incubator for Grange associates and agents, and are partnering with startup accelerators Fintech71 and Rev1 to be on the forefront of change.

Likewise, we’ve continued to make investments in the communities where we live and work. In 2017, we launched our Grange Insurance Gives foundation to support our charitable giving. We also had a record-setting year in associate volunteer hours and exceeded our goal for our United Way campaign.

As a result, we were awarded the United Way’s top honor, the Corporate Award of Excellence.

As we embrace and even accelerate change, we do so knowing that having a trusted advisor is even more critical for consumers, in both business and personal, than ever before. That’s why we are steadfast in our commitment to Independent Agents and to our mission of providing peace of mind and protection to every customer we serve.

I’m excited about what the future holds for Grange. Thank you to our policyholders, agent partners and associates for being a part of our journey.

Grange Chairman Signature

John Ammendola


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2017 Financial Report

Financial Overview

Net combined operating ratio: 2013-2017
  • 2017

    94.7 %
  • 2016

    93.7 %
  • 2015

    98.7 %
  • 2014

    98.0 %
  • 2013

    97.4 %
Direct Written Premium: 2013-2017
  • 2017

    $1.21 B
  • 2016

    $1.21 B
  • 2015

    $1.27 B
  • 2014

    $1.26 B
  • 2013

    $1.19 B
Combined surplus: 2013-2017
  • 2017

    $1.27 B
  • 2016

    $1.16 B
  • 2015

    $1.11 B
  • 2014

    $1.09 B
  • 2013

    $1.05 B
Consolidated Assets: 2013-2017
  • 2017

    $3.00 B
  • 2016

    $2.95 B
  • 2015

    $2.80 B
  • 2014

    $2.67 B
  • 2013

    $2.54 B

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