Table of Contents
Download our full financial statements
Consolidated Financial Statements
As of and for the Years Ended December 31, 2020 and 2019
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Our unwavering promise
A message from Cina Welch, president & CEO
On behalf of FCCI’s board of directors, officers and 809 teammates, thank you for placing your trust in us. We had a notable year in 2020, and I am proud to say the FCCI values of loyalty, integrity, vision, excellence and service remained a top priority. The year took a sudden turn when COVID-19 struck. Amid the challenges, we continued to build strong partnerships (very often virtually), listened to our customers with even more empathy, and pivoted to serve in ways that were once unimaginable.
We successfully adapted operations and business to accommodate and respond. We took proactive steps to ensure the health and safety of our teammates and their families, while providing uninterrupted support and an outstanding customer experience to our agents and policyholders. We delivered on our unwavering promise to “do what we say we’ll do.”
In 2020, our belief in doing the right thing and putting people first could not have been more evident. Our founders, early board members and former teammates created a solid foundation and culture of success and, for that, I am grateful. From our humble beginnings in 1959 to today, our business is based on strong principles and a guiding purpose of being true to our word. FCCI’s success is built upon partnerships with our trusted agents and our ability to maintain exceptional financial strength through disciplined growth. We adhere to sound underwriting principles, provide comprehensive risk management strategies, deliver unparalleled claim service and expertise, and are good stewards of our resources.
Through this unique year, we maintained our focus on doing business the right way. We know our business thrives when the communities we serve are also thriving. In 2020, our teammates focused on reducing food insecurity, bringing comfort and support to those in need, and coming together as a company to hold our very first virtual charitable giving event. The FCCI Charitable Foundation ensured 99 cents of every dollar raised went directly to worthy causes. I could not be prouder of the philanthropic spirit of our teammates. Giving back, in support of our local communities, is an important part of who we are.
I am pleased to share our 2020 financial results with you. We finished the year strong, with a total of $901 million in direct written premium. We earned a profit of $62.3 million and generated a combined ratio of 99.9%. Our results should provide you with peace of mind, knowing that FCCI maintains the financial strength to be there in your time of need.
One area worth noting this year was our investment portfolio, which reached $2 billion. We continue to invest in a conservative and diversified manner, generating sizable investment income and allowing more affordable coverage to valued policyholders.
I could not be more thankful for our valued teammates, board, agency partners, policyholders and the communities where we live and work. We are grateful every day for the opportunity to serve you so that you may face the future with confidence. Thank you for allowing us to be part of your journey.
Christina “Cina” D. Welch, Esq., CPCU
President & CEO
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FCCI’s Board of Directors