Financials

Statutory Statements of Income

 

Years Ended December 31st20142013
Underwriting income:
    Premiums earned $14,079,302     $14,313,160
 
Deductions:
    Losses incurred 1,494,821 333,566
    Loss adjustment expenses incurred 2,724,901 3,765,208
    Other underwriting expenses incurred 3,282,722     3,562,778
  7,502,444  7,661,552
        Net underwriting gain/ (loss) 6,576,858  6,651,608
 
Investment Income:
    Net investment income earned 2,427,509  1,920,278
    Realized capital gains / (losses) - net of tax  (2014: $1,753,000; 2013: $424,000) 3,402,616  822,414
        Net investment gain 5,830,125  2,742,692
 
Other income / (expense):
    Loss from balances charged off (14,790)  (6,216)
    Finance and service charges not included in premiums 220,465  221,261
    Other income 10,904  15,968
        Net other income 216,579  231,013
 
        Income before dividends to policyholders and federal income taxes 12,623,562  9,625,313
Dividends to policyholders 1,716,459  1,278,009
        Income before federal income taxes incurred 10,907,103  8,347,304
Federal income taxes incurred 1,635,709  2,081,805
        Net income $9,271,394  $6,265,499