
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, |
(632,807) |
Net Change in Deferred Income Taxes |
17,000 |
Net Change in Nonadmitted Assets |
1,863 |
BALANCE, END OF YEAR |
$7,541,976 |