|
Balance Sheets |
|
December 31 |
| |
2010 |
2009 |
| Cash and Short Term Investments |
$ 5,043,903 |
$ 1,709,360 |
| Bonds |
82,681,598 |
84,567,802 |
| Stocks |
13,175,376 |
11,268,216 |
| Premium Receivables |
14,166,566 |
14,370,383 |
| Other Assets |
5,747,282 |
5,671,810 |
|
|
|
| Total Assets |
$ 120,814,725 |
$ 117,587,571 |
|
|
|
| Unpaid Loss and Loss Adjustment Expense Reserve |
43,647,135 |
43,378,041 |
| Reserve for Unearned Premiums |
19,190,885 |
18,336,864 |
| Underwriting Expense Reserves and Other Liabilities |
6,716,296 |
8,172,582 |
|
|
|
| Total Liabilities |
$ 69,554,316 |
$ 69,887,487 |
| Total Policyholders' Surplus |
$ 51,260,409 |
$ 47,700,084 |
| Total Liabilities and Policyholders' Surplus |
$ 120,814,725 |
$ 117,587,571 |
|
|
|
|
Underwriting Exhibits for the 12 Months Ending: |
|
December 31 |
|
2010 |
2009 |
Underwriting Income
|
|
|
Net Premium Earned
|
$ 35,720,545 |
$ 36,580,617 |
|
|
|
Expenses
|
|
|
Net Losses and Loss Adjusting Expenses Incurred
|
23,086,087 |
21,788,493 |
Net Commissions and Other Underwriting Expenses
|
14,813,480 |
14,271,804 |
Total Expenses
|
$ 37,899,567 |
$ 36,060,297 |
|
|
|
Net Underwriting Income
|
(2,179,022) |
520,320 |
Net Investment Income
|
5,340,179 |
3,964,269 |
Net Income before Federal Income Tax
|
$ 3,161,157 |
$ 4,484,589 |
| Federal Income Tax |
22,625 |
810,518 |
| Net Income |
$ 3,138,532 |
$ 3,674,071 |