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Financial
Statement
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WCIC Balance
Sheet
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Assets
 |
12/31/2010
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12/31/2009
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12/31/2008
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Invested Assets |
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|
|
Bonds |
17,072,757 |
15,779,967 |
14,923,278 |
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Stocks |
2,440,139 |
1,733,301 |
579,088 |
|
Real
Estate |
383,722 |
385,814 |
396,904 |
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Cash
& Short Term |
1,067,023 |
1,624,842 |
1,513,218 |
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Sub-Total Cash & Invested Assets |
20,963,641 |
19,523,924 |
17,412,488 |
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Other Assets |
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Agent's Balances |
1,339,990 |
1,375,636 |
1,258,821 |
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Interest & Dividends Due |
215,918 |
209,019 |
189,190 |
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Reinsurance Recoverable |
168,393 |
0 |
0 |
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Federal Income Tax Recoverable |
0 |
41,206 |
223,300 |
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Net
Deferred Tax Asset |
350,540 |
204,000 |
306,000 |
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Other Assets |
228,744 |
201,934 |
48,552 |
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Sub-Total Other Assets |
2,303,585 |
2,031,795 |
2,025,863 |
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Total Assets |
23,267,226
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21,555,719
|
19,438,351
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Liabilities & Policyholder
Surplus
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12/31/2010
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12/31/2009
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12/31/2008
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Net
Loss Reserves |
4,460,361 |
4,654,965 |
4,103,803 |
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Net
Loss Adjusting Expense Reserves |
735,615 |
878,269 |
571,774 |
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Commissions Payable |
394,874 |
384,208 |
281,085 |
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Net
Unearned Premium Reserves |
6,477,520 |
6,382,719 |
6,193,966 |
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Reinsurance Premiums Payable |
(8,748) |
(13,876) |
(24,550) |
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Other Expenses Payable |
245,358 |
228,757 |
90,420 |
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Current Federal Income Taxes |
242,134 |
0 |
0 |
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Other Liabilities |
280,919 |
248,131 |
262,612 |
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Total Liabilities |
12,828,033 |
12,763,173 |
11,479,138 |
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Policyholder Surplus |
10,439,193 |
8,792,546 |
7,959,241 |
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Total Liabilities & Policyholder
Surplus |
23,267,226
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21,555,719
|
19,438,351
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WCIC
Income Statement
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Underwriting
|
12/31/20010
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12/31/2009
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12/31/2008
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Direct Premiums Written |
12,355,944 |
12,121,843 |
11,887,628 |
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Reinsurance Premiums Ceded |
(1,243,758) |
(1,146,709) |
(1,302,890) |
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Change Unearned Premiums |
(94,801) |
(188,753) |
(230,046) |
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Net
Premiums Earned |
11,017,385 |
10,786,381 |
10,354,692 |
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Net
Losses Incurred |
6,161,951 |
6,906,989 |
6,982,139 |
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Net
Loss Adjusting Expenses |
617,293 |
870,999 |
717,693 |
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Net
Agency Commission Expenses |
1,882,239 |
1,993,377 |
1,880,265 |
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Net
Operating Expenses |
1,272,515 |
1,218,760 |
1,203,658 |
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Net
Insurance Department Fees &
Taxes |
187,237 |
160,477 |
61,576 |
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Total Underwriting Deductions |
10,121,235 |
11,150,602 |
10,845,331 |
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Net Underwriting Gain (Loss) |
896,150 |
(364,221) |
(490,639) |
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Investment
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12/31/2010
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12/31/2009
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12/31/2008
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Bond
Interest |
773,482 |
742,866 |
703,841 |
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Stock Dividends |
74,685 |
42,376 |
49,148 |
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Real
Estate |
100,650 |
100,200 |
100,200 |
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Cash
& Short Term Interest |
8,206 |
16,335 |
39,234 |
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Sub-Total Investment Income |
957,023 |
901,777 |
892,423 |
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Investment Expenses |
(182,058) |
(183,521) |
(181,569) |
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Net
Realized Capital Gain (Loss) |
178,333 |
190,137 |
(406,517) |
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Net Investment Income |
953,298 |
908,393 |
304,337 |
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Other Income
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12/31/2010
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12/31/2009
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12/31/2008
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Finance & Service Charges |
198,890 |
191,099 |
182,572 |
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Miscellaneous |
959 |
263 |
297 |
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Total Other Income |
199,849 |
191,362 |
182,869 |
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Net
Income Before Federal Tax |
2,049,297 |
735,534 |
(3,433) |
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Federal Corporate Income Tax |
633,702 |
182,106 |
136,940 |
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Net Income |
1,415,595
|
553,428
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(140,373)
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