|
Balance Sheets |
|
December 31 |
| |
2009 |
2008 |
| Cash and Short Term Investments |
$ 1,709,360 |
$ 3,413,447 |
| Bonds |
$ 84,567,802 |
$ 85,010,017 |
| Stocks |
$ 11,268,216 |
$ 9,055,440 |
| Premium Receivables |
$ 14,370,383 |
$ 14,844,062 |
| Other Assets |
$ 5,671,810 |
$ 4,539,151 |
|
|
|
| Total Assets |
$ 117,587,571 |
$ 116,862,117 |
|
|
|
| Unpaid Loss and Loss Adjustment Expense Reserve |
$ 43,378,041 |
$ 46,534,776 |
| Reserve for Unearned Premiums |
$ 18,336,864 |
$ 19,229,030 |
| Underwriting Expense Reserves and Other Liabilities |
$ 8,172,582 |
$ 9,652,204 |
|
|
|
| Total Liabilities |
$ 69,887,487 |
$ 75,416,010 |
| Total Policyholders' Surplus |
$ 47,700,084 |
$ 41,446,107 |
| Total Liabilities and Policyholders' Surplus |
$ 117,587,571 |
$ 116,862,117 |
|
|
|
|
Underwriting Exhibits for the 12 Months Ending: |
|
December 31 |
|
2009 |
2008 |
Underwriting Income
|
|
|
Net Premium Earned
|
$ 36,580,617 |
$ 40,711,488 |
|
|
|
Expenses
|
|
|
Net Losses and Loss Adjusting Expenses Incurred
|
$ 21,788,493 |
$ 24,361,013 |
Net Commissions and Other Underwriting Expenses
|
$ 14,271,804 |
$ 15,578,835 |
Total Expenses
|
$ 36,060,297 |
$ 39,939,848 |
|
|
|
Net Underwriting Income
|
$ 520,320 |
$ 771,640 |
Net Investment Income
|
$ 3,964,269 |
$ 4,054,018 |
Net Income before Federal Income Tax
|
$ 4,484,589 |
$ 4,825,658 |
| Federal Income Tax |
$ 810,518 |
$ 1,552,496 |
| Net Income |
$ 3,674,071 |
$ 3,273,162 |