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Financial
Statement |
WCIC Balance Sheet
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Assets |
12/31/2006 |
12/31/2005 |
12/31/2004 |
| Invested Assets | |||
| Bonds | 12,505,869 | 11,082,081 | 9,386,190 |
| Stocks | 1,702,714 | 1,550,990 | 1,504,887 |
| Real Estate | 397,323 | 407,882 | 417,521 |
| Cash & Short Term | 1,664,046 | 910,101 | 1,166,419 |
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Sub-Total Cash & Invested Assets |
16,269,952 | 13,951,054 | 12,475,017 |
| Other Assets | |||
| Agent's Balances | 1,306,562 | 1,329,793 | 1,249,809 |
| Interest & Dividends Due | 161,510 | 138,169 | 114,616 |
| Federal Income Tax Recoverable | 93,166 | 0 | 76,000 |
| Other Assets | 38,453 | 34,686 | 31,175 |
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Net Deferred Tax Asset |
470,725 | 306,000 | 386,344 |
| Sub-Total Other Assets | 2,070,416 | 1,808,648 | 1,857,944 |
| Total Assets |  18,340,368 |
15,759,702 |
14,332,961 |
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Liabilities &
Policyholder Surplus |
12/31/2006 |
12/31/2005 |
12/31/2004 |
| Net Loss Reserves | 3,222,265 | 2,487,897 | 2,755,073 |
| Net Loss Adjusting Reserves | 460,514 | 382,487 | 441,305 |
| Commissions Payable | 491,653 | 478,321 | 333,366 |
| Net Unearned Premium Reserves | 5,681,122 | 5,250,190 | 4,901,567 |
| Reinsurance Premiums Payable | 34,983 | (24,946) | 53,153 |
| Other Expenses Payable | 86,715 | 26,522 | 44,207 |
| Current Federal Income Taxes | 0 | 135,460 | 0 |
| Other Liabilities | 269,577 | 311,797 | 185,602 |
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Total Liabilities |
10,246,829 | 9,047,728 | 8,714,273 |
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Policyholder Surplus |
8,093,539 | 6,711,974 | 5,618,688 |
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Total Liabilities & Policyholder Surplus |
18,340.368 |
15,759,702 |
14,332,961 |
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WCIC Income Statement
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Underwriting |
12/31/2006 |
12/31/2005 |
12/31/2004 |
| Direct Premiums Written | 10,918,805 | 10,057,038 | 9,273,048 |
| Reinsurance Premiums Ceded | (1,455,225) | (1,376,618) | (1,241,921) |
| Change Unearned Premiums | (430,932) | (348,623) | (631,156) |
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Net Premiums Earned |
9,032,648 | 8,331,797 | 7,399,971 |
| Net Losses Incurred | 4,429,375 | 4,146,887 | 4,947,834 |
| Net Loss Adjusting Expenses | 674,327 | 550,226 | 415,544 |
| Net Agency Commission Expenses | 1,939,317 | 1,799,131 | 1,948,048 |
| Net Operating Expenses | 1,050,609 | 876,274 | 807,920 |
| Net Insurance Department Fees | 73,674 | 58,950 | 71,063 |
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Net Underwriting Gain (Loss) |
865,346 | 900,329 | (790,438) |
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Investment |
12/31/2006 |
12/31/2005 |
12/31/2004 |
| Bond Interest | 577,220 | 509,561 | 489,512 |
| Stock Dividends | 81,493 | 78,721 | 85,786 |
| Real Estate | 89,295 | 79,728 | 52,800 |
| Cash & Short Term Interest | 44,823 | 28,343 | 11,852 |
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Sub-Total Investment Income |
792,831 | 696,353 | 639,950 |
| Investment Expenses | (173,437) | (135,031) | (136,182) |
| Net Realized Capital Gain (Loss) | 73,668 | (110,043) | 66,997 |
| Net Investment Income | 693,062 | 451,279 | 570,765 |
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Other
Income |
12/31/2006 |
12/31/2005 |
12/31/2004 |
| Finance & Service Charges | 177,536 | 172,639 | 151,957 |
| Miscellaneous | 1,484 | 599 | 329 |
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Total Other Income |
179,020 | 173,238 | 152,286 |
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Net Income Before Federal Tax |
1,737,428 | 1,524,846 | (67,387) |
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Federal Corporate Income Tax |
(619,110) | (356,460) | (376) |
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Net Income |
1,118,318 |
1,168,386 |
(67,763) |
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