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Financial
Statement
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WCIC Balance
Sheet
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Assets
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12/31/2008
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12/31/2007
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12/31/2006
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Invested Assets |
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Bonds |
14,923,278 |
14,052,986 |
12,505,869 |
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Stocks |
579,088 |
1,217,809 |
1,702,714 |
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Real
Estate |
396,904 |
386,763 |
397,323 |
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Cash
& Short Term |
1,513,218 |
1,823,217 |
1,664,046 |
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Sub-Total Cash & Invested Assets |
17,412,488 |
17,480,775 |
16,269,952 |
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Other Assets |
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Agent's Balances |
1,258,821 |
1,209,663 |
1,306,562 |
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Interest & Dividends Due |
189,190 |
182,023 |
161,510 |
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Federal Income Tax Recoverable |
223,300 |
360,240 |
93,166 |
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Net
Deferred Tax Asset |
306.000 |
313,281 |
470,725 |
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Other Assets |
48,552 |
51,445 |
38,453 |
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Sub-Total Other Assets |
2,025,863 |
2,116,652 |
2,070,416 |
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Total Assets |
19,438,351
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19,597,427
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18,340,368
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Liabilities & Policyholder
Surplus
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12/31/2008
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12/31/2007
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12/31/2006
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Net
Loss Reserves |
4,103,803 |
4,098,029 |
3,222,265 |
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Net
Loss Adjusting Expense Reserves |
571,774 |
532,384 |
460,514 |
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Commissions Payable |
281,085 |
402,897 |
491,653 |
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Net
Unearned Premium Reserves |
6,193,966 |
5,963,920 |
5,681,122 |
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Reinsurance Premiums Payable |
(24,550) |
(39,764) |
34,983 |
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Other Expenses Payable |
90,420 |
96,033 |
86,715 |
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Current Federal Income Taxes |
0 |
0 |
0 |
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Other Liabilities |
262,612 |
274,639 |
269,577 |
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Total Liabilities |
11,479,110 |
11,328,138 |
10,246,829 |
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Policyholder Surplus |
7,959,241 |
8,269,289 |
8,093,539 |
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Total Liabilities & Policyholder
Surplus |
19,438,351
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19,597,427
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18,340.368
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WCIC
Income Statement
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Underwriting
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12/31/2008
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12/31/2007
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12/31/2006
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Direct Premiums Written |
11,887,628 |
11,454,668 |
10,918,805 |
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Reinsurance Premiums Ceded |
(1,302,890) |
(1,502,085) |
(1,455,225) |
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Change Unearned Premiums |
(230,046) |
(282,798) |
(430,932) |
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Net
Premiums Earned |
10,354,692 |
9,669,785 |
9,032,648 |
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Net
Losses Incurred |
6,982,139 |
6,106,828 |
4,429,375 |
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Net
Loss Adjusting Expenses |
717,693 |
769,468 |
674,327 |
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Net
Agency Commission Expenses |
1,880,265 |
1,945,598 |
1,939,317 |
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Net
Operating Expenses |
1,203,658 |
1,150,260 |
1,050,609 |
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Net
Insurance Department Fees &
Taxes |
61,576 |
57,557 |
73,674 |
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Total Underwriting Deductions |
10,845,331 |
10,029,711 |
8,167,302 |
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Net Underwriting Gain (Loss) |
(490,639) |
(359,926) |
865,346 |
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Investment
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12/31/2008
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12/31/2007
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12/31/2006
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Bond
Interest |
703,841 |
683,718 |
577,220 |
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Stock Dividends |
49,148 |
68,355 |
81,493 |
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Real
Estate |
100,200 |
97,612 |
89,295 |
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Cash
& Short Term Interest |
39,234 |
70,732 |
44,823 |
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Sub-Total Investment Income |
892,423 |
920,417 |
792,831 |
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Investment Expenses |
(181,569) |
(163,505) |
(173,437) |
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Net
Realized Capital Gain (Loss) |
(406,517) |
9,269 |
73,668 |
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Net Investment Income |
304,337 |
766,181 |
693,062 |
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Other Income
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12/31/2008
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12/31/2007
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12/31/2006
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Finance & Service Charges |
182,572 |
184,273 |
177,536 |
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Miscellaneous |
297 |
678 |
1,484 |
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Total Other Income |
182,869 |
184,951 |
179,020 |
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Net
Income Before Federal Tax |
(3,433) |
591,206 |
1,737,428 |
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Federal Corporate Income Tax |
136,940 |
137,494 |
619,110 |
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Net Income |
(140,373)
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453,712
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1,118,318
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