Income Statement

Statutory Statement of Income

Income

2022 2021
Premium Income
Direct & Assumed $ 1,429,439,861 $1,331,652,861
Less: Ceded 1,284,209,562 1,179,473,405
$ 145,230,299 $152,179,456
Investment & other income 33,312,635 30,542,614
Total Income $ 178,542,934 $182,722,070

Operating Expenditures

Benefits to policyowners
Life 6,544,587 8,909,414
Annuities 35,702,761 27,475,648
Health 87,002,030 89,792,324
129,249,378 126,177,386
Increase (decrease) in aggregate reserves (11,731,738) 1,035,534
Total Policy Benefits and Reserves $ 117,517,640 $127,212,920
Commissions, net of reinsurance allowance (25,547,334) (22,662,908)
General insurance expense 31,578,377 28,856,169
Insurance taxes, licenses and fees, including ACA tax 28,870,507 25,161,830
Separate account transfers (263,638) (347,197)
Total Operating Expenditures $ 152,155,552 $158,220,814
Income Before Income Taxes 26,387,382 24,501,256
Federal Income Taxes 6,620,826 5,377,669
Income Before Capital Gains $ 19,766,556 $19,123,587
Net Realized Capital Gain/(Losses) 2,939,542 892,085
Net Income $ 22,706,098 $20,015,672