Financial Results

Admitted Assets	2022	2021
Bonds (Amortized Value)	$459,012,467	$381,518,770
Stocks (Market Value)	$148,373,883	$212,320,683
Cash & Short-term investments	$42,785,274	$59,342,626
Premium Balances Receivable	$247,172,413	$213,350,314
Real Estate	$43,052,855	$44,092,555
Other Assets	$148,107,124	$89,735,981
Total Admitted Assets	$1,088,504,016	$1,000,360,929

Liabilities & Surplus
Reserve for Losses	$271,942,970	$239,202,764
Reserve for Loss Adjustment Expenses	$59,397,758	$49,034,170
Reserve for Unearned Premiums	$298,423,187	$267,192,091
Reserve for Other Expenses	$136,442,648	$120,504,429
Total Liabilities	$766,206,564	$675,933,454
Policyholders' Surplus	$322,297,452	$324,427,475
Total Liabilities & Surplus	$1,088,504,016	$1,000,360,929

Statement of Income
Premiums Earned	$580,996,156	$518,033,965
Losses and Loss Expenses Incurred	($411,888,369)	($347,718,236)
Underwriting Expenses Incurred	($197,040,306)	($180,975,882)
Net Underwriting Gain	($27,932,519)	($10,660,153)
Net Investment Gain	$26,100,643	$21,835,896
Other Income	$998,163	$1,971,272
Dividends to Policyholders	($889,537)	($1,938,722)
Federal Income Taxes	$1,875,512	$324,796
Net Income	$152,263	$11,533,089

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