The financial summary reflects a strong and healthy insurance operation. Your Society, through prudent management of it's investments and expenses, has not only been able to meet all of it's obligations but increase it's surplus funds each year! | | | | | ASSETS | 2003 | 2002 | | | | | | | | | | BONDS | $24,936,661 | $23,420,849 | | PREFERRED STOCKS | $ 466,566 | $ 432,368 | | COMMON STOCKS | $ - | $ - | | REAL ESTATE | $ 289,015 | $ 332,515 | | POLICY LOANS | $ 549,952 | $ 511,913 | | CASH & BANK DEPOSITS | $ 409,226 | $ 893,421 | | EDP EQUIPTMENT | $ 39,572 | $ 149,370 | | PREM DUE DEFERRED & UNCOLL | $ 825,178 | $ 818,593 | | INV INC DUE & ACCRUED | $ 309,944 | $ 255,453 | | INVESTMENT RECIEVABLE | $ 84,495 | $ - | | | | | | TOTALS | $27,910,609 | $26,814,482 | | | | | | LIABILITIES | | | | | | | | AGG RES FOR LIFE POLICIES | $16,155,752 | $15,505,984 | | AGG RES FOR A&H POLICIES | $ 26,207 | $ 27,328 | | LIFE CLAIMS | $ 370,000 | $ 350,000 | | A&H CLAIMS | $ 20,000 | $ 40,000 | | PREM REC IN ADVANCE | $ 97,543 | $ 94,441 | | INT MAINT RESERVE | $ 302,784 | $ 163,846 | | GENERAL EXPENSES | $ 85,000 | $ 59,000 | | TAXES LICENSES & FEES | $ 3,000 | $ 2,900 | | UNEARNED INV. INCOME | $ 13,749 | $ 12,798 | | AMOUNTS W/H OR RETAINED | $ 2,510 | $ 1,184 | | ASSET VALUATION RESERVE | $ 122,205 | $ 196,722 | | | | | | TOTALS | $17,198,750 | $16,454,203 | | | | | | UNASSIGNED SURPLUS FUNDS | $10,711,859 | $10,360,279 | | | | | | | | | | INCOME | 2003 | 2002 | | | | | | PREMIUM INCOME | $ 4,272,093 | $ 4,247,896 | | NET INVESTMENT INCOME | $ 1,314,303 | $ 1,378,010 | | IMR INCOME | $ 99,459 | $ 116,961 | | | | | | TOTALS | $ 5,685,855 | $ 5,742,867 | | | | | | DISBURSEMENTS | | | | | | | | DEATH CLAIMS | $ 2,215,731 | $ 1,981,904 | | ANNUITY&OLD AGE BENEFITS | $ 135,443 | $ 123,535 | | A&H BENEFITS | $ (13,387) | $ (51,734) | | SURRENDER BENEFITS | $ 326,052 | $ 283,307 | | INCREASE IN RESERVES | $ 648,647 | $ 749,750 | | COMMISSIONS | $ 1,000 | $ 1,000 | | GENERAL EXPENSES | $ 1,968,297 | $ 1,886,091 | | TAXES LICENSE&FEES | $ 72,398 | $ 71,971 | | INCREASE IN LOADING | $ (3,766) | $ 39,380 | | | | | | TOTALS | $ 5,350,415 | $ 5,085,204 | | | | | | NET INCOME | $ 335,440 | $ 657,663 | | NET REALIZED INV GAINS | $ 58,767 | $ 316 | | | | | | NET GAIN FROM OPERATIONS | $ 394,207 | $ 657,979 | | | | | | | | | | | 2003 | 2002 | | | | | | | | | | NET INCOME FROM OPERATIONS | $ 394,208 | $ 657,981 | | CHANGE IN UNREALIZED CAP GAINS | $ (109,815) | $ (27,857) | | CHANGE IN AVR RESERVE | $ 74,517 | $ (27,330) | | PRIOR YEAR ADJUSTMENT | $ (7,329) | $ - | | | | | | CHANGE IN SURPLUS FUNDS | $ 351,581 | $ 602,794 | | | | | | SURPLUS FUNDS FOR 2001 | $ 10,360,278 | | | | | | | UNASSIGNED SURPLUS FUNDS | $ 10,711,859 | | | | | | |
