Auto-Owners Insurance Company

  • Overview

There's more to Auto-Owners Insurance than the name implies. In addition to auto coverage, the company provides a range of personal and commercial property/casualty and life insurance products to some 4.8 million policyholders. Offerings include auto, home, liability, and workers' compensation policies. Operating subsidiaries include Auto-Owners Life Insurance, Home-Owners Insurance, and Property-Owners Insurance. Its Southern-Owners Insurance subsidiary offers property/casualty insurance in Florida. Established in 1916, the company operates in 26 states nationwide and is represented by more than 6,000 independent agencies (consisting of 37,000 agents).

Geographic Reach

Auto-Owners operates about 120 claims, underwriting, and marketing offices in its 26-state service territory. The company's largest markets are Florida and Michigan.

Operations

Auto-Owners' revenues come from insurance premiums, as well as investment income. The company's property/casualty business, which primarily sells personal auto, home, and property policies, accounts for about 90% of revenues. The remainder comes from premiums and income from the life insurance segment (life, health, and annuity policies).

Financial Analysis

Auto-Owners reported a 5% increase in net written premiums in 2012 to more than $5.1 billion, primarily due to growth within the Auto-Owners Insurance, Auto-Owners Life, and Home-Owners Insurance divisions. Total revenues increased 1% as well to a little over $5.7 billion (due to higher premium earnings from property/casualty offerings). The company has reported steadily increasing revenues over the last five years. Net income jumped to $436 million in 2012, following a sharp dip in profits to some $69 million in 2011.

Strategy

Auto-Owners is focused on growing its business by establishing strong relationships with independent agents and by diversifying its product offerings. The company has also expanded by adding sales and service facilities in new and existing markets. In 2012 Auto-Owners opened three new branch locations to handle claims in Marion, Indiana; Charlotte, North Carolina; and New Albany, Ohio. The company also replaced existing branch offices with newly constructed or renovated spaces in Tallahassee, Florida, and Lansing, Michigan.

New construction in 2011 included five new branches, two replacement branches, and a backup data center in Traverse City, Michigan.

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Auto-Owners Insurance Company


6101 Anacapri Blvd
Lansing, MI 48917-3994
Phone: 1 (517) 323-1200
Fax: 1 (517) 3238796
www.auto-owners.com

STATS


  • Employer Type: Private
  • Chairman and CEO: Jeffrey Harrold
  • Sr Vice President, Treasurer & CFO: Eileen Fhaner
  • Chairman and CEO: Jeffrey Harrold

Major Office Locations

  • Lansing, MI
  • Lansing, MI

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