All the people that work at IFMI

2018 Annual Report

Message from the President

Milestones mark significant times in our lives; birthdays, graduation, marriage. Businesses mark progress by reaching milestones as well and 2018 was an amazing year for Indiana Farmers Insurance.

In 2018, we crossed both a milestone in our company’s history and a boundary on the map. After 18 months of preparation and hard work, the company is welcoming its first farm and business insurance members in Illinois.

Extending our business into a new market was a significant strategic decision. New markets create growth opportunities. New markets enable the company to spread risks across a larger geographic footprint, which lessens our vulnerability to weather losses. And, entry into neighboring states helps us better serve those farm and business owners with locations across state borders. We are extremely proud and thankful to all our associates for their work and dedication which propelled the company to this new frontier.

While our work to enter new markets creates fresh opportunities, our duty to ensure the financial promise we make to members is our most important responsibility. We continue to build upon our solid history and position of strength, which is defined by growth, sound financial principles, and adding to our policyholder security fund. In 2018, our insurance premium revenue and policyholder security fund reached record levels. Premium revenue grew more than 7 percent to $241.2M. Surplus increased to an all-time high of more than $220.3 million. We had the privilege of serving members who chose to purchase or renew 166,261 policies, and we paid more than $145.8 million for losses and loss expenses to members and on their behalf. All of this means we are well positioned to be our members’ financial safety net.

As we prepared to reach new markets in Illinois, we never lost sight of our mission to serve our Indiana members. We continue our work to separate ourselves from our competitors by purposely listening to our members and responding to their needs. Our vision to be the smart insurance choice is unending, and our member feedback affirms that we are making consistent progress. 

Independent insurance agents have always been valued business partners. They play a critical role in shaping member experiences. Their advice and counsel empower shoppers to understand insurance solutions and to make informed decisions about their insurance purchases. Today more than 2,300 insurance professionals from more than 370 agency locations work on behalf of our common customers. We are extremely proud to serve alongside this group. 

As we continue to move forward, we do so knowing our company is well positioned to fulfill its mission. We also know that we are entering perhaps the most important and exciting time in our company’s history. Additional new markets lie just over the horizon. Our culture and our vision are intersecting to fuel a company obsessively focused on its members. We are envisioning the milestones yet to come.  

There has never been a better time to be an associate, an agency partner, or a member. 

Kim Smith

President | CEO

2018 Financial Highlights
Cash and short term investments $   17,215,626
U.S. Government Bonds 1,511,631
Other bonds 324,667,998
Stocks (at market) 33,588,766
Real Estate (net) 1,452,860
Reinsurance on recoverable on paid losses 682,854
Premium in course of collection 3,224,476
Premium installments not yet due 61,136,138
Other admitted assets 19,393,079
Total Assets $ 462,873,428
Liabilities and Surplus  
Reserve for claims, etc. $   102,115,411
Reserve for unearned premium 116,695,847
Reserve for expenses, taxes, etc. 23,480,977
All other liabilities 285,238
Total Liabilities $ 242,577,473
Policyholder Security Fund $ 220,295,955
Total Liabilities & Policyholder Security Fund $ 462,873,428
Direct Premium Written $ 240,594,556
Total Losses & Loss Expenses Incurred $ 145,885,370

2018 Total Assets and Policyholder Security Fund Charts



Kim O. Smith

President and Chief Executive Officer

Jennifer D. Pressley
Senior Vice President, Chief Financial Officer, Treasurer

Glenn A. Toren
Senior Vice President, Chief Operating Officer

Buren E. Jones
General Counsel, Secretary

J. Barton Anderson III
Vice President, Chief Vision Officer

David A. Bordenkecher
Vice President - Claims​​

W. Ryan Campbell
Vice President, Chief Information Officer

Kevin M. Kelly
Vice President - Sales & Strategic Initiatives

Rick A. Marden
Vice President - Underwriting

Chad M. Beehler
Assistant Vice President

K. Scott Hartzell
Assistant Vice President

Scott D. MacWilliam
Assistant Vice President

Scott W. Miller
Assistant Vice President


Board of Directors

Judith G. Palmer
Board Chair

Mark A. Bates
Board Vice Chair

Jeffrey G. Belskus
Board Member

D. William Biddle
Board Member

David N. Griffiths
Board Member

David M. McIntosh
Board Member

Diann E. McKee
Board Member

Kelly D. Pfledderer
Board Member

Kim O. Smith
Board Member

Daniel E. Stone
Board Member

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