Statutory Statements of Income
| Years Ended December 31st | 2011 | 2010 |
|---|---|---|
| Underwriting income: | ||
| Premiums earned | $15,274,276 | $15,272,365 |
| Deductions: | ||
| Losses incurred | 3,723,302 | 8,927,050 |
| Loss adjustment expenses incurred | 6,908,837 | 6,692,767 |
| Other underwriting expenses incurred | 2,470,345 | 2,511,961 |
| 13,102,484 | 18,131,778 | |
| Net underwriting gain/(loss) | 2,171,792 | (2,859,413) |
| Investment Income: | ||
| Net investment income earned | 1,757,313 | 2,306,746 |
| Realized capital gains / (losses) - net of tax ( 2011: $356,000; 2010: $707,000 ) | 690,673 | 1,372,526 |
| Net investment gain | 2,447,986 | 3,679,272 |
| Other income / (expense): | ||
| Loss from balances charged off | (16,612) | (49,249) |
| Finance and service charges not included in premiums | 234,811 | 232,481 |
| Other income | 58,640 | 44 |
| Net other income | 276,839 | 183,276 |
| Income before dividends to policyholders and federal income taxes | 4,896,617 | 1,003,135 |
| Dividends to policyholders | 1,048,000 | - |
| Income before federal income taxes incurred | 3,848,617 | 1,003,135 |
| Federal income taxes incurred | 419,000 | (376,000) |
| Net income | $3,429,617 | $1,379,135 |