The 2024 Stonetrust Annual Report provides a comprehensive overview of the company’s performance and key milestones in 2023. Notably, Stonetrust Commercial Insurance Company achieved significant financial success, reporting a 6% growth in total premiums, which amounted to $52.4 million in written premiums and $51.7 million in net earned premiums. The company’s net underwriting gain reached $11.1 million, while a net investment gain of $2.5 million contributed to a total net income of $9.4 million. Stonetrust also saw a nearly $17 million increase in its surplus, which grew to $149.5 million, further strengthening its financial position.
In line with these achievements, Stonetrust’s total assets increased from $230.8 million at the end of 2022 to $253.4 million. These results reflect a consistent trend of underwriting profitability and strong investment returns, maintaining a competitive edge in the workers’ compensation insurance market. Despite the challenges posed by declining claim frequencies, lower claim costs, and fierce competition, Stonetrust remained resilient in 2023, underwriting nearly $12 million in new business premiums.
Stonetrust’s success was further validated by its July 2024 AM Best evaluation, which reaffirmed the company’s Financial Strength Rating of A- (Excellent) and Long-Term Issuer Credit Rating of “a-” (Excellent). Most notably, AM Best upgraded Stonetrust’s outlook from “Stable” to “Positive,” citing the company’s very strong balance sheet strength, consistent operating performance, robust underwriting earnings, and steady investment income.
The report also highlights the importance of partnerships, showcasing One General Agency (OGA) as a key contributor to Stonetrust’s growth and success in Oklahoma. The company expressed gratitude for the ongoing commitment and support from its agency partners, emphasizing that Stonetrust’s continued success is largely due to these strong collaborations.
Looking ahead to 2024, Stonetrust remains focused on maintaining its growth trajectory and delivering excellent results, even in the face of evolving market conditions and technological advancements.