FORWARD MUTUAL INSURANCE COMPANY
PROFORMA STATEMENT OF OPERATIONS
STATUTORY BASIS
Year Ended December 31, 2018
UNDERWRITING INCOME |
|
Premiums written |
$1,676,069 |
Net unearned premium change |
6,818 |
Reinsurance ceded |
(504,342) |
Net premiums earned |
1,178,545 |
LOSSES INCURRED |
|
Losses incurred |
223,393 |
Reinsurance incurred (recovered) |
54,195 |
Net losses incurred |
277,588 |
NET LOSS ADJUSTMENT EXPENSES |
74,708 |
OTHER UNDERWRITING EXPENSES |
567,605 |
Total losses and expenses incurred |
919,901 |
NET UNDERWRITING INCOME (GAIN) |
258,644 |
INVESTMENT AND OTHER INCOME |
|
Investment income earned |
235,190 |
Investment expenses |
(54,921) |
Net realized capital gain (loss) |
(4,477) |
Other income |
19,456 |
Net investment and other income |
195,248 |
Income before federal income taxes |
453,892 |
FEDERAL INCOME TAX EXPENSE |
69,100 |
NET INCOME |
$384,792 |
PROFORMA STATEMENT OF POLICYHOLDERS
SURPLUS–STATUTORY BASIS
Year Ended December 31, 2017
BALANCE, BEGINNING OF YEAR |
$6,983,086 |
Net income |
384,792 |
Net unrealized gain (loss) on stocks, mutual funds and bonds |
(132,647) |
Net change in non-admitted assets |
1,188 |
BALANCE, END OF YEAR |
$7,236,419 |