The Mutual Financials

Summary Statement of Income

For the Years Ended December 31, 2019 and 2018
2019 2018
Premiums earned $ 24,394,000 $ 24,336,000
Losses and loss adjustment expense -18,489,000 -17,001,000
Other underwriting expense -1,950,000 -1,719,000
Net underwriting income $ 3,955,000 $ 5,616,000
Investment income 3,081,000 2,544,000
Dividends to Policyholders -3,000,000 -3,385,000
Income before federal income taxes $ 4,036,000 $ 4,775,000
Federal income tax expense -963,000 -1,093,000
Net income $ 3,073,000 $ 3,682,000

Summary Statement of Admitted Assets, Liabilities and Surplus

December 31, 2019 and 2018
Admitted Assets
2019 2018
Cash and investments $ 125,545,000 $ 110,095,000
Other Assets 1,426,000 3,022,000
Total admitted assets $ 126,971,000 $ 113,117,000
Liabilities and Surplus
2019 2018
Loss reserves $ 54,504,000 $ 50,191,000
Other liabilities 10,487,000 5,856,000
Total liabilities $ 64,991,000 $ 56,047,000
Surplus 61,980,000 57,070,000
Total liabilities and surplus $ 126,971,000 $ 113,117,000