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2009 Financial Statement

ASSETS 12/31/09 12/31/08
Cash & Short Term Investments $53,813,393 $56,697,294
Bonds (Amortized Value) 481,377,052 453,364,221
Stocks (Market Value) 504,404,235 400,263,312
Real Estate (Home Office) 10,916,532 12,076,746
Other Invested Assets 26,445,071 20,857,805
Premiums Receivables 40,003,226 42,981,438
Accrued Interest & Dividends 5,800,867 5,790,197
Other Assets 43,814,055 45,025,041

Total Assets $1,166,574,431 $1,037,056,054
LIABILITIES & SURPLUS 12/31/09 12/31/08
Unearned Premiums $146,010,524 $152,572,605
Unpaid Losses & Loss Adjustment Expenses 201,712,827 214,118,774
Federal Income Taxes 52,359,149 (7,789,410)
Other Liabilities 56,471,265 57,765,911
Total Liabilities $456,553,765 $416,667,880
Policyholders' Surplus $710,020,666 $620,388,174

Total Liabilities & Surplus $1,166,574,431 $1,037,056,054
2009 Statement of Income and Surplus
INCOME 12/31/09 12/31/08
Underwriting Income
Premiums Earned $268,535,380 $272,617,844
Losses Incurred 148,858,828 140,145,613
Loss Adjustment Expenses Incurred 23,232,454 25,531,445
Underwriting Expenses Incurred 100,083,621 100,695,320
 
Underwriting (Loss) Gain  
($3,639,523)
 
$6,245,467
 
Investment Income
Net Investment Income 28,025,822 30,115,168
Net Realized Capital Gain (Loss) 31,184,700 (95,236,438)
Net Investment Gain (Loss) $ 59,210,522 $ (65,121,270)
Other Income $2,141,195 $1,894,090
Net Income (Loss) Before Taxes 57,712,195 (56,981,714)
Federal Income Taxes 13,111,442 (17,243,817)
Net Income (Loss) After Taxes $44,600,753 $(39,737,897)
SURPLUS
Beginning Balance $620,388,174 $759,592,522
Net Income (Loss) 44,600,753 (39,737,897)
Unrealized Capital Gain (Loss) After Taxes 46,419,501 (103,838,379)
Change in Net Deferred Income Taxes (2,964,919) 7,841,967
       
Change in Net Pension asset Write-in 3,330,293 (3,330,293)  
     
Other Changes (1,753,136) (139,747)
Increase (Decrease) for Period 89,632,492 (139,204,349)

Ending Balance $710,020,666 $620,388,174





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