FORWARD MUTUAL INSURANCE COMPANY
PROFORMA STATEMENT OF OPERATIONS
STATUTORY BASIS
Year Ended December 31, 2021
UNDERWRITING INCOME |
|
Premiums Written |
$1,559,135 |
Net Unearned Premium Change |
11,618 |
Reinsurance Ceded |
(465,037) |
Net Premiums Earned |
1,105,716 |
LOSSES INCURRED |
|
Losses Incurred |
916,512 |
Reinsurance Recovered |
(209,350) |
Net Losses Incurred |
707,162 |
NET LOSS ADJUSTMENT EXPENSES |
74,282 |
OTHER UNDERWRITING EXPENSES |
554,615 |
Total Losses and Expenses Incurred |
1,336,059 |
NET UNDERWRITING LOSS |
(230,343) |
INVESTMENT AND OTHER INCOME |
|
Investment Income Earned |
265,377 |
Investment Expenses |
(75,324) |
Net Realized Capital Gain |
127,896 |
Other Income |
24,663 |
Net Investment and Other Income |
342,612 |
INCOME BEFORE INCOME TAXES |
112,269 |
FEDERAL INCOME TAX EXPENSE |
(37,500) |
NET INCOME |
$149,769 |
PROFORMA STATEMENT OF POLICYHOLDERS
SURPLUS–STATUTORY BASIS
Year Ended December 31, 2021
BALANCE, BEGINNING OF YEAR |
$7,902,194 |
Net Income |
149,769 |
Net Unrealized Gain on Stocks and Mutual Funds (Net of Tax) |
61,920 |
Net Change in Deferred Income Taxes |
(1,000) |
Net Change in Nonadmitted Assets |
683 |
BALANCE, END OF YEAR |
$8,113,566 |