Income Statement

Statutory Statement of Income

Income

2020 2019
Premium Income
Direct & Assumed $ 1,205,363,983 $ 1,126,515,150
Less: Ceded 1,071,205,707 993,672,949
$ 134,158,276 $ 132,842,201
Investment & other income 34,246,390 35,898,567
Total Income $ 168,404,666 $ 168,740,768

Operating Expenditures

Benefits to policyowners
Life $ 9,712,447 $ 9,544,298
Annuities 28,607,195 53,436,796
Health 72,727,555 73,477,022
111,047,197 136,458,116
Increase (decrease) in aggregate reserves (9,380,989) (26,824,294)
Total Policy Benefits and Reserves $ 101,666,208 $ 109,633,822
Commissions, net of reinsurance allowance $ (38,580,084) $ (22,808,970)
General insurance expense 29,449,432 28,192,441
Insurance taxes, licenses and fees, including ACA tax 38,672,705 21,415,451
Separate account transfers (516,711) (1,486,959)
Total Operating Expenditures $ 130,691,550 $ 134,945,786
Income Before Income Taxes 37,713,116 33,794,982
Federal Income Taxes 10,399,410 6,641,857
Income Before Capital Gains $ 27,313,706 $ 27,153,125
Net Realized Capital Gain/(Losses) 2,830,254 (814,772)
Net Income $ 30,143,960 $ 26,338,353