2008 Annual Report
BALANCE SHEET
|
| Dollars in Thousands |
Year Ended December 31 |
|
| Assets |
2008 |
2007 |
| Bonds |
$559,257 |
$536,911 |
| Preferred Stocks |
1,924 |
1,927 |
| Common Stocks |
18,695 |
20,561 |
| Mortgage Loans |
140,829 |
137,382 |
| Real Estate |
5,117 |
3,738 |
| Policy Loans |
91,775 |
82,382 |
| Cash & Short-Term Securities |
6,766 |
10,164 |
| Premiums Deferred and Uncollected |
46,870 |
46,364 |
| Other Assets |
57,894 |
54,036 |
|
 |
|
| TOTAL ADMITTED ASSETS |
$929,127 |
$893,465 |
|
 |
|
| Dollars in Thousands |
Year Ended December 31 |
|
| Liabilities |
2008 |
2007 |
| Policy Reserves |
$756,924 |
$716,657 |
| Policy and Contract Claims |
11,725 |
12,526 |
| Deposit-Type Contracts |
18,865 |
19,579 |
| Other Policyholder Funds |
2,595 |
2,556 |
| Other Liabilities |
54,248 |
31,289 |
| Interest Maintenance Reserve (IMR) |
1,870 |
3,008 |
| Asset Valuation Reserve (AVR) |
5,178 |
5,711 |
|
|
|
| TOTAL LIABILITIES |
851,405 |
791,326 |
| SURPLUS |
77,722 |
102,139 |
|
|
|
|
| TOTAL LIABILITIES & SURPLUS |
$929,127 |
$893,465 |
|
|
|
STATEMENT OF OPERATIONS
|
| Dollars in Thousands |
Year Ended December 31 |
|
| Income |
2008 |
2007 |
| Premium Income |
$170,736 |
$169,535 |
| Net Investment Income |
46,727 |
44,435 |
| Other Income |
16,418 |
15,565 |
|
|
|
| TOTAL INCOME |
233,880 |
229,535 |
|
|
|
| POLICY HOLDER BENEFITS & EXPENSES |
|
|
| Life Insurance Benefits |
55,389 |
54,005 |
| Accident & Health Benefits |
15,303 |
15,879 |
| Other Policy Benefits |
26,220 |
24,937 |
| Increase in Reserves |
41,123 |
39,660 |
| Commissions |
36,304 |
35,150 |
| General Expenses |
33,482 |
31,567 |
| Taxes Other Than Federal Income Taxes |
7,646 |
7,146 |
| Dividends to Policyholders |
736 |
656 |
|
|
|
| TOTAL BENEFITS & EXPENSES |
216,202 |
209,000 |
|
|
|
|
| GAIN FROM OPERATIONS |
$17,678 |
$20,535 |
|
|
|
| Dollars in Thousands |
Year Ended December 31 |
|
| Surplus |
2008 |
2007 |
| GAIN FROM OPERATIONS |
$17,678 |
$20,535 |
Less Federal Income Tax
|
6,534 |
9,985 |
|
|
|
|
|
|
| NET GAIN FROM OPERATIONS |
11,145 |
10,550 |
| Realized Capital Gain(loss) |
(2107) |
380 |
| Transfer (to)/from IMR |
567 |
(596) |
|
|
|
|
|
|
| NET INCOME |
9,605 |
10,335 |
| Other Surplus Changes (Net) |
(34,021) |
2,393 |
| Surplus Beginning of Year |
102,139 |
89,411 |
|
|
|
|
|
|
| SURPLUS AT END OF YEAR |
$77,722 |
$102,139 |
|
|
|
Annual Reports: 2008 | 2007
