2007 Annual Report
BALANCE SHEET
|
| Dollars in Thousands |
Year Ended December 31 |
|
| Assets |
2007 |
2006 |
| Bonds |
$536,911 |
$514,682 |
| Preferred stocks |
1,927 |
3,341 |
| Common stocks |
20,561 |
19,214 |
| Mortgage loans |
137,382 |
127,093 |
| Real estate |
3,738 |
3,884 |
| Policy loans |
82,382 |
74,449 |
| Cash & short-term securities |
10,164 |
4,683 |
| Premiums deferred and uncollected |
46,364 |
46,160 |
| Other assets |
54,036 |
48,008 |
|
 |
|
| TOTAL ADMITTED ASSETS |
$893,465 |
$841,514 |
|
 |
|
| Dollars in Thousands |
Year Ended December 31 |
|
| Liabilities |
2007 |
2006 |
| Policy reserves |
$716,657 |
$677,343 |
| Policy and contract claims |
12,526 |
13,815 |
| Deposit-Type Contracts |
19,579 |
20,182 |
| Other policyholder funds |
2,556 |
2,933 |
| Other liabilities |
31,289 |
29,164 |
| Interest maintenance reserve (IMR) |
3,008 |
3,103 |
| Asset valuation reserve (AVR) |
5,711 |
5,563 |
|
|
|
| TOTAL LIABILITIES |
791,326 |
752,102 |
| SURPLUS |
102,139 |
89,411 |
|
|
|
|
| TOTAL LIABILITIES & SURPLUS |
$893,465 |
$841,514 |
|
|
|
STATEMENT OF OPERATIONS
|
| Dollars in Thousands |
Year Ended December 31 |
|
| Income |
2007 |
2006 |
| Premium income |
$169,535 |
$184,722 |
| Net investment income |
44,435 |
41,999 |
| Other income |
15,565 |
14,290 |
|
|
|
| TOTAL INCOME |
229,535 |
241,011 |
|
|
|
| POLICY HOLDER BENEFITS & EXPENSES |
|
|
| Life insurance benefits |
54,005 |
64,468 |
| Accident & health benefits |
15,879 |
19,645 |
| Other policy benefits |
24,937 |
22,491 |
| Increase in reserves |
39,660 |
43,108 |
| Commissions |
35,150 |
38,321 |
| General expenses |
31,567 |
31,015 |
| Taxes other than federal income taxes |
7,146 |
6,891 |
| Dividends to policy holders |
656 |
897 |
|
|
|
| TOTAL BENEFITS & EXPENSES |
209,000 |
226,836 |
|
|
|
|
| GAIN FROM OPERATIONS |
$20,535 |
$14,175 |
|
|
|
| Dollars in Thousands |
Year Ended December 31 |
|
| Surplus |
2007 |
2006 |
| GAIN FROM OPERATIONS |
$20,535 |
$14,175 |
| Less Federal income tax |
9,985 |
6,685 |
|
|
|
|
|
|
| NET GAIN FROM OPERATIONS |
10,550 |
7,490 |
| Realized capital gain(loss) |
380 |
75 |
| Transfer (to)/from IMR |
(596) |
(395) |
|
|
|
|
|
|
| NET INCOME |
10,335 |
7,169 |
| Other surplus changes (Net) |
2,393 |
2,826 |
| Surplus beginning of year |
89,411 |
79,416 |
|
|
|
|
|
|
| SURPLUS AT END OF YEAR |
102,139 |
89,411 |
|
|
|
Annual Reports: 2008 | 2007
