Income Statement

Statutory Statement of Income

Income

December 31, 2019 December 31, 2018
Premium Income
Direct & Assumed $ 1,126,515,150 $ 1,027,053,682
Less: Ceded 993,672,949 904,435,581
$ 132,842,201 $ 122,618,102
Investment & other income 35,898,567 39,689,513
Total Income $ 168,740,768 $ 162,307,615

Operating Expenditures

Benefits to policyowners
Life $ 9,544,298 $ 11,543,354
Annuities 53,436,796 44,661,323
Health 73,477,022 59,002,864
$ 136,458,116 $ 115,207,541
Increase (decrease) in aggregate reserves (26,824,294) (15,877,370)
Total Policy Benefits and Reserves $ 109,633,822 $ 99,330,171
Commissions, net of reinsurance allowance $ (22,808,970) $ (39,036,106)
General insurance expense 28,192,441 25,919,867
Insurance taxes, licenses and fees, including ACA tax 21,415,451 34,157,275
Separate account transfers (1,486,959) (559,007)
Total Operating Expenditures $ 134,945,786 $ 119,812,200
Income Before Income Taxes $ 33,794,982 $ 42,495,415
Federal Income Taxes 6,641,857 12,063,654
Income Before Capital Gains $ 27,153,125 $ 30,431,762
Net Realized Capital Gain/(Losses) (814,772) 9,517,994
Net Income $ 26,338,353 $ 39,949,756