Statutory Statements of Income

 

Years Ended December 31st2015 2014
Underwriting income:
    Premiums earned $14,197,884    $14,079,302 
 
Deductions:
    Losses incurred 2,661,736  1,494,821
    Loss adjustment expenses incurred 5,380,697  2,724,901
    Other underwriting expenses incurred 3,991,427    3,282,722
  12,033,860  7,502,444
        Net underwriting gain/ (loss) 2,164,024  6,576,858
 
Investment Income:
    Net investment income earned 2,596,252  2,427,509
    Realized capital gains / (losses) - net of tax  (2015: $106,861; 2014: $1,753,000) 301,845  3,402,616 
        Net investment gain 2,898,097  5,830,125
 
Other income / (expense):
    Loss from balances charged off (30,665)  (14,790)
    Finance and service charges not included in premiums 273,087  220,465
    Other income 27,014  10,904
        Net other income 269,436  216,579
 
        Income before dividends to policyholders and federal income taxes 5,331,557  12,623,562
Dividends to policyholders 979,524  1,716,459 
        Income before federal income taxes incurred 4,352,033  10,907,103
Federal income taxes incurred 782,820  1,635,709 
        Net income $3,569,213 $9,271,394