FORWARD MUTUAL INSURANCE COMPANY
PROFORMA STATEMENT OF OPERATIONS
STATUTORY BASIS
Year Ended December 31, 2011
UNDERWRITING INCOME |
|
Premiums written |
$1,827,429 |
Net unearned premium change |
11,989 |
Reinsurance ceded |
(639,464) |
Net premiums earned |
1,199,954 |
LOSSES INCURRED |
|
Losses incurred |
1,148,195 |
Reinsurance recovered |
(476,046) |
Net losses incurred |
672,149 |
NET LOSS ADJUSTMENT EXPENSES |
167,829 |
OTHER UNDERWRITING EXPENSES |
634,962 |
Total losses amd expenses incurred |
1,474,940 |
NET UNDERWRITING INCOME (LOSS) |
(274,986) |
INVESTMENT AND OTHER INCOME |
|
Investment income earned |
176,260 |
Investment expenses |
(50,327) |
Net realized capital gain |
26,444 |
Other income |
29,966 |
Net investment and other income |
182,343 |
Income (loss) before federal income taxes |
(92,643) |
FEDERAL INCOME TAX EXPENSE |
(76,000) |
NET INCOME (LOSS) |
$(16,643) |
PROFORMA STATEMENT OF POLICYHOLDERS'
SURPLUS–STATUTORY BASIS
Year Ended December 31, 2011
BALANCE, BEGINNING OF YEAR |
$5,177,301 |
Net income (loss) |
(16,643) |
Unrealized gain (loss) on stocks, |
(41,964) |
Net change in non-admitted assets |
(13,576) |
Net change in deferred income taxes |
13,600 |
BALANCE, END OF YEAR |
$5,118,718 |