Customer Focus, Financial Strength Make Mutuals Favorable for Independent Agents: Report

DENVER – Independent agents remain confident in mutual insurers as companies show improved underwriting results, strong capital positions, and favorable ratings, according to the 2026 Mutual Factor report from Aon and the National Association of Mutual Insurance Companies.

Released today at NAMIC’s 131st Annual Convention, the report compares performance metrics over the past 12 months and a five-year time frame, in addition to AM Best credit ratings impact and a survey of independent agents.

Mutual insurers were viewed more favorably than others companies, with 95 percent of respondents holding a favorable view of mutual insurers. Independent agents also rated mutual companies higher when it came to key values including financial strength, risk mitigation, and a focus on the customer.

“Mutual insurance is built on relationships; the relationship between the policyholder and their company and the relationship between companies and the independent agents helping consumers find coverage,” said Neil Alldredge, president and CEO of NAMIC. “When you put people first, they notice, and the Mutual Factor shows how important that is when times are more challenging.”

The report found that mutual insurers closed the gap with stock companies in several key financial measures and outperformed them in others. Mutuals paid out slightly more per premium dollar than stock companies, though the difference between the two segments was reduced by half. Mutuals’ capital and surplus — funds available to pay claims — rose 16.2 percent in 2025, nearly twice the growth rate of stock companies. They also held $1.27 in surplus for every dollar of premium, paid more in claims and expenses for policyholders than publicly traded companies, and issued significantly more in policyholder dividends.

“The story for mutual insurers today is one of strength,” said Patrick Abbe, U.S. regional and mutual strategic growth leader for Aon. “Stronger capital positions and improved underwriting results are creating opportunities for growth, but success will depend on knowing where to deploy capital, where to expand distribution, and how to balance growth ambitions with evolving market competition.”

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About NAMIC

The National Association of Mutual Insurance Companies is the foremost trade association representing the property/casualty insurance industry. Serving more than 1,300 member companies, including local and regional insurers as well as some of the nation’s largest carriers, NAMIC members collectively write $453 billion in annual premiums, representing 58 percent of the homeowners and 52 percent of the automobile insurance markets. For more than 130 years, NAMIC has been the leading voice advancing public policy solutions and regulatory frameworks that promote a strong, competitive market and protect member companies and their policyholders.

About Aon

Aon plc (NYSE: AON) exists to shape decisions for the better — to protect and enrich the lives of people around the world. Through actionable analytic insight, globally integrated Risk Capital and Human Capital expertise, and locally relevant solutions, our colleagues provide clients in over 120 countries with the clarity and confidence to make better risk and people decisions that help protect and grow their businesses.