Income Statement

Statutory Statement of Income

Income

2021 2020
Premium Income
Direct & Assumed $1,331,652,861 $ 1,205,363,983
Less: Ceded 1,179,473,405 1,071,205,707
$152,179,456 $ 134,158,276
Investment & other income 30,542,614 34,246,390
Total Income $182,722,070 $ 168,404,666

Operating Expenditures

Benefits to policyowners
Life 8,909,414 $ 9,712,447
Annuities 27,475,648 28,607,195
Health 89,792,324 72,727,555
126,177,386 111,047,197
Increase (decrease) in aggregate reserves 1,035,534 (9,380,989)
Total Policy Benefits and Reserves $127,212,920 $ 101,666,208
Commissions, net of reinsurance allowance (22,662,908) $ (38,580,084)
General insurance expense 28,856,169 29,449,432
Insurance taxes, licenses and fees, including ACA tax 25,161,830 38,672,705
Separate account transfers (347,197) (516,711)
Total Operating Expenditures $158,220,814 $ 130,691,550
Income Before Income Taxes 24,501,256 37,713,116
Federal Income Taxes 5,377,669 10,399,410
Income Before Capital Gains $19,123,587 $ 27,313,706
Net Realized Capital Gain/(Losses) 892,085 2,830,254
Net Income $20,015,672 $ 30,143,960