STATEMENT OF OPERATIONS
STATUTORY BASIS
Year Ended December 31, 2024
UNDERWRITING INCOME |
|
Premiums Written |
$2,056,831 |
Net Unearned Premium Change |
(78,208) |
Reinsurance Ceded |
(937,084) |
Net Premiums Earned |
1,041,539 |
LOSSES INCURRED |
|
Losses Incurred |
750,080 |
Reinsurance (Recovered) Incurred |
(37,608) |
Net Losses Incurred |
712,472 |
NET LOSS ADJUSTMENT EXPENSES |
84,554 |
OTHER UNDERWRITING EXPENSES |
702,733 |
Total Losses and Expenses Incurred |
1,499,759 |
NET UNDERWRITING INCOME (LOSS) |
(458,022) |
INVESTMENT AND OTHER INCOME |
|
Investment Income Earned |
260,921 |
Investment Expenses |
(81,040) |
Net Realized Capital Loss |
107,024 |
Other Income |
41,906 |
Net Investment and Other Income (Los) |
328,811 |
INCOME (LOSS) BEFORE INCOME TAXES |
(129,409) |
FEDERAL INCOME TAX EXPENSE |
(49,163) |
NET INCOME (LOSS) |
($80,246) |
STATEMENT OF POLICYHOLDERS
SURPLUS–STATUTORY BASIS
Year Ended December 31, 2024
BALANCE, BEGINNING OF YEAR |
$7,842,227 |
Net Income |
(80,246) |
Net Unrealized Loss on Stocks and Mutual Funds, |
136,261 |
Net Change in Deferred Income Taxes |
34,000 |
Net Change in Nonadmitted Assets |
1,289 |
BALANCE, END OF YEAR |
$7,933,531 |