Financials

Statutory Statements of Income

 

Years Ended December 31st20132012
Underwriting income:
    Premiums earned $14,313,160    $13,835,736
 
Deductions:
    Losses incurred 333,566    1,796,536
    Loss adjustment expenses incurred 3,765,208    5,324,299
    Other underwriting expenses incurred 3,562,778    3,165,487
  7,661,552    10,286,322
        Net underwriting gain/ (loss) 6,651,608 3,549,414
 
Investment Income:
    Net investment income earned 1,920,278 2,669,079
    Realized capital gains / (losses) - net of tax ( 2013: $424,000; 2012: $321,179) 822,414 693,240
        Net investment gain 2,742,692 3,362,319
 
Other income / (expense):
    Loss from balances charged off (6,216) (32,610)
    Finance and service charges not included in premiums 221,261 219,866
    Other income 15,968 7,148
        Net other income 231,013 194,404
 
        Income before dividends to policyholders and federal income taxes 9,625,313 7,106,137
Dividends to policyholders 1,278,009 950,485
        Income before federal income taxes incurred 8,347,304 6,155,652
Federal income taxes incurred 2,081,805 1,201,843
        Net income $6,265,499 $4,953,809