Financial Statements & Other Resources

Want to learn more about Algoma Mutual Insurance Co.? Find our media resources here, including our past financial statements.

Financial Statements

2023 Financial Report View Document
2022 Financial Report View Document
2021 Financial Report View Document
2020 Financial Report View Document
2019 Financial Report View Document
2018 Financial Report View Document
2017 Financial Report View Document

Broker's Compensation

Algoma Mutual has contracts with independent Brokers.

Brokers are compensated in the form of a commission payment calculated as a percentage of your insurance premium. Brokers are obligated to disclose their commission earnings on a client's policy, if so requested.

The following is a breakdown of the commissions paid by Algoma Mutual to contracted Brokers:

Private Passenger Automobile

12.5%

Commercial Automobile

20%

Snowmachines and ATVs

10.0%

Residential and Personal Property

20.0%

Commercial Property

20%

Farm Property

17.5%

Contingent Profit Commisions (CPC)

As part of our brokerage contract, we recognize Broker profitability through a Contingent Profit Commission (CPC) program. Receipt of a CPC payment is entirely dependent on the overall profitability of the business submitted by a Broker. Therefore, this commission is not guaranteed to any Broker.