US mutuals’ capital grows faster than stock peers despite Covid-19 paybacks

The US mutual market grew its capital and surplus by 8.3 percent last year despite returning some $6.1bn of dividends to policyholders largely in Covid-19-related paybacks, with the sector outstripping the 6.7 percent growth recorded by its stock company peers, new data from the National Association of Mutual Insurance Companies (NAMIC) shows.