We are pleased to report that Frederick Mutual had another successful year in 2006. Gross premiums written totaled $21,815,552, a 3.3% increase over the prior year. Admitted assets grew 13.3% to $48,764,790, while policyholders’ surplus increased 11.6% to $27,213,665. Operating results were profitable, resulting in a combined ratio of 90.4% compared to 86.8% in 2005. Frederick Mutual was again fortunate that it was not in the path of any catastrophic weather events.

 

Net investment income was $2,274,489 compared to $646,612 in the prior year, as the company enjoyed the effects of a healthy stock market. Net income was $3,262,568 versus $1,693,537 in 2005. Frederick Mutual will continue to strive towards providing quality products and service to our policyholders and professional independent insurance agents, in the years to come.      

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