Alfa Corporation Reports Record 2002 Results.Business Editors MONTGOMERY Montgomery, city, United States Montgomery, city (1990 pop. 187,106), state capital and seat of Montgomery co., E central Ala., near the head of navigation on the Alabama River just below the confluence of the Coosa and Tallapoosa rivers, and in the rich , Ala ALA aminolevulinic acid. Ala alanine. ala (a´lah) pl. a´lae [L.] a winglike process. .--(BUSINESS WIRE)--Feb. 12, 2003 Alfa Al´fa n. 1. A plant (Macrochloa tenacissima) of North Africa; also, its fiber, used in paper making. Corporation (Nasdaq/NM:ALFA) today announced record financial results for the year ended December December: see month. 31, 2002. Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. for the year was a record $68,354,141, or $0.86 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, compared with operating income of $65,771,011, or $0.83 per diluted share for 2001, an increase of 3.2% on a per share basis. Net income, which includes net realized investment gains, was a record $71,708,006, or $0.90 per diluted share for 2002, compared with $69,505,569, or $0.88 per diluted share in 2001, a per share increase of 2.4%. Premiums and policy charges for 2002 increased 8.4% to $491,104,980. Operating income for the fourth quarter of 2002 was $19,291,569, or $0.24 per diluted share, compared with fourth quarter 2001 operating income of $17,164,534, or $0.22 per diluted share. After net realized investment gains, net income for the fourth quarter of 2002 was $20,258,405, or $0.25 per diluted share, compared with $19,162,300, or $0.24 per diluted share, in the prior-year period. Premium revenue for the final three months of 2002 increased 10.0% to $126,376,605. Alfa's Chairman, President and Chief Executive Officer, Jerry Jer·ry n. pl. Jer·ries Chiefly British Slang A German, especially a German soldier. [Alteration of German. a. Newby, said, "We are very pleased to announce record results for the fourth quarter of 2002. Our employees continue to deliver strong, consistent results. It is especially gratifying grat·i·fy tr.v. grat·i·fied, grat·i·fy·ing, grat·i·fies 1. To please or satisfy: His achievement gratified his father. See Synonyms at please. 2. that this was accomplished despite higher expenses associated with several large technology projects and interest rates at 40-year lows. Even with these challenges, we made great progress in 2002. We look forward to 2003 and remain confident we can produce another year of consistent growth." Alfa Corporation will host a conference call today at 10:30 a.m. Eastern time. Investors and other interested parties may access the teleconference by calling 1-800-406-5345, or via links located on Alfa's web site: www.alfains.com. A 30-day Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the play of the call will also be available from Alfa's web site. Alfa Corporation is engaged in insurance and financial activities through its subsidiaries. The common stock of Alfa Corporation is traded on the Nasdaq Stock Market's National Market under the symbol ALFA. Investors are cautioned that statements in this press release which relate to the future are, by their nature, uncertain and dependent upon numerous contingencies Contingencies (ISSN 1048-9851) is the bimonthly magazine of the American Academy of Actuaries, providing a large and diverse readership with general interest and technical articles on a wide range of issues related to the actuarial profession. - including political, economic, regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. , climatic, competitive, legal, and technological - any of which could cause actual results and events to differ materially from those indicated in such forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . Additional information regarding these and other risk factors and uncertainties may be found in Alfa Corporation's filings with the Securities and Exchange Commission.
ALFA CORPORATION
Financial Highlights
Year Ended December 31,
----------------------------------------
2002 2001 Change
------------ ------------ --------
Premiums and Policy Charges $491,104,980 $452,869,355 8.44%
Net Investment Income 88,518,734 84,714,083 4.49%
Realized Investment Gains 5,159,791 6,447,517 (19.97%)
Other Income 2,764,922 2,265,479 22.05%
------------ ------------
Total Revenues 587,548,427 546,296,434 7.55%
Total Expenses 488,203,118 448,201,943 8.92%
------------ ------------
Income Before Provision for
Income Taxes 99,345,309 98,094,491 1.28%
Provision for Income Taxes 27,637,303 28,132,594 (1.76%)
------------ ------------
Cumulative Effect of Changes
in Accounting Principles --- (456,328) ---
------------ ------------
Net Income $ 71,708,006 $ 69,505,569 3.17%
============ ============
Net Income Per Share
Basic $ 0.91 $ 0.89 2.53%
Diluted $ 0.90 $ 0.88 2.41%
Operating Income(a) $ 68,354,141 $ 65,771,011 3.93%
Operating Income Per Share
Basic $ 0.87 $ 0.84 3.28%
Diluted $ 0.86 $ 0.83 3.17%
Average Number of Shares
Outstanding
Basic 78,804,265 78,316,112
Diluted 79,546,788 78,963,282
Three Months Ended December 31,
----------------------------------------
2002 2001 Change
------------ ------------ --------
Premiums and Policy Charges $126,376,605 $114,850,251 10.04%
Net Investment Income 22,567,199 22,501,768 0.29%
Realized Investment Gains 1,487,440 3,374,404 (55.92%)
Other Income 708,908 184,991 283.21%
------------ ------------
Total Revenues 151,140,152 140,911,414 7.26%
Total Expenses 122,522,196 113,127,724 8.30%
------------ ------------
Income Before Provision for
Income Taxes 28,617,956 27,783,690 3.00%
Provision for Income Taxes 8,359,551 8,425,793 (0.79%)
Cumulative Effect of Changes
in Accounting Principles --- (195,597) ---
------------ ------------
Net Income $ 20,258,405 $ 19,162,300 5.72%
============ ============
Net Income Per Share
Basic $ 0.26 $ 0.24 4.65%
Diluted $ 0.25 $ 0.24 4.72%
Operating Income(a) $ 19,291,569 $ 17,164,534 12.39%
Operating Income Per Share
Basic $ 0.24 $ 0.22 11.26%
Diluted $ 0.24 $ 0.22 11.33%
Average Number of Shares
Outstanding
Basic 79,115,566 78,317,288
Diluted 79,760,663 79,004,178
(a) Operating income excludes investment gains, losses and related
taxes.
ALFA CORPORATION
CONSOLIDATED CONDENSED STATEMENTS OF INCOME
Year Ended
December 31, Statistics
------------------------ % --------------
2002 2001 Change 2002 2001
Revenues ----------- ------------ ------ ---- ----
Premiums - Property
and Casualty 428,099,586 396,862,542 7.87
Premiums & Policy
Charges - Life
Insurance 63,005,394 56,006,813 12.50
Net Investment Income 88,518,734 84,714,083 4.49
Realized Investment
Gains 5,159,791 6,447,517 (19.97)
Other Income 2,764,922 2,265,479 22.05
----------- ----------- ------
Total Revenues 587,548,427 546,296,434 7.55
----------- ----------- ------
Benefits and Expenses
Benefits & Settlement
Expenses 346,455,505 312,943,875 10.71 58.97 57.28
Dividends to
Policyholders 3,662,788 3,414,823 7.26 0.62 0.63
Amortization of
Deferred Policy
Acquisition Costs 79,774,497 74,440,885 7.16 13.58 13.63
Other Operating
Expenses 58,310,328 57,402,360 1.58 9.92 10.51
----------- ----------- ------ ----- -----
Total Expenses 488,203,118 448,201,943 8.92 83.09 82.04
----------- ----------- ------ ----- -----
Income Before Provision
for Income Taxes 99,345,309 98,094,491 1.28 16.91 17.96
Provision for Income
Taxes 27,637,303 28,132,594 (1.76) 27.82 28.68
Cumulative Effect of
Changes in Accounting
Principles,
Net of Tax -- (456,328) (100.00)
----------- ----------- ------
Net Income 71,708,006 69,505,569 3.17
=========== =========== ======
Net Income Per Share
- Basic 0.91 0.89 2.53
Net Income Per Share
- Diluted 0.90 0.88 2.41
=========== =========== ======
Operating Income 68,354,141 65,771,011 3.93
Operating Income
Per Share - Basic 0.87 0.84 3.28
Operating Income
Per Share - Diluted 0.86 0.83 3.17
=========== =========== ======
Dividend Per Share 0.2975 0.28 5.31
=========== =========== ======
Average Shares
Outstanding
- Basic 78,804,265 78,316,112 0.62
Average Shares
Outstanding
- Diluted 79,546,788 78,963,282 0.74
=========== =========== ======
Three Months Ended
December 31, Statistics
------------------------ % --------------
2002 2001 Change 2002 2001
Revenues ----------- ------------ ------ ---- ----
Premiums - Property
and Casualty 110,240,003 101,501,581 8.61
Premiums & Policy
Charges - Life
Insurance 16,136,602 13,348,670 20.89
Net Investment Income 22,567,199 22,501,768 0.29
Realized Investment
Gains 1,487,440 3,374,404 (55.92)
Other Income 708,908 184,991 283.21
----------- ----------- ------
Total Revenues 151,140,152 140,911,414 7.26
----------- ----------- ------
Benefits and Expenses
Benefits & Settlement
Expenses 85,533,310 77,576,464 10.26 56.59 55.05
Dividends to
Policyholders 913,386 634,547 43.94 0.60 0.45
Amortization of
Deferred Policy
Acquisition Costs 20,731,649 18,980,902 9.22 13.72 13.47
Other Operating
Expenses 15,343,851 15,935,811 (3.71) 10.15 11.31
----------- ----------- ------ ----- -----
Total Expenses 122,522,196 113,127,724 8.30 81.07 80.28
----------- ----------- ------ ----- -----
Income Before Provision
for Income Taxes 28,617,956 27,783,690 3.00 18.93 19.72
Provision for Income
Taxes 8,359,551 8,425,793 (0.79) 29.21 30.33
----------- ----------- ------ ----- -----
Cumulative Effect of
Changes in Accounting
Principles,
Net of Tax -- (195,597) (100.00)
----------- ----------- ------
Net Income 20,258,405 19,162,300 5.72
=========== =========== ======
Net Income Per Share
- Basic 0.26 0.24 4.65
Net Income Per Share
- Diluted 0.25 0.24 4.72
=========== =========== ======
Operating Income 19,291,569 17,164,534 12.39
Operating Income
Per Share - Basic 0.24 0.22 11.26
Operating Income
Per Share - Diluted 0.24 0.22 11.33
=========== =========== ======
Dividend Per Share 0.075 0.0725 3.45
=========== =========== ======
Average Shares
Outstanding
- Basic 79,115,566 78,317,288 1.02
Average Shares
Outstanding
- Diluted 79,760,663 79,004,178 0.96
=========== =========== ======
ALFA CORPORATION
CONSOLIDATED BALANCE SHEETS
Unaudited
Dec. 31, Dec. 31,
2002 2001 % Change
------------- --------------- --------
Assets
Investments:
Fixed Maturities Held for
Investment, at amortized
cost (fair value $ 294,633 $ 441,740 -33.30%
$320,145 in 2002 and
$477,422 in 2001)
Fixed Maturities Available
for Sale, at fair value 1,129,943,756 960,415,249 17.65%
(amortized cost
$1,064,636,587 in 2002
and $932,488,619 in 2001)
Equity Securities Available
for Sale, at fair value 65,286,596 74,664,030 -12.56%
(cost $63,037,993 in 2002
and $46,889,245 in 2001)
Mortgage Loans on Real
Estate 38,332 109,556 -65.01%
Investment Real Estate 2,594,545 2,712,165 -4.34%
(net of accumulated
depreciation of
$1,575,711 in 2002 and
$1,444,946 in 2001)
Policy Loans 52,324,458 49,945,528 6.77%
Collateral Loans 105,431,900 88,561,085 19.05%
Commercial Leases 93,945,299 71,933,450 30.60%
Other Long-Term
Investments 114,581,012 92,122,784 24.38%
Short-Term Investments 101,697,650 150,255,275 -32.32%
-------------- -------------- --------
Total Investments 1,667,138,181 1,491,160,862 11.80%
Cash 9,761,820 10,224,827 -4.53%
Accrued Investment Income 15,704,004 14,140,097 11.06%
Accounts Receivable 12,745,349 19,843,577 -35.77%
Reinsurance Balances
Receivable 3,253,581 3,166,591 2.75%
Due from Affiliates 2,177,759 2,670,993 -18.47%
Deferred Policy Acquisition
Costs 159,716,008 149,820,302 6.61%
Other Assets 13,394,434 6,577,215 103.65%
-------------- -------------- --------
Total Assets $1,883,891,136 $1,697,604,464 10.97%
============== ============== ========
Liabilities and Stockholders'
Equity
Policy Liabilities and
Accruals - Property and
Casualty Insurance $ 153,200,557 $ 140,174,162 9.29%
Policy Liabilities and
Accruals - Life Insurance 620,149,197 558,043,631 11.13%
Unearned Premiums 153,345,832 138,384,495 10.81%
Dividends to Policyholders 10,558,507 10,195,930 3.56%
Premium Deposit and
Retirement Deposit Funds 6,353,594 5,472,522 16.10%
Deferred Income Taxes 40,969,533 41,312,681 -0.83%
Other Liabilities 71,748,925 76,295,259 -5.96%
Due to Affiliates 15,555,574 16,146,574 -3.66%
Commercial Paper 133,422,925 165,415,905 -19.34%
Notes Payable 70,000,000 - -
Notes Payable to Affiliates 42,488,787 37,051,467 14.68%
-------------- -------------- --------
Total Liabilities 1,317,793,432 1,188,492,626 10.88%
-------------- -------------- --------
Commitments and
Contingencies
Stockholders' equity:
Preferred Stock, $1 par
value - - -
Shares authorized:
1,000,000
Issued: None
Common Stock, $1 par
value 83,783,024 41,891,512 100.00%
Shares authorized:
110,000,000
Issued: 83,783,024
Outstanding: 79,278,345
in 2002 and 78,359,356
in 2001
Capital in Excess of Par
Value 5,531,384 26,436,168 -79.08%
Accumulated Other
Comprehensive Income 32,832,254 33,996,936 -3.43%
Retained Earnings 484,454,615 446,032,558 8.61%
Treasury Stock, at cost (40,503,573) (39,245,336) 3.21%
(shares 4,504,679 in
2002 and 5,423,668 in
2001)
-------------- -------------- --------
Total Stockholders'
Equity 566,097,704 509,111,838 11.19%
-------------- -------------- --------
Total Liabilities and
Stockholders' Equity $1,883,891,136 $1,697,604,464 10.97%
Book Value per share $ 7.14 $ 6.50
============== ==============
Book Value per share
(excluding FAS 115) $ 6.75 $ 6.44
============== ==============
ALFA CORPORATION
OPERATING INCOME BY SEGMENT
(UNAUDITED)
Twelve Months Ended Three Months Ended
Dec. 31, Dec. 31,
------------------------ -------------------------
% %
2002 2001 CHANGE 2002 2001 CHANGE
------------------------ -------------------------
(in thousands, except share and per share data)
Operating income
Property and casualty
insurance $48,388 $45,982 5% $14,140 $12,537 13%
Agency 26 7 271% (3) (2) -50%
Life Insurance 18,384 19,792 -7% 4,654 4,262 9%
----------------------- -----------------------
Total insurance
operations 66,798 65,781 2% 18,791 16,797 12%
Noninsurance
operations 4,635 3,552 30% 1,398 1,002 40%
Corporate
expenses (3,079) (3,562) -14% (898) (634) 42%
----------------------- -----------------------
Total $68,354 $65,771 4% $19,291 $17,165 12%
======================= =======================
Operating income
per share - Basic $0.87 $0.84 3% $0.24 $0.22 11%
======================= =======================
Operating income per
share - Diluted $0.86 $0.83 3% $0.24 $0.22 11%
======================= =======================
Weighted average
shares outstanding
- Basic 78,804,265 78,316,112 1% 79,115,566 78,317,288 1%
========================== ==========================
Weighted average
shares outstanding
- Diluted 79,546,788 78,963,282 1% 79,760,663 79,004,178 1%
========================== ==========================
ALFA CORPORATION
QUARTERLY FINANCIAL SUPPLEMENT
DECEMBER 31, 2002
(UNAUDITED)
YTD YTD
12/31/2002 12/31/2001 %
------------ ------------ -----
Property Casualty Insurance
Total Written Premium (Alfa Group):
Automobile $406,276,846 $383,803,636 5.9%
Homeowner 147,154,459 130,042,650 13.2%
Other 98,275,656 93,872,136 4.7%
------------ ------------ -----
$651,706,961 $607,718,422 7.2%
============ ============ =====
Earned Premium:
Personal $412,013,969 $379,932,790 8.4%
Commercial 13,331,742 14,062,380 -5.2%
Pools, associations and fees 4,595,559 4,362,980 5.3%
Reinsurance ceded (1,841,683) (1,495,608) 23.1%
------------ ------------ -----
Total $428,099,587 $396,862,542 7.9%
============ ============ =====
Operating Ratios Details
Losses 269,094,791 244,895,458 9.9%
Loss Adjustment Expense 18,555,498 14,364,331 29.2%
Expenses 107,042,181 106,234,483 0.8%
Combined Expenses 394,692,470 365,494,272 8.0%
Underwriting Margin 33,407,117 31,368,270 6.5%
Operating Ratios
Loss Ratio 62.9% 61.7%
Loss Adjustment Expense 4.3% 3.6%
Expense Ratio 25.0% 26.8%
Combined Ratio 92.2% 92.1%
Underwriting Margin 7.8% 7.9%
Lapse Ratio 3.86% 3.85%
Storm losses included in Losses
above 7,540,000 7,410,000 1.8%
Storm losses included in Loss
Ratio above 1.8% 1.9%
YTD YTD
12/31/2002 12/31/2001 %
------------ ------------ -----
Life Insurance
Issued New Business Premium $13,589,463 $13,046,925 4.2%
============ ============ =====
Total Premium and Policy Charges $63,005,394 $56,006,813 12.5%
============ ============ =====
Persistency Ratio 92.9% 93.1%
============ ============
Mortality:
Death Claims $19,260,568 $19,008,197 1.3%
Actual to Expected 92% 107%
12/31/2002 12/31/2001 %
------------ ------------ -----
Alfa Financial
Loan Portfolio $95,392,156 $81,822,211 16.6%
----------- ------------ -----
Lease Portfolio $23,167,118 $18,615,019 24.5%
============ ============ =====
OFC Capital
Lease Portfolio $93,371,326 $71,933,450 29.8%
============ ============ =====
YTD YTD
Net Income (in thousands) 12/31/2002 12/31/2001 %
------------ ------------ -----
Property and Casualty
Insurance $48,414 $45,989 5.3%
Life Insurance 18,384 19,792 -7.1%
------------ ------------ -----
Total insurance
operations 66,798 65,781 1.5%
Noninsurance
operations 4,635 3,552 30.5%
Net realized
investment gains 3,354 4,191 -20.0%
Corporate expenses (3,079) (3,562) -13.6%
Cumulative Effect of Changes in
Accounting Principle 0 (456) -100.0%
------------ ------------ -----
Total $71,708 $69,506 3.2%
============ ============ =====
Net income per share - Basic $0.91 $0.89 2.5%
============ ============ =====
Net income per share - Diluted $0.90 $0.88 2.4%
============ ============ =====
QTR QTR
12/31/2002 12/31/2001 %
------------ ------------ -----
Property Casualty Insurance
Total Written Premium (Alfa Group):
Automobile $100,342,896 $ 95,462,714 5.1%
Homeowner 35,312,350 31,768,977 11.2%
Other 22,440,148 21,320,023 5.3%
------------ ------------ -----
$158,095,394 $148,551,714 6.4%
============ ============ =====
Earned Premium:
Personal $107,354,906 $ 97,127,691 10.5%
Commercial 2,200,178 3,595,967 -38.8%
Pools, associations and fees 1,159,441 1,124,184 3.1%
Reinsurance ceded (474,521) (346,260) 37.0%
------------ ------------ -----
Total $110,240,004 $101,501,582 8.6%
============ ============ =====
Operating Ratios Details
Losses 65,345,771 61,464,181 6.3%
Loss Adjustment Expense 5,078,232 2,527,765 100.9%
Expenses 28,023,164 28,053,789 -0.1%
Combined Expenses 98,447,167 92,045,735 7.0%
Underwriting Margin 11,792,837 9,455,847 24.7%
Operating Ratios
Loss Ratio 59.3% 60.6%
Loss Adjustment Expense 4.6% 2.5%
Expense Ratio 25.4% 27.6%
Combined Ratio 89.3% 90.7%
Underwriting Margin 10.7% 9.3%
Lapse Ratio 4.15% 4.01%
Storm losses included in Losses
above 524,550 0
Storm losses included in Loss
Ratio above 0.5% 0.0%
QTR QTR
12/31/2002 12/31/2001 %
------------ ------------ -----
Life Insurance
Issued New Business Premium $ 2,928,966 $ 3,008,156 -2.6%
============ ============ =====
Total Premium and Policy Charges $16,136,602 $13,348,669 20.9%
============ ============ =====
Persistency Ratio
Mortality:
Death Claims $ 5,446,090 $ 4,981,258 9.3%
Actual to Expected 101% 110%
QTR QTR
Net Income (in thousands) 12/31/2002 12/31/2001 %
------------ ------------ -----
Property and Casualty
Insurance $14,137 $12,535 12.8%
Life Insurance 4,654 4,262 9.2%
------------ ------------ -----
Total insurance operations 18,791 16,797 11.9%
Noninsurance operations 1,398 1,002 39.5%
Net realized investment gains 967 2,193 -55.9%
Corporate expenses (898) (634) 41.6%
Cumulative Effect of Changes in
Accounting Principle 0 (195) -100.0%
------------ ------------ -----
Total $20,258 $19,183 5.7%
============ ============ =====
Net income per share - Basic $0.26 $0.24 4.7%
============ ============ =====
Net income per share - Diluted $0.25 $0.24 4.7%
============ ============ =====
LIFE INSURANCE OPERATIONS
DETAIL OF PREMIUMS AND POLICY CHARGES
(UNAUDITED)
Twelve Months Ended Three Months Ended
December 31, December 31,
----------------------- ---------------------
% %
2002 2001 CHANGE 2002 2001 CHANGE
----------------------- ---------------------
(in thousands) (in thousands)
Premiums and policy charges
Universal life policy
charges $17,680 $16,279 9% $4,538 $4,220 8%
Universal life policy
charges - COLI 3,168 2,677 18% 590 467 26%
Interest sensitive life
policy charges 10,697 10,105 6% 2,753 2,513 10%
Traditional life
insurance premiums 30,748 26,682 15% 8,255 6,149 34%
Group life insurance
premiums 712 264 170% 0 65 -100%
----------------------- ---------------------
Total $63,005 $56,007 12% $16,136 $13,414 20%
======================= =====================
Net operating income $18,384 $19,792 -7% $4,654 $4,262 9%
======================= =====================
ALFA CORPORATION
QUARTERLY FINANCIAL SUPPLEMENT
DECEMBER 31, 2002
(UNAUDITED)
Additional Information
98:1Q 98:2Q 98:3Q 98:4Q 1998
----- ----- ----- ----- ----
Pretax P&C
Net
Investment
Income 6,329,446 6,378,020 6,715,680 6,569,189 25,992,335
Pretax P&C
Operating
Income 15,869,826 11,137,116 16,169,591 16,708,058 59,884,591
P&C Statutory
Invested
Assets 426,632,174 431,531,850 436,236,657 451,935,637
P&C Statutory
Surplus 183,634,182 186,352,334 184,660,043 195,111,399
P&C Loss &
LAE Reserves 132,615,106 135,317,984 134,733,976 137,270,739
Pretax Life
Net
Investment
Income 8,561,483 8,611,867 8,985,793 8,731,039 34,890,182
Pretax Life
Operating
Income 4,863,130 4,953,803 6,179,274 5,992,038 21,988,245
Life
Statutory
Invested
Assets 520,955,177 526,531,459 523,768,446 530,956,250
Life
Statutory
Surplus 134,601,387 131,989,742 124,296,339 129,364,457
99:1Q 99:2Q 99:3Q 99:4Q 1999
----- ----- ----- ----- ----
Pretax P&C
Net
Investment
Income 6,509,443 6,720,977 6,876,742 7,493,687 27,600,849
Pretax P&C
Operating
Income 12,968,993 18,857,852 20,972,940 18,023,013 70,822,798
P&C Statutory
Invested
Assets 468,028,157 472,703,321 485,684,233 496,186,413
P&C Statutory
Surplus 198,827,244 210,000,182 217,324,686 226,875,025
P&C Loss &
LAE Reserves 135,694,714 139,967,772 137,336,505 138,719,696
Pretax Life
Net
Investment
Income 9,095,915 9,054,577 9,527,813 10,194,794 37,873,099
Pretax Life
Operating
Income 3,323,065 5,555,911 5,623,902 697,140 15,200,018
Life
Statutory
Invested
Assets 572,798,834 581,310,650 585,757,286 601,748,116
Life
Statutory
Surplus 126,998,415 129,813,861 130,555,063 127,713,370
00:1Q 00:2Q 00:3Q 00:4Q 2000
----- ----- ----- ----- ----
Pretax P&C
Net
Investment
Income 6,984,179 7,015,616 8,186,984 7,458,597 29,645,376
Pretax P&C
Operating
Income 16,496,967 18,753,010 14,432,955 18,311,177 67,994,109
P&C Statutory
Invested
Assets 515,366,140 529,642,152 528,864,568 532,042,868
P&C Statutory
Surplus 236,106,285 238,195,627 241,134,160 238,786,017
P&C Loss &
LAE Reserves 141,536,342 142,153,534 145,991,505 143,395,965
Pretax Life
Net
Investment
Income 9,955,766 10,269,499 10,647,234 11,085,284 41,957,783
Pretax Life
Operating
Income 6,185,518 6,926,338 6,600,461 5,129,081 24,841,398
Life
Statutory
Invested
Assets 629,328,272 639,415,909 653,775,207 666,541,786
Life
Statutory
Surplus 129,743,661 136,907,855 142,391,855 140,486,868
01:1Q 01:2Q 01:3Q 01:4Q YTD 2001
----- ----- ----- ----- --------
Pretax P&C
Net
Investment
Income 6,927,259 7,330,600 9,215,930 7,804,506 31,278,295
Pretax P&C
Operating
Income 11,832,832 17,381,869 16,226,126 16,910,149 62,350,976
P&C Statutory
Invested
Assets 529,832,002 542,658,849 551,514,402 557,002,373
P&C Statutory
Surplus 247,200,509 256,612,057 262,006,890 269,364,456
P&C Loss &
LAE Reserves 142,315,663 141,025,272 140,563,769 138,238,360
Pretax Life
Net
Investment
Income 11,269,815 11,636,260 11,563,799 12,153,399 46,623,273
Pretax Life
Operating
Income 7,525,273 7,091,057 6,296,551 6,664,855 27,577,736
Life
Statutory
Invested
Assets 684,373,729 694,337,995 696,793,901 708,305,716
Life
Statutory
Surplus 138,802,337 144,379,715 147,822,321 146,319,826
02:1Q 02:2Q 02:3Q 02:4Q YTD 2002
----- ----- ----- ----- --------
Pretax P&C
Net
Investment
Income 7,747,433 8,375,695 7,176,169 7,134,749 30,434,046
Pretax P&C
Operating
Income 17,393,023 14,283,409 13,309,248 19,211,125 64,196,805
P&C Statutory
Invested
Assets 562,536,805 587,045,896 592,330,618 598,545,022
P&C Statutory
Surplus 276,936,440 274,268,630 285,198,181 297,237,389
P&C Loss &
LAE Reserves 140,547,436 144,370,368 145,867,486 145,808,225
Pretax Life
Net
Investment
Income 11,482,042 11,673,726 12,057,548 12,076,982 47,290,298
Pretax Life
Operating
Income 6,038,921 6,493,899 6,928,507 6,748,195 26,209,522
Life
Statutory
Invested
Assets 731,033,090 737,580,100 735,098,205 749,891,687
Life
Statutory
Surplus 141,999,217 133,026,858 127,697,259 132,468,334
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