Statutory Statements of Income

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Years Ended December 31st20122011
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 13,102,82
        Net underwriting gain/(loss) 3,549,418 2,171,791
 
Investment Income:
    Net investment income earned 2,699,079 1,662898
    Realized capital gains / (losses) - net of tax ( 2011: $356,000; 2010: $707,000 ) 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