NOTICE: As the Berkshire Hathaway transaction has progressed, timelines and other details have been updated. Though accurate at the time of publication, this post no longer contains the most current information. Please click here for an update.
We’re pleased to let you know that MLMIC’s board has declared a new 20% general dividend for policyholders. The dividend — which will apply to policyholders who are insured on May 1, 2017, and maintain continuous coverage through July 1, 2017 — will be based upon the annual rate of premium in effect on May 1, 2017. It will provide meaningful financial relief to policyholders.
The board’s decision to declare this dividend is based on MLMIC’s statutory admitted assets of approximately $5.8 billion, a surplus of $1.9 billion and statutory net income of approximately $100 million. These figures, available in the company’s September 30, 2016, statutory financial statement, show the company’s overall financial condition remains sound.
The new dividend is separate and apart from MLMIC’s agreement to become part of the Berkshire Hathaway family of companies. That process takes a while and is on track to be completed by next year’s end. In the meantime, MLMIC’s strong financial performance enables it to offer a 20% dividend.
An overview of the September 30, 2016, statutory financial statement is available here, and the full financial statement has been filed with New York State Department of Financial Services.