Financial Results

Admitted Assets	2023	2022
Bonds (Amortized Value)	$494,720,830	$459,012,467
Stocks (Market Value)	$132,563,565	$148,373,883
Cash & Short-term investments	$22,367,733	$42,785,274
Premium Balances Receivable	$277,093,263	$247,172,413
Real Estate	$43,493,220	$43,052,855
Other Assets	$138,925,006	$148,107,124
Total Admitted Assets	$1,109,163,617	$1,088,504,016

Liabilities & Surplus
Reserve for Losses	$280,477,230	$271,942,970
Reserve for Loss Adjustment Expenses	$65,216,071	$59,397,758
Reserve for Unearned Premiums	$315,358,300	$298,423,187
Reserve for Other Expenses	$140,709,866	$136,442,648
Total Liabilities	$801,761,467	$766,206,564
Policyholders' Surplus	$307,402,150	$322,297,452
Total Liabilities & Surplus	$1,109,163,617	$1,088,504,016

Statement of Income
Premiums Earned	$633,335,742	$580,996,156
Losses and Loss Expenses Incurred	($507,921,312)	($411,888,369)
Underwriting Expenses Incurred	($209,187,672)	($197,040,306)
Net Underwriting Gain	($83,773,242)	($27,932,519)
Net Investment Gain	$35,925,965	$26,100,643
Other Income	$2,864,571	$998,163
Dividends to Policyholders	($1,022,857)	($889,537)
Federal Income Taxes	$9,308,708	$1,875,512
Net Income	($36,696,855)	$152,263