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Growing Annual Report for the ® FUTURE 8.21.17 SOLAR ECLIPSE

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Growing Annual Report for the ® FUTURE 8.21.17 SOLAR ECLIPSE ® SHELTER INSURANCE COMPANIES 1817 WEST BROADWAY • COLUMBIA, MISSOURI 65218 1-800-SHELTER (1-800-743-5837) SHELTERINSURANCE.COM Facebook: ShelterInsurance Twitter: Shelter_ins YouTube: ShelterInsurance Instagram: ShelterInstagram LinkedIn: Shelter-Insurance-Companies 2017 Growing Annual Report for the ® FUTURE 8.21.17 SOLAR ECLIPSE Shelter Insurance® will be a dynamic group of companies focused on providing financially secure insurance protection and services to individuals and businesses, a quality working environment, emphasis on easy-to-use services, a commitment to continuous improvement, and a passion for pleasing our customers. REFLECTIONS A MESSAGE FROM SHELTER’S BOARD CHAIR AND PRESIDENT & CEO After 15 years of service on the Board of Directors, I will be retiring in 2018. During my 45 year career and adding my tenure on the Board, I have witnessed Shelter grow and change tremendously. At the beginning of my career, annual premiums were $126 million and are $1.6 billion today. Policyholder surplus was $43 million and now stands in excess of $1.9 billion, 45 times the initial amount. I credit Shelter’s management, employees and agents for this growth along with sound, conservative fiscal management. I will be retiring from a group of companies which continues to build on our passion for pleasing our customers. This annual report features information about our innovative efforts towards this passion and progress made during 2017, as well as our positive financial results. Shelter has been strategically focused on diversifying our operations across distribution channels and new states. We have also been focused on providing excellent customer service when catastrophes occur and our customers need us. During retirement, it will be exciting to watch the success of these initiatives and the continued growth of our core success formula. It has truly been an honor and pleasure to work alongside so many great employees and agents over the past 51 years! DON McCUBBIN Chair of Board of Directors On behalf of the Board of Directors, I would like to thank the entire Shelter team for its dedication and hard work, which enabled us to achieve our 2017 goals. As my successor, Rick Means, assumes the responsibility of Chair of the Board, I am confident that his experience and vision will guide the Companies to even greater success in the future. Overall, 2017 was a very good year for the Shelter Insurance Companies as proven by the financial results displayed throughout this report. Production during 2017 lead to positive results including continued elevated average premium per policy, stable policy retention, and remarkable policy count growth. Combined policy counts for Shelter Mutual and General increased 3% and net direct written premiums increased nearly 6% compared to 2016. All of our production metrics exceeded their 2017 targets. Shelter Life Insurance Company’s operations and net investment income were very strong and stable and resulted in $22 million of income before tax. The excellent financial results were achieved in spite of various challenges which were presented during the year. Shelter Mutual & General reported over $306 million of weather related losses. Shelter is in business to ‘weather’ these storm losses and help our insureds get back on their feet after a loss, but this level of weather losses was higher than average. Still the amount of weather losses as a percent of premium remained the same year over year. With regards to auto liability, Shelter is experiencing higher loss ratios, but they are showing some improvement over 2016. Shelter Reinsurance was impacted by hurricanes in the Caribbean and fires in California and suffered large catastrophe losses. RICK MEANS President & CEO After considering the effects of these items, the operating companies reported nearly $106 million of combined income before tax. Over the past 6 years, the operating companies have averaged $136 million of combined income before tax. The financial results experienced by our Companies are a testament to the hard work of our agents and employees and our commitment to sound financial management practices. The passage of the Tax Cuts and Jobs Act during 2017 required us to revalue our deferred taxes. Simply put, a future tax benefit valued at a 35% tax rate had to be written down to a 21% tax rate. This means there was roughly a 14% decrease in net tax assets which resulted in a surplus reduction of $51 million. As we look toward the future, it has been rewarding to see Shelter’s newest ventures taking life during 2017. AmShield, a new company selling property and casualty insurance through independent agents in the western U.S., sold its first policies in 2017. Say Insurance, Shelter’s online brand sold by Shelter General Insurance is now live in 4 states and experienced significant growth in policies. Ohio, our newest state in 2017 for our captive agents, now offers auto, home and life insurance. Results such as those we experienced in 2017 do not happen by accident. They are the result of hard work, innovative new ideas and a commitment to excellence. I am grateful to lead this exceptional team and look forward to being part of our continued growth and success. REFLECTIONS A MESSAGE FROM SHELTER’S BOARD CHAIR AND PRESIDENT & CEO On behalf of the Board of Directors, I would like to thank the entire Shelter team for its dedication and hard work, which enabled us to achieve our 2017 goals. – Don McCubbin, Chair 2017 BOARD OF DIRECTORS COMMITMENT TO MANAGEMENT EXCELLENCE Shelter Insurance Companies are governed by a nine-member Board of Directors empowered to provide policy decisions and general oversight of the Companies’ operations. Key responsibilities include reviewing corporate strategy and business plans and appointing officers. Three directors are elected annually by policyholders at the annual policyholders’ meeting. Each director is elected for a three- year term. In addition, the Board appoints four committees to directly assist the Board in fulfilling its responsibilities: the Investment Committee, the Executive and Compensation Committee, the Corporate Governance Committee and the Audit Committee. While all four committees are important, the Audit Committee in particular is charged with performing three functions: serving as an objective party to monitor Shelter’s financial reporting process and internal control system; appointing, reviewing, and assessing the independent audit firm; and providing an avenue of open communication among the independent auditors, internal auditors, senior management and the Board. Other senior management committees are established according to critical management issues. These committees are overseen by executive management. The goal of the Board and other committees is to ensure a management structure that provides effective oversight and is responsive to key issues on behalf of the employees, agents and customers of the Shelter Insurance Companies. 2017 BOARD OF DIRECTORS DON A. MCCUBBIN RICK L. MEANS ANDRÉS JIMÉNEZ Chair and Director Vice Chair and Director Director J. DAVID MOORE DEBORAH L. DOUGLAS DAVID R. MONDAY Director Director Director STEPHEN E. ERDEL H. BAKER KURRUS MADISON “MATT” MOORE Director Director Director SHELTER SHELTER GENERAL MUTUAL INSURANCE SHELTER INSURANCE COMPANY LIFE COMPANY INSURANCE COMPANY AMSHIELD SHELTER INSURANCE ENTERPRISES, COMPANY LLC SHELTER INSURANCE® SHELTER SHELTER INVESTMENTS, GROUP OF REINSURANCE LLC OPERATING COMPANY COMPANIES In Gold - All rated “A” Excellent as determined by A.M. Best DANIEL As of December 31, 2017 HAULERS BOONE INSURANCE AGENCY, COMPANY LLC INC. SHELTER SHELTER FINANCIAL BENEFITS SERVICES, MANAGEMENT INC. INC. SHELTER INSURANCE® FINANCIAL STATEMENT For more than 70 years, Shelter has provided a variety of insurance products and services to our customers. Shelter has grown to be one of the nation’s most successful and financially sound regional insurance groups. 2,163,844 $1.7 Billion $5.4 Billion P&C POLICY COUNT P&C POLICY EARNED PREMIUM ASSETS UNDER MANAGEMENT Up 224,539 over the past 5 years 5 year Annual growth of 4.74% Up $1 Billion in last 5 years COMBINED INCOME BEFORE TAX 2013 $136 Million $1.92 Billion SHELTER MUTUAL SURPLUS 2014 $138 Million 5 year Annual growth of 6.56% 2015 $181 Million 2016 $138 Million 4,000 20 2017 $106 Million EMPLOYEES & AGENTS OPERATING STATES Added 3 in past 5 years MUTUAL AND GENERAL OPERATIONS Net direct written premiums before voluntary assumptions These entities have a permitted practice to build voluntary increased 5.7% compared to 2016 and were $1.59 billion. catastrophe reserves for both a major weather event and a Premiums continue to rise as a result of rate increases significant earthquake. During 2017, more than $17 million implemented over the past few years combined with a 3.1% was added to the voluntary pre-event reserves, which added average premium per policy increase and stable retention during 1.1% to the combined ratio. In total, there is $116 million in 2017. In the past 5 years, these two companies have issued almost the earthquake reserve and $111 million in the weather reserve 1.8 million new policies. available for future use. Six years of consecutive additions to the weather reserve has allowed it to build up quite substantially. Incurred weather losses were more significant this year. For the 2017 loss year, such losses and adjustment expenses were $306 The total underwriting loss was $50.9 million, representing a million, representing 19% of earned premiums. Non-weather 102.4% combined ratio. Strong investment gains contributed losses were around $717 million, up $19 million from 2016. In greatly to these operations during 2017. Net Income before tax the past 5 years, Mutual and General incurred $4.7 billion of ended at $71 million. Going forward, Shelter will continue its losses incurred representing 941,912 claims reported and an expansion into the state of Ohio with auto and homeowners. The average $4,972 per claim, testament to servicing our customers in Say Insurance brand will look to add new states during 2018 to their time of need.
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