Statutory Statements of Income
Statutory Statements of Income > Admitted Assets, Liabilities and Policyholders' Surplus > Financial Charts >
| Years Ended December 31st | 2012 | 2011 |
|---|---|---|
| Underwriting income: | ||
| Premiums earned | $13,835,735 | $15,274,273 |
| Deductions: | ||
| Losses incurred | 1,796,536 | 3,723,302 |
| Loss adjustment expenses incurred | 5,324,300 | 6,908,836 |
| Other underwriting expenses incurred | 3,165,481 | 2,470,344 |
| 10,286,317 | 13,102,482 | |
| Net underwriting loss | 3,549,418 | 2,171,791 |
| Investment Income: | ||
| Net investment income earned | 2,669,079 | 1,662,898 |
| Realized capital gains / (losses) - net of tax ( 2012: $321,179; 2011: $356,000 ) | 693,240 | 785,084 |
| Net investment gain | 3,362,319 | 2,447,982 |
| Other income / (expense): | ||
| Loss from balances charged off | (32,610) | (16,612) |
| Finance and service charges not included in premiums | 219,866 | 234,811 |
| Other income | 7,148 | 58,643 |
| Net other income | 194,404 | 276,842 |
| Income before dividends to policyholders and federal income taxes | 7,106,141 | 4,896,615 |
| Dividends to policyholders | 950,484 | 1,048,000 |
| Income before federal income taxes incurred | 6,155,657 | 3,848,615 |
| Federal income taxes incurred | 1,201,843 | 419,000 |
| Net income | $4,953,814 | $3,429,615 |