Lawyers Mutual recorded a Net Underwriting Gain of $2,749,171 and $3,536,368 for 2023 and 2022, respectively, on Direct Premiums Written and Assumed of $19,062,348 and $19,021,485.  While the number of Claims Incurred in 2023 was similar to the prior year, Ceded Premiums and Underwriting Expenses increased, accounting for most of the change in Net Underwriting Gain compared to the prior year.   (Ceded Premiums in 2022 were favorably impacted by a reinsurance contract commutation.  No similar commutation occurred in 2023.)  The increase in Underwriting Expenses follows an expected return to pre-pandemic levels.  Net Investment Gain continued to be strong in 2023 due to the current elevated interest rate environment.  As a result, Lawyers Mutual recorded Net Income of $5,810,259 and $6,045,579 for 2023 and 2022. 

Total admitted assets topped $151 million at year end as Policyholder Surplus rose to $111 million, an increase of 7.3%, keeping pace with claims inflation and providing protection against economic and other potential risks, including those associated with the investment markets.  Strong underwriting and investment performance, including distributions from subsidiaries, provided sufficient growth in policyholders’ surplus and enabled us to declare and pay an 8.1% policyholder dividend.