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2016 Annual Report

Message from the President

This past year, the State of Indiana celebrated its bicentennial. We were happy to join thousands of our fellow Hoosiers along the route of the Bicentennial Torch Relay to mark 200 years of statehood. Naturally this statewide celebration gave us all a chance to reflect on our state’s history and to better understand all the things that have been woven together through the years that now make up the fabric of Indiana. At the same time Hoosiers were revisiting our history, the bicentennial organizers challenged us to look forward and ignite the future.

In 2017, Indiana Farmers will mark our 140th anniversary. We too will pause from time to time to reflect on our past. We will remind ourselves of the work of so many men and women through the years who shaped our company, defined our core values, and brought us to this particular point in time. Certainly we will celebrate a bit, but like the state, we are eager to discover what tomorrow brings. And from where I sit, tomorrow looks exciting.

Just about everything in business is changing these days. The Digital Age has revolutionized how we do so many things, and it happened at an astonishing pace. We now find ourselves connected to the world and to each other in ways few could imagine just a decade ago.

At the same time the Digital Age was changing the world, a new age emerged – the Age of the Customer. In some respects this new age harkens back to a business practice once thought lost in time; a practice where everything was about the customer, their experience, their happiness, and their relationship with the people and the businesses in their communities.

Indiana Farmers is embracing the Age of the Customer and we are now almost two years into our initiative to transform our business so that we can better understand, serve, and interact with the people, businesses, and farm owners we work for every day. We have changed or built new business processes. We have modernized our insurance products so that they keep pace with the ever-changing needs of our members. We have listened to our policyholders to gain insights into what they want and need from us. We are not standing still. We are leaping forward.

While so much is changing, we continue to adhere to proven business principles that ensure Indiana Farmers will remain a strong, financially-viable company in order to fulfill our promise to policyhold­ers. In 2016 we had the privilege of serving our customers who chose to purchase or renew 159,575 Indiana Farmers policies, and we paid more than $133 million for losses and loss expenses to our customers and on their behalf. Being financially secure and helping our customers go hand-in-hand; therefore, we are pleased to report that written premium grew by approximately 5 percent to $212.5 mil­lion. Our financial performance was solid as surplus increased to an all-time high of more than $195 million, which will allow us to continue to pay claims, grow, and invest in the future.

So while we’ll blow out 140 candles on the company birthday cake this August, the one thing we look forward to most of all is tomorrow.

Kim Smith





President | CEO


2016 Financial Highlights
 
Assets  
Cash and short term investments $   53,850,236
U.S. Government Bonds 100,170
Oher Bonds 249,719,600
Stocks (at market) 46,429,966
Real Estate (net) 170,819
Reinsurance on recoverable on paid losses 679,680
Premium in course of collection 3,369,954
Premium installments not yet due 52,185,092
Other admitted assets 21,858,343
Total Assets $ 428,363,860
   
Liabilities and Surplus  
Reserve for claims, etc. $   98,217,563
Reserve for unearned premium 103,063,516
Reserve for expenses, taxes, etc. 30,032,600
Drafts Payable 1,307,694
All other liabilities 392,972
Total Liabilities $ 233,014,345
   
Policyholder Security Fund $ 195,349,515
   
Total Liabilities & Policyholder Security Fund $ 428,363,860
   
Total Losses & Loss Expenses Incurred $ 133,767,689
   
Direct Premium Written $ 212,501,978


2016 Annual Report











 



Officers

Kim O. Smith

President and Chief Executive Officer

Glenn A. Toren
Senior Vice President, Chief Operating Officer, Treasurer

J. Barton Anderson III
Vice President, Chief Vision Officer

W. Ryan Campbell
Vice President, Chief Information Officer

Buren E. Jones
General Counsel

Kevin M. Kelly
Vice President - Sales & Strategic Initiatives

Rick A. Marden
Vice President - Underwriting

Cynthia D. Mehrtens
Vice President - Claims

K. Scott Hartzell
Assistant Vice President

Scott D. MacWilliam
Assistant Vice President

Scott W. Miller
Assistant Vice President

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Board of Directors

James D. Strietelmeier
Chairman of the Board

Judith G. Palmer
Board Member, Secretary

Mark A. Bates
Board Member

Jeffrey G. Belskus
Board Member

D. William Biddle
Board Member

Kedwin D. Graber
Board Member

David N. Griffiths
Board Member

David M. McIntosh
Board Member

Diann E. McKee
Board Member

Kim O. Smith
Board Member

Daniel E. Stone
Board Member

Click here for a printable version of our Annual Report.
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