Annual Report 2021
BETTER
EXECUTIVE MESSAGE
TOGETHER.
FINANCIAL RESULTS
CLIENT STORIES
LET US HELP
our performance and their success.
Thomas A. Lawson (right) retired as chief executive officer of the company on Dec. 31, 2021. He is succeeded by Malcolm C. Roberts.
EXECUTIVE MESSAGE
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Throughout 2021, we worked with our clients to remain resilient, and that resilience is reflected in our financial performance. At year-end, our combined ratio was 83.1%, pretax income from insurance operations was US$981.3 million. Our loss ratio was significantly lower than planned thanks in part to the risk improvement efforts of our clients, and our expense ratio was slightly lower than our 2020 result of 27.0%.
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FINANCIAL RESULTS
That’s a phrase we’ve heard a lot lately. And it means many things to many people. At FM Global, it means insurance isn’t a transaction, it’s a partnership. A relationship built on mutual trust and respect. A relationship with our global team, the engine that drives our company, and a relationship with our clients, who share our belief that resilience is a choice.
PREMIER FOODS
Everything we do
is for our clients.
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We share our success
with them.
But don’t just take
our word for it.
What can we do
for you?
2017
2018
2019
2020
2021
5,703.4
TOTAL GROSS PREMIUM IN-FORCE, US$M
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100%
2017
100.8%
2018
100.1%
2019
52.5%
2020
65.5%
2021
56.5%
LOSS RATIO
50%
2017
29.1%
2018
28.5%
2019
28.1%
2020
27.0%
2021
26.6%
EXPENSE RATIO
5,928.5
7,287.8
7,879.7
Large commercial property business
Commercial middle market business
US$6.2 billion
US$1.3 billion
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Natural hazard
loss ratio
23.7%
29.8%
Risk loss ratio
At the end of 2021, our combined ratio was 83.1% and pretax income from insurance operations was US$981.3 million. Those results, coupled with the outstanding performance of our investment portfolio, grew our surplus to US$19.4 billion—a position that enables us to provide large limits and capacity, innovate products and services, and invest in our future.
Throughout the year, FM Global and our clients worked together to remain resilient, and that resilience is reflected in our financial performance.
This never felt truer than in 2021.
Better together.
That resilience is reflected in
We work together with our clients to remain resilient.
Insurance isn’t a transaction, it’s a partnership.
6,436.6
COCA-COLA CONSOLIDATED
AVISTA OIL
Together, we work to find solutions to their risk management challenges to ensure they’re ready when it matters most—whether it’s upcycling oil for a cleaner world, keeping water on the shelves during times of disaster or feeding a nation in the midst of a pandemic. Here are a few of their stories.
average FM Global
Client Tenure
21
Clients insured by
FM Global for 10+ years
68%
Clients insured by
FM Global for 20+ years
44%
ENDURING PARTNERSHIPS
ENGINEERING APPROACH
CONTRACT CERTAINTY
WORLDREACH
BENEFITS OF MUTUALITY
THE FM GLOBAL GROUP
FINANCIAL STRENGTH
OUR LEADERSHIP
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Better together.
Put the FM Global difference to work for you:
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YEARS
loss prevention engineers worldwide
1,904
engineering visits completed annually
110,640
serviced locations worldwide
59,541
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countries serviced
by engineering
146
of policies delivered to clients within 30 days of inception
99%
of policies delivered to clients on or before effective date
95%
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number of countries
in which we provide legal admitted coverage
140+
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membership credit returned
to clients since 2001
US$4.4
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BILLION by the end of 2022
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ADVISORY BOARDS
RMEC
MANAGEMENT
BOARD OF DIRECTORS
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Stable
A+ (Superior)
AM BEST
INDUSTRY RATINGS
RATING AGENCy
FINANCIAL STRENGTH
RATING OUTLOOK
Stable
AA (VERY STRONG)
FITCH
Stable
A+ (VERY STRONG)
S&P GLOBAL
APPROXIMATELY
As a mutual company, everything we do is for the benefit of our clients, who are also our owners.
No other commercial property insurer shares a mutual interest in your business.
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Annual Report 2021
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No one except us has a team of more than
2,000 engineers ready to protect your business.
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