FORWARD MUTUAL INSURANCE COMPANY

PROFORMA STATEMENT OF OPERATIONS
STATUTORY BASIS
Year Ended December 31, 2022

UNDERWRITING INCOME
Premiums Written	$1,581,790
Net Unearned Premium Change	(19,481)
Reinsurance Ceded	(464,990)
Net Premiums Earned	1,097,319
LOSSES INCURRED
Losses Incurred	611,645
Reinsurance Incurred (Recovered)	36,109
Net Losses Incurred	647,754
NET LOSS ADJUSTMENT EXPENSES	81,985
OTHER UNDERWRITING EXPENSES	617,273
Total Losses and Expenses Incurred	1,347,012
NET UNDERWRITING LOSS	(249,693)
INVESTMENT AND OTHER INCOME
Investment Income Earned	210,435
Investment Expenses	(80,305)
Net Realized Capital Gain	132,071
Other Income	29,846
Net Investment and Other Income	292,047
INCOME BEFORE INCOME TAXES	42,354
FEDERAL INCOME TAX EXPENSE	—
NET INCOME	$42,354

PROFORMA STATEMENT OF POLICYHOLDERS
SURPLUS–STATUTORY BASIS

Year Ended December 31, 2022

BALANCE, BEGINNING OF YEAR	$8,113,566
Net Income	42,354
Net Unrealized Gain (Loss) on Stocks and Mutual Funds, Net of Tax of $(117,002) in 2022 and $28,002 in 2021	(632,807)
Net Change in Deferred Income Taxes	17,000
Net Change in Nonadmitted Assets	1,863
BALANCE, END OF YEAR	$7,541,976