American Family Insurance issued the following announcement on May 18.
Strong financial management, revenue growth and strategic acquisitions contributed to a significant move up the Fortune 500 rankings for the American Family enterprise.
American Family Insurance has moved up to 254 on the Fortune 500 list from 306 last year, ranking it as a Fortune 300 company for the first time. Strong financial management, revenue growth and strategic acquisitions contributed to this significant jump. Since 2015, the company has moved up 104 spots.
Fortune bases its rankings on total revenues, including earned premium, investment income, net realized capital gains and other income for the company’s fiscal year.
This ranking reflects growth across the American Family enterprise, bolstered by the October 2018 merger with Jacksonville, Florida-based Main Street America and the acquisition of De Pere, Wisconsin-based Ameriprise Auto & Home, now called CONNECT, powered by American Family Insurance, which closed in October 2019.
Group revenue increased to $12.6 billion in 2019 from $10.3 billion in 2018.
“Strong organic premium growth, plus our recent mergers and acquisitions, supported our first-time ranking as a Fortune 300 company,” said Dan Kelly, chief financial officer. “Our financial strength as a national enterprise is more important than ever as we take care of even more customers and support our employees and agency owners at this uncertain time for many.”
The Fortune 500 ranking requires the use of Generally Accepted Accounting Principles (GAAP). American Family first used GAAP in 1996, and first appeared on the Fortune 500 list at No. 403 in 1997.
This year’s Fortune 500 marks the 66th edition of the ranking of America’s largest companies. In total, Fortune 500 companies represent two-thirds of the U.S. economy with $14.2 trillion in revenue.
Original source can be found here.