GuideOne Announces 2023 Financial Results

April 25, 2024

GuideOne Insurance today released its 2023 Annual Report, highlighting the mutual insurance company's activities, strategic initiatives and accomplishments for the past year.

"It was definitely a year in which we took care of the business," GuideOne President & CEO Ken Cadematori said. "From our Simplification efforts that resulted in streamlined processes, reduced expenses and improved efficiencies to the capital augmentation and agreement with Bain Insurance Services that positioned us for financial stability and growth, we took significant steps forward and are now focusing on the needs of our policyholders and the growth of the business."

As noted in the report, GuideOne's financial performance highlights for the year ended Dec. 31, 2023, include:

Surplus grew by $143 million
Direct written premium from ongoing operations increased by 18.4% to $842 million
Combined ratio of the ongoing business improved from 103.9% to 99.5%

“Our excellent performance this past year reflects the soundness of our strategy, the dedication of our talented employees and our long-term approach as a mutual company, which places our policyholders at the center of everything we do," added Cadematori. “In 2024, we look forward to continuing the hard work that produced these outcomes and will carry us forward."

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About GuideOne Insurance Company

For more than 75 years, GuideOne Insurance Company has supported its policyholders’ goals by providing Nimble Solutions for Niche Needs®. Driven by a diverse portfolio of property and liability insurance and risk management solutions, we strive to Make Positive Change Possible® by serving as a trusted partner to the people who strengthen and support our communities. GuideOne’s corporate headquarters is located in West Des Moines, Iowa.