2023 Annual Report

Better today. Brighter tomorrow.

MagMutual is moving into the future while focused on the here and now. We’re helping PolicyOwners reduce risk and providing increased protection through a powerful range of products and services — all designed to be there for you, every step of the way.    

To deliver these high-performance products — along with our promise to protect you — we must maintain and increase our financial strength. This prudent approach benefits healthcare providers, partners and employees alike. We are proud of the significant growth MagMutual achieved in 2023 and the continuous positive trajectory the company has been tracking for the past decade-plus.    

In 2023, we achieved increases in written premium, net income and assets.1 And when it comes to our dividends, we declared another payout to PolicyOwners — now continuing for 25 years.2    

Our long-term financial outcomes are always in the service of PolicyOwners, first and foremost. That’s why we do what we do. Fiscal responsibility equals better products, more room to innovate and a promise kept. 


Performance at a Glance 




2023 Combined Financials1

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(DOLLARS IN THOUSANDS)20192020202120222023
Gross Written Premium$362,520$425,067$500,863$552,607$668,907
Net Income before dividends and income tax$56,770$79,039$63,097$58,150$79,945
Total Loss and LAE Reserves$638,475$777,945$893,388$967,138$1,195,679
Capital & Surplus$877,288$951,353$1,120,074$1,050,453$1,130,421
Total Admitted Assets$1,843,148$2,254,195$2,543,997$2,606,805$2,987,365




1 Reflects MagMutual Holding Company combined financial statement results.
2 Includes dividends, Owners Circle payouts and UpToDate subscriptions. Dividends and Owners Circle allocations are declared at the discretion of the MagMutual Board of Directors and are subject to eligibility requirements.
3 According to S&P Global Market Intelligence 2023 year-end financial filings.