Income Statement

Statutory Statement of Income

Income

  2024 2023
Premium Income    
Direct & Assumed $ 1,608,211,107 $ 1,566,099,619
Less: Ceded 1,463,374,365 1,416,075,537
  $ 144,836,742 $ 150,024,082
Investment & other income 35,450,274 35,646,659
Total Income $ 180,287,016 $ 185,670,741

Operating Expenditures

Benefits to policyowners    
Life 6,494,812 6,758,515
Annuities 39,656,306 45,553,873
Health 89,248,563 91,330,506
  135,399,681 143,642,894
Increase (decrease) in aggregate reserves (14,862,717) (28,606,942)
Total Policy Benefits and Reserves $ 120,536,964 $ 115,035,952
Commissions, net of reinsurance allowance (31,472,873) (30,595,050)
General insurance expense 36,070,467 34,505,675
Insurance taxes, licenses and fees, including ACA tax 31,536,617 32,331,129
Separate account transfers (1,661,979) (637,949)
Total Operating Expenditures $ 155,009,196 $ 150,639,757
Income Before Income Taxes 25,277,820 35,030,984
Federal Income Taxes 5,647,419 6,964,938
Income Before Capital Gains $ 19,630,401 $ 28,066,046
Net Realized Capital Gain/(Losses) (3,609,896) 265,554
Net Income $ 23,240,297 $ 27,800,492