American Family Insurance reported strong financial results for 2024, achieved by implementing a multiyear, customer-driven strategy that resulted in improvements from 2023.
Revenue increased to $20.0 billion in 2024 from $17.1 billion the year before, driven primarily by rate actions and increases in investment income. Direct premiums written increased 13.9% from the previous year to $19.6 billion.
Policy retention and new business declined in 2024, with 13.6 million policies in force at year end, down 2.8% from 2023, as the company continued to focus on business segments most core to its strategy and executed profitability improvement plans in response to natural catastrophes, inflationary pressures, and other external forces.
American Family Insurance reported a combined ratio of 96.6% for all property and casualty lines — auto, homeowners, and commercial — improved from 110.8% in 2023. The expense ratio in 2024 was 33.1%, 3.9 points lower than the year before.
The full report is available here.
