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2009 Financial Statement
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ASSETS |
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12/31/09 |
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12/31/08 |
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| Cash & Short Term Investments |
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$53,813,393 |
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$56,697,294 |
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| Bonds (Amortized Value) |
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481,377,052 |
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453,364,221 |
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| Stocks (Market Value) |
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504,404,235 |
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400,263,312 |
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| Real Estate (Home Office) |
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10,916,532 |
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12,076,746 |
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| Other Invested Assets |
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26,445,071 |
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20,857,805 |
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| Premiums Receivables |
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40,003,226 |
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42,981,438 |
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| Accrued Interest & Dividends |
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5,800,867 |
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5,790,197 |
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| Other Assets |
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43,814,055 |
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45,025,041 |
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| Total Assets |
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$1,166,574,431 |
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$1,037,056,054 |
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LIABILITIES & SURPLUS |
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12/31/09 |
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12/31/08 |
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| Unearned Premiums |
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$146,010,524 |
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$152,572,605 |
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| Unpaid Losses & Loss Adjustment Expenses |
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201,712,827 |
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214,118,774 |
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| Federal Income Taxes |
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52,359,149 |
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(7,789,410) |
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| Other Liabilities |
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56,471,265 |
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57,765,911 |
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| Total Liabilities |
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$456,553,765 |
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$416,667,880 |
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| Policyholders' Surplus |
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$710,020,666 |
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$620,388,174 |
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| Total Liabilities & Surplus |
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$1,166,574,431 |
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$1,037,056,054 |
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| 2009 Statement of Income
and Surplus |
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INCOME |
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12/31/09 |
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12/31/08 |
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| Underwriting Income |
| Premiums Earned |
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$268,535,380 |
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$272,617,844 |
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| Losses Incurred |
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148,858,828 |
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140,145,613 |
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| Loss Adjustment Expenses Incurred |
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23,232,454 |
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25,531,445 |
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| Underwriting Expenses Incurred |
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100,083,621 |
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100,695,320 |
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| Underwriting (Loss) Gain |
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($3,639,523) |
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$6,245,467 |
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| Investment Income |
| Net Investment Income |
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28,025,822 |
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30,115,168 |
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| Net Realized Capital Gain (Loss) |
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31,184,700 |
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(95,236,438) |
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| Net Investment Gain (Loss) |
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$ 59,210,522 |
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$ (65,121,270) |
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| Other Income |
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$2,141,195 |
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$1,894,090 |
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| Net Income (Loss) Before Taxes |
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57,712,195 |
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(56,981,714) |
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| Federal Income Taxes |
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13,111,442 |
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(17,243,817) |
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| Net Income (Loss) After Taxes |
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$44,600,753 |
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$(39,737,897) |
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| SURPLUS |
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| Beginning Balance |
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$620,388,174 |
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$759,592,522 |
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| Net Income (Loss) |
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44,600,753 |
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(39,737,897) |
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| Unrealized Capital Gain (Loss) After Taxes |
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46,419,501 |
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(103,838,379) |
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| Change in Net Deferred Income Taxes |
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(2,964,919) |
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7,841,967 |
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| Change in Net Pension asset Write-in |
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3,330,293 |
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(3,330,293) |
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| |
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| Other Changes |
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(1,753,136) |
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(139,747) |
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| Increase (Decrease) for Period |
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89,632,492 |
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(139,204,349) |
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| Ending Balance |
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$710,020,666 |
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$620,388,174 |
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