As I look at our extraordinary results over the past 12 months, I’m struck with gratitude for the unwavering belief our partners have shown in SFM. Through the whirlwinds of a global pandemic and continued economic uncertainty, policyholders are consistently choosing to stay with SFM, and independent agents are bringing more and more new accounts into the fold.

Ever since the opening chords of the pandemic, we’ve heard the refrain: “When will things get back to normal?” Well, after three years and countless bewildering developments, I’m convinced that pre-pandemic “normalcy” isn’t on its way back anytime soon. In its place, we’re discovering new realities that present us with new challenges. I’m confident that facing these challenges together will bring out our collective best. As new realities emerge, let me assure you that SFM will be a steadfast, positive partner.

We work hard every day to live up to our reputation for providing the best customer service in the business. Our commitment to service excellence is the foundation for the success we share, and I believe the results will bear that out every time.

Reflecting on the positives of the past year

As we work to finalize year-end numbers for 2022, some remarkable highlights have emerged:

• SFM’s policyholder retention level of over 96% demonstrates industry-leading customer loyalty
• New business continues to come in at a record pace
• Audit additional and endorsement premium revenue continues to track ahead of our projections
• Impact from medical inflation has been mild
• Paid losses on older claims have come in better than expected, signaling prior year loss reserve releases
• Policyholder surplus generation has exceeded expectations, furthering our commitment to growing surplus faster than premium
• Our 2021 combined ratio of 90% made it 11 consecutive years below 100, and 2022 is on track to make it 12 in a row 

New mission statement, renewed dedication to our continuing mission

As we build on our foundation of exemplary service, we’ve taken some time to reflect on the words we use to describe this commitment. We saw an opportunity to develop language that expresses the “why” that motivates each of us to make a positive impact through our work. After careful consideration, we’ve updated our mission statement to:

While the language itself is new, the sentiment that it conveys has been central to our company culture all along. We’ve always believed in taking care of employers and their employees, and through these words, we reaffirm the principles we’ve held since the very beginning.

I would like to thank our valued agency partners for sharing our dedication to service, safety and positive results for our customers. We look forward to succeeding together for many years to come.

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