Statutory Statements of Income

Years Ended December 31st20112010
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

2014 dividend announcement

Lawyers Mutual is pleased to announce a dividend in the amount of $1,280,00 for policyholders.

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