“2022 was a year of working with purpose to keep your business going and growing strong.”


First, a big thank you—to our clients and partners, our colleagues and our communities. Thank you, truly, for leading with purpose and forging ahead during these rapidly evolving times. Never has our work together been more important.

We can all agree: our world experienced a tremendous amount of adversity in 2022. It’s taken humble leadership, accountability and a great deal of resilience for us all to stay the course.

To us, resilience isn’t simply getting up after you’re knocked down. It’s running at a challenge, instead of away from it. That’s how we work, and it’s why we’re excited to share all we’ve done together in 2022 to keep our clients’ businesses going and growing strong.  

Outstanding financials

Let’s get right to it. Despite the challenges, 2022 was also a tremendous year, and we ended it with US$18.5 billion in surplus.

Our combined ratio was 76.7%, which includes policyholder membership credit and resilience credit. Pretax income from insurance operations was US$1,384 billion. These results, combined with navigating a challenging investment market, continued our strong surplus position.

Sharing our success

As a mutual company, everything we do is for our clients. The more risk we mitigate, the lower the losses, which results in more capital going back to work for you. That’s the circle of resilience.

One way we share success is through credits, which are applied to offset premiums for eligible policyholders. In 2022, we recognized risk improvement efforts by distributing US$660 million in membership credits.

Guided by our data, research and engineering, you completed more than 44,570 risk improvement recommendations to help protect the value you worked so hard to build. Our like-minded approach to proactively reduce risk is what makes our partnership so successful, and our financial performance so powerful.

We also announced a first-of-its-kind US$300 million resilience credit to help you invest in climate risk improvements. This credit has the potential to reduce total loss expectancies related to wind, flood and wildfire exposure by more than US$120 billion, which, in turn, will magnify the positive impact on customers, colleagues and communities around the world.

Building climate resilience

One of the most challenging risks we face today is climate change, and in 2022 we witnessed major weather events causing terrible destruction and loss of life on almost every continent. Extreme events like these remind us why we strive to stay ahead—for you, and all the people and places you serve.

To help our clients and partners take more control in this ever-changing environment, we introduced a suite of climate resilience solutions to assess climate risk and prioritize improvements, including investments covered by the resilience credit, if eligible.

Developed by our engineers and scientists, these data-driven tools are game-changing innovations, and we don’t say that lightly. Solving problems with science is our formula for success.

Expanding global operations

Even Aristotle believed the best learning comes from doing. And that’s exactly what you can expect if you visit our new FM Global Centre in Singapore, our first experiential risk management facility in Asia-Pacific, where visitors engage with simulation laboratories and hands-on learning spaces.

Our hope is the centre will empower regional businesses to take action against increasing climate risk challenges, as well as growth and infrastructure challenges.

We were also approved to establish our first branch in the Republic of Korea. And coming soon in 2023 is another bold venture, as we break ground on a science, research and innovation facility in Luxembourg that supports risk management for our European clients and partners.

Bright skies ahead

To ensure we live our values and lead with integrity, our corporate governance program remains rigorous. Our board of directors, eight advisory boards, and five risk management executive councils empower clients to express their needs directly to us—a vital perspective that inspires our long-term strategy.

2023 will likely challenge us with a volatile market once again. We’re here and ready to support you, our clients, every step of the way. Together we’re in a position of strength and we’re looking forward with more optimism than ever before.

Thank you again for an incredible year.