Financial Results

Recap of the previous two years' financial results.

 

Admitted Assets

 

2023

 

2022

Bonds (Amortized Value)   $494,720,830   $459,012,467
Stocks (Market Value)   $132,563,565   $148,373,883
Cash & Short-term investments   $22,367,733   $42,785,274
Premium Balances Receivable   $277,093,263   $247,172,413
Real Estate   $43,493,220   $43,052,855
Other Assets   $138,925,006   $148,107,124
Total Admitted Assets   $1,109,163,617   $1,088,504,016
 

Liabilities & Surplus

       
Reserve for Losses   $280,477,230   $271,942,970
Reserve for Loss Adjustment Expenses   $65,216,071   $59,397,758
Reserve for Unearned Premiums   $315,358,300   $298,423,187
Reserve for Other Expenses   $140,709,866   $136,442,648
Total Liabilities   $801,761,467   $766,206,564
Policyholders' Surplus   $307,402,150   $322,297,452
Total Liabilities & Surplus   $1,109,163,617   $1,088,504,016
 

Statement of Income

       
Premiums Earned   $633,335,742   $580,996,156
Losses and Loss Expenses Incurred   ($507,921,312)   ($411,888,369)
Underwriting Expenses Incurred   ($209,187,672)   ($197,040,306)
Net Underwriting Gain   ($83,773,242)   ($27,932,519)
Net Investment Gain   $35,925,965   $26,100,643
Other Income   $2,864,571   $998,163
Dividends to Policyholders   ($1,022,857)   ($889,537)
Federal Income Taxes   $9,308,708   $1,875,512
Net Income   ($36,696,855)   $152,263

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