Income Statement

Statutory Statement of Income

Income

  2023 2022
Premium Income    
Direct & Assumed $ 1,566,099,619 $ 1,429,439,861
Less: Ceded 1,416,075,537 1,284,209,562
  $ 150,024,082 $ 145,230,299
Investment & other income 35,646,659 33,312,635
Total Income $ 185,670,741 $ 178,542,934

Operating Expenditures

Benefits to policyowners    
Life 6,758,515 6,544,587
Annuities 45,553,873 35,702,761
Health 91,330,506 87,002,030
  143,642,894 139,249,378
Increase (decrease) in aggregate reserves (28,606,942) (11,731,738)
Total Policy Benefits and Reserves $ 115,035,952 $ 117,517,640
Commissions, net of reinsurance allowance (30,595,050) (25,547,334)
General insurance expense 34,505,675 31,578,377
Insurance taxes, licenses and fees, including ACA tax 32,331,129 28,870,507
Separate account transfers (637,949) (263,638)
Total Operating Expenditures $ 150,639,757 $ 152,155,552
Income Before Income Taxes 35,030,984 26,387,382
Federal Income Taxes 6,964,938 6,620,826
Income Before Capital Gains $ 28,066,046 $ 19,766,556
Net Realized Capital Gain/(Losses) (265,554) 2,939,542
Net Income $ 27,800,492 $ 22,706,098