American Family ranks 251 on Fortune 500 list
American Family Insurance is again on the Fortune 500 list, ranking 251, down from 232 last year. American Family had strong revenue growth in 2021 as did many companies on the list.
American Family Insurance is again on the Fortune 500 list, ranking 251, down from 232 last year. Overall, the rankings reflect a strong increase in revenue in 2021 by many companies on the list after pandemic-related disruptions that have had varying effects across industries the past two years. Since 2017, American Family has moved up 60 spots.
Fortune bases its rankings on total revenues, including earned premium, investment income, net realized capital gains and other income for the fiscal year. American Family’s results reflect growth and investment income across its group of companies.
Overall revenues by the 500 companies on the list increased by 17% last year, which is the highest jump since 1975. American Family’s revenue was up more than 11% in 2021.
In 2020 and 2021 American Family provided customers with almost $615 million in auto premium relief across the group due to changes in driving habits during the pandemic.
“We’ve done the right thing by keeping our focus on customers and communities during these unpredictable times,” said Troy Van Beek, chief financial officer. “We appreciate that we again have a spot on the Fortune 500 list and recognize it’s because of the quality and commitment of our people, which is reflected in our retention, satisfaction, and financial results.”
Strong customer retention, new business growth, and increasing investment income contributed to revenue increasing to $14.6 billion in 2021 from $13.1 billion in 2020.
The Fortune 500 ranking requires the use of Generally Accepted Accounting Principles (GAAP). American Family first used GAAP in 1996 and first appeared on the Fortune 500 list at No. 403 in 1997.
This year’s Fortune 500 marks the 68th edition of the ranking of America’s largest companies. In total, Fortune 500 companies represent two-thirds of the U.S. economy with $16.1 trillion in revenue.
About the American Family Insurance group
Based in Madison, Wisconsin, American Family Insurance has been serving customers since 1927. We inspire, protect and restore dreams through our insurance products, exceptional service from our agency owners and employees, community investment and creative partnerships to address societal challenges. We act on our belief in diversity and inclusion by constantly evolving to meet customer needs and preferences. American Family Insurance group is the nation’s 13th-largest property/casualty insurance group, ranking No. 251 on the Fortune 500 list. The group sells American Family-brand products, primarily through exclusive agency owners in 19 states. The American Family Insurance group also includes CONNECT, powered by American Family Insurance, The General, Homesite and Main Street America Insurance. Across these companies the group has more than 13,500 employees nationwide.