Alfa Corporation Reports Second Quarter 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)--July 26, 2002 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 financial results for the second quarter and first six months ended June June: see month. 30, 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 second quarter was $15,334,179, or $0.19 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 $17,345,906, or $0.22 per diluted share for the second quarter of 2001, a decrease of 12.3% on a per share basis. Second quarter 2002 results were reduced by approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $3.4 million, after tax, or $0.04 per diluted share, due to previously reported storm losses. Net income, which includes net realized investment gains, was $15,531,340, or $0.20 per diluted share for the second quarter of 2002, compared with net income of $17,414,059, or $0.22 per diluted share for the same period in 2001, a per share decrease of 11.5%. Premium revenue for the second quarter of 2002 increased 8.6% to $121,573,475. For the six months ended June 30, 2002, operating income was $33,213,279 compared with operating income of $31,258,279 for the first half of 2001. On a per share basis, operating income increased 5.5% to $0.42 per diluted share for the six months compared with $0.40 per diluted share for the similar period in 2001. Net income, which includes net realized investment gains, was $33,999,486, or $0.43 per diluted share for the first six months of 2002, compared with net income of $31,747,736, or $0.40 per diluted share for the same period in 2001, a per share increase of 6.4%. Premium revenue for the first half of 2002 increased 7.7% to $241,074,471. 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, "I am very pleased that we have produced another reliable quarter for our shareholders. The second quarter performance, excluding the extraordinary storm loss we announced in May, is one of the best in our Company's history. This is coming from growth in our premiums and policy charges of 8.6%, a growth rate higher than any of our last 18 quarters. It has been a difficult time in the financial markets but we believe that our Company will continue to prosper as we focus on our customers, our business operations Business operations are those activities involved in the running of a business for the purpose of producing value for the stakeholders. Compare business processes. The outcome of business operations is the harvesting of value from assets and the Company's long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. belief in conservative financial reporting and disclosure." 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 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
Six Months Ended
June 30,
-----------------------------
2002 2001 Change
------------ ------------ ------
Premiums and Policy Charges $241,074,471 $223,880,787 7.68%
Net Investment Income 43,995,886 39,576,356 11.17%
Realized Investment Gains 1,209,549 1,151,135 5.07%
Other Income 1,135,393 1,448,140 -21.60%
------------ ------------ ------
Total Revenues 287,415,299 266,056,418 8.03%
------------ ------------ ------
Total Expenses 240,617,123 221,222,744 8.77%
------------ ------------ ------
Income Before Provision
for Income Taxes 46,798,176 44,833,674 4.38%
Provision for Income Taxes 12,798,690 12,827,157 -0.22%
Cumulative Effect of Changes
in Accounting Principles -- (258,781) --
------------ ------------ ------
Net Income $ 33,999,486 $ 31,747,736 7.09%
============ ============ ======
Net Income Per Share
Basic $ 0.43 $ 0.41 6.70%
============ ============ ======
Diluted $ 0.43 $ 0.40 6.38%
============ ============ ======
Operating Income (a) $ 33,213,279 $ 31,258,279 6.25%
============ ============ ======
Operating Income Per Share
Basic $ 0.42 $ 0.40 5.87%
============ ============ ======
Diluted $ 0.42 $ 0.40 5.54%
============ ============ ======
Average Number of Shares
Outstanding
Basic 78,607,284 78,320,404
============ ============
Diluted 79,432,866 78,902,268
============ ============
Three Months Ended
-----------------------------
June 30,
-----------------------------
2002 2001 Change
------------ ------------ ------
Premiums and Policy Charges $121,573,475 $111,976,633 8.57%
Net Investment Income 21,883,051 20,413,633 7.20%
Realized Investment Gains 303,324 104,851 189.29%
Other Income 928,307 629,396 47.49%
------------ ------------ ------
Total Revenues 144,688,157 133,124,513 8.69%
------------ ------------ ------
Total Expenses 123,053,313 108,518,165 13.39%
------------ ------------ ------
Income Before Provision for
Income Taxes 21,634,844 24,606,348 -12.08%
Provision for Income Taxes 6,103,504 7,192,289 -15.14%
Cumulative Effect of Changes
in Accounting Principles -- -- --
------------ ------------ ------
Net Income $ 15,531,340 $ 17,414,059 -10.81%
============ ============ ======
Net Income Per Share
Basic $ 0.20 $ 0.22 -11.31%
============ ============ ======
Diluted $ 0.20 $ 0.22 -11.53%
============ ============ ======
Operating Income (a) $ 15,334,179 $ 17,345,906 -11.60%
============ ============ ======
Operating Income Per Share
Basic $ 0.19 $ 0.22 -12.09%
============ ============ ======
Diluted $ 0.19 $ 0.22 -12.31%
============ ============ ======
Average Number of Shares
Outstanding
Basic 78,771,794 78,332,642
============ ============
Diluted 79,605,279 78,961,380
============ ============
(a) Operating income excludes investment gains, losses and related
taxes.
ALFA CORPORATION
CONSOLIDATED CONDENSED STATEMENTS OF INCOME
(UNAUDITED)
Six Months Ended
June 30, Statistics
----------------------------------------------
2002 2001 %Change 2002 2001
----------------------------------------------
Revenues
Premiums - Property
and Casualty 209,411,645 195,227,850 7.27
Premiums & Policy
Charges - Life
Insurance 31,662,826 28,652,937 10.50
Net Investment
Income 43,995,886 39,576,356 11.17
Realized Investment
Gains 1,209,549 1,151,135 5.07
Other Income 1,135,394 1,448,140 (21.60)
----------------------------------------------------------------------
Total Revenues 287,415,299 266,056,418 8.03
----------------------------------------------------------------------
Benefits and Expenses
Benefits &
Settlement Expenses 170,200,306 154,843,981 9.92 59.22 58.20
Dividends to
Policyholders 1,885,785 1,904,250 (0.97) 0.66 0.72
Amortization of
Deferred Policy
Acquisition Costs 38,573,426 38,713,343 5.07 13.42 13.80
Other Operating
Expenses 29,957,603 27,761,170 7.91 10.42 10.43
----------------------------------------------------------------------
Total Expenses 240,617,123 221,222,744 8.77 83.72 83.15
----------------------------------------------------------------------
Income Before
Provision for
Income Taxes 46,798,176 44,833,674 4.38 16.28 16.85
Provision For
Income Taxes 12,798,690 12,827,157 (0.22) 27.35 28.61
Cumulative Effect of
Changes in Accounting
Principles, Net of Tax - (258,781)(100.00)
----------------------------------------------------------------------
Net Income 33,999,486 31,747,736 7.09
======================================================================
Net Income Per
Share - Basic 0.43 0.41 6.70
Net Income Per
Share - Diluted 0.43 0.40 6.38
======================================================================
Operating Income 33,213,279 31,258,279 6.25
Operating Income Per
Share - Basic 0.42 0.40 5.87
Operating Income Per
Share - Diluted 0.42 0.40 5.54
======================================================================
Dividends Per Share 0.295 0.275 7.27
======================================================================
Average Shares
Outstanding - Basic 78,607,284 78,320,404 0.37
Average Shares
Outstanding - Diluted 79,432,866 78,902,268 0.67
======================================================================
Three Months Ended
June 30, Statistics
----------------------------------------------
2002 2001 %Change 2002 2001
----------------------------------------------
Revenues
Premiums - Property
and Casualty 106,020,678 98,322,672 7.83
Premiums & Policy
Charges - Life
Insurance 15,552,797 13,653,961 13.91
Net Investment
Income 21,883,051 20,413,633 7.20
Realized Investment
Gains 303,324 104,851 189.29
Other Income 928,307 629,396 47.49
----------------------------------------------------------------------
Total Revenues 144,688,157 133,124,513 8.69
----------------------------------------------------------------------
Benefits and Expenses
Benefits &
Settlement Expenses 88,007,273 75,016,990 17.32 60.83 56.35
Dividends to
Policyholders 897,831 903,510 (0.63) 0.62 0.68
Amortization of
Deferred Policy
Acquisition Costs 20,056,070 18,471,126 8.58 13.86 13.88
Other Operating
Expenses 14,092,139 14,126,539 (0.24) 9.74 10.61
----------------------------------------------------------------------
Total Expenses 123,053,313 108,518,165 13.39 85.05 81.52
----------------------------------------------------------------------
Income Before
Provision for
Income Taxes 21,634,844 24,606,348 12.08 14.95 18.48
Provision For
Income Taxes 6,103,504 7,192,289 (15.14) 28.21 29.23
Cumulative Effect of
Changes in Accounting
Principles, Net of Tax - - -
----------------------------------------------------------------------
Net Income 15,531,340 17,414,059 (10.81)
======================================================================
Net Income Per
Share - Basic 0.20 0.22 (11.31)
Net Income Per
Share - Diluted 0.20 0.22 (11.53)
======================================================================
Operating Income 15,334,179 17,345,806 (11.60)
Operating Income Per
Share - Basic 0.19 0.22 (12.09)
Operating Income Per
Share - Diluted 0.19 0.22 (12.31)
======================================================================
Dividends Per Share 0.150 0.145 3.45
======================================================================
Average Shares
Outstanding - Basic 78,771,794 78,332,642 0.56
Average Shares
Outstanding - Diluted 79,605,279 78,961,380 0.82
======================================================================
ALFA CORPORATION
CONSOLIDATED BALANCE SHEETS
(Unaudited)
June 30, December 31,
2002 2001 % Change
------------- --------------- --------
Assets
Investments:
Fixed Maturities Held for
Investment, at amortized
cost (fair value $ 379,496 $ 441,740 -14.09%
$413,309 in 2002 and
$477,422 in 2001)
Fixed Maturities Available
for Sale, at fair value 1,115,644,847 960,415,249 16.16%
(amortized cost
$1,070,033,212 in 2002
and $932,488,619 in 2001)
Equity Securities Available
for Sale, at fair value 63,152,394 74,664,030 -15.42%
(cost $54,072,981 in 2002
and $46,889,245 in 2001)
Mortgage Loans on Real
Estate 53,500 109,556 -51.17%
Investment Real Estate 2,653,865 2,712,165 -2.15%
(net of accumulated
depreciation of
$1,521,345 in 2002 and
$1,444,946 in 2001)
Policy Loans 51,167,571 49,945,528 2.45%
Collateral Loans 103,016,217 88,561,085 16.32%
Other Long-Term
Investments 166,652,727 164,056,234 1.58%
Short-Term Investments 77,875,012 150,255,275 -48.17%
--------------- -------------- --------
Total Investments 1,580,595,628 1,491,160,862 6.00%
Cash 2,897,695 10,224,827 -71.66%
Accrued Investment Income 15,982,625 14,140,097 13.03%
Accounts Receivable 16,854,591 19,843,577 -15.06%
Reinsurance Balances
Receivable 2,111,800 3,166,591 -33.31%
Due from Affiliates 2,824,714 2,670,993 5.76%
Deferred Policy Acquisition
Costs 156,639,323 149,820,302 4.55%
Other Assets 13,488,172 6,577,215 105.07%
--------------- -------------- --------
Total Assets $ 1,791,394,548 $ 1,697,604,464 5.52%
=============== ============== ========
Liabilities and Stockholders'
Equity
Policy Liabilities and
Accruals - Property and
Casualty Insurance $ 149,781,555 $ 140,174,162 6.85%
Policy Liabilities and
Accruals - Life Insurance 599,722,477 558,043,631 7.47%
Unearned Premiums 150,510,747 138,384,495 8.76%
Dividends to Policyholders 10,260,900 10,195,930 0.64%
Premium Deposit and
Retirement Deposit Funds 6,054,340 5,472,522 10.63%
Deferred Income Taxes 39,089,921 41,312,681 -5.38%
Other Liabilities 82,732,804 76,295,259 8.44%
Due to Affiliates 16,031,128 16,146,574 -0.71%
Commercial Paper 98,526,787 165,415,905 -40.44%
Notes Payable 70,000,000 - -
Notes Payable to Affiliates 34,822,898 37,051,467 -6.01%
--------------- -------------- --------
Total Liabilities 1,257,533,555 1,188,492,626 5.81%
--------------- -------------- --------
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: 78,923,773
in 2002 and 78,359,356
in 2001
Capital in Excess of Par
Value - 26,436,168 -100.00%
Accumulated Other
Comprehensive Income 30,290,261 33,996,936 -10.90%
Retained Earnings 458,609,440 446,032,558 2.82%
Treasury Stock, at cost (38,821,732) (39,245,336) -1.08%
(shares 4,859,251 in
2002 and 5,423,668 in
2001)
--------------- -------------- --------
Total Stockholders'
Equity 533,860,993 509,111,838 4.86%
--------------- -------------- --------
Total Liabilities and
Stockholders' Equity $ 1,791,394,548 $ 1,697,604,464 5.52%
Book Value per share $ 6.76 $ 6.50
=============== ===============
Book Value per share
(excluding FAS 115) $ 6.45 $ 6.44
=============== ===============
ALFA CORPORATION
OPERATING INCOME BY SEGMENT
(UNAUDITED)
Six Months Ended
June 30,
-------------------------------
%
2002 2001 Change
-------------------------------
(In thousands, except share and per share data)
Operating income
Property and casualty insurance $24,047 $21,617 11%
Agency 18 (7) 357%
Life insurance 8,634 10,431 -17%
-------------------------------
Total insurance operations 32,699 32,041 2%
Noninsurance operations 1,972 1,347 46%
Corporate expenses (1,458) (2,129) -32%
-------------------------------
Total $33,213 $31,259 6%
===============================
Operating income per share - Basic $0.42 $0.40 6%
===============================
Operating income per share - Diluted $0.42 $0.40 6%
===============================
Weighted average shares
outstanding - Basic 78,607,284 78,320,404 0%
===============================
Weighted average shares
outstanding - Diluted 79,432,866 78,902,268 1%
===============================
Three Months Ended
June 30,
-------------------------------
%
2002 2001 Change
-------------------------------
(In thousands, except share and per share data)
Operating income
Property and casualty insurance $10,841 $12,507 -13%
Agency 15 (10) 250%
Life insurance 4,275 5,078 -16%
-------------------------------
Total insurance operations 15,131 17,575 -14%
Noninsurance operations 853 535 59%
Corporate expenses (650) (764) -15%
-------------------------------
Total $15,334 $17,346 -12%
===============================
Operating income per share - Basic $0.19 $0.22 -12%
===============================
Operating income per share - Diluted $0.19 $0.22 -12%
===============================
Weighted average shares
outstanding - Basic 78,771,794 78,332,642 1%
===============================
Weighted average shares
outstanding - Diluted 79,605,279 78,961,380 1%
===============================
ALFA CORPORATION
QUARTERLY FINANCIAL SUPPLEMENT
JUNE 30, 2002
YTD YTD
06/30/2002 06/30/2001 %
------------ ------------ ----
Property Casualty Insurance
Total Written Premium (Alfa Group):
Automobile $201,086,655 $190,589,431 5.5%
Homeowner 72,951,984 64,572,052 13.0%
Other 50,232,790 49,207,024 2.1%
------------ ------------ ----
$324,271,429 $304,368,507 6.5%
============ ============ ====
Earned Premium:
Personal $200,695,692 $186,930,467 7.4%
Commercial 7,299,525 6,908,824 5.7%
Pools, associations and fees 2,272,584 2,152,727 5.6%
Reinsurance ceded (856,156) (764,168) 12.0%
------------ ------------ ----
Total $209,411,645 $195,227,850 7.3%
============ ============ ====
Operating Ratios Details
Losses 131,968,355 121,210,500 8.9%
Loss Adjustment Expense 9,443,781 7,743,031 22.0%
Expenses 52,433,304 51,453,556 1.9%
Combined Expenses 193,845,440 180,407,087 7.4%
Underwriting Margin 15,568,205 14,820,763 5.0%
Operating Ratios
Loss Ratio 63.0% 62.1%
Loss Adjustment Expense 4.5% 4.0%
Expense Ratio 25.0% 26.4%
Combined Ratio 92.6% 92.4%
Underwriting Margin 7.4% 7.6%
Lapse Ratio 3.66% 3.73%
Storm losses included in Losses
above 5,200,000 7,410,000 -29.8%
Storm losses included in Loss
Ratio above 2.5% 3.8%
QTR QTR
06/30/2002 06/30/2001 %
------------ ------------ ----
Property Casualty Insurance
Total Written Premium (Alfa Group):
Automobile 99,303,167 93,765,254 5.9%
Homeowner 39,863,261 35,138,984 13.4%
Other 25,847,336 25,414,043 1.7%
------------ ------------ ----
$165,013,764 $154,318,281 6.9%
============ ============ ====
Earned Premium:
Personal 101,681,518 94,162,193 8.0%
Commercial 3,633,574 3,502,972 3.7%
Pools, associations and fees 1,140,326 1,079,855 5.6%
Reinsurance ceded (434,738) (422,348) 2.9%
------------ ------------ ----
Total $106,020,680 $ 98,322,672 7.8%
============ ============ ====
Operating Ratios Details
Losses 69,211,567 57,818,359 19.7%
Loss Adjustment Expense 4,392,826 4,141,507 6.1%
Expenses 26,740,736 26,382,875 1.4%
Combined Expenses 100,345,129 88,342,741 13.6%
Underwriting Margin 5,675,551 9,979,931 -43.1%
Operating Ratios
Loss Ratio 65.3% 58.8%
Loss Adjustment Expense 4.1% 4.2%
Expense Ratio 25.2% 26.8%
Combined Ratio 94.6% 89.8%
Underwriting Margin 5.4% 10.2%
Lapse Ratio 3.53% 3.54%
Storm losses included in Losses
above 5,200,000 0
Storm losses included in Loss
Ratio above 4.9% 0.0%
YTD YTD
06/30/2002 06/30/2001 %
----------- ----------- ----
Life Insurance
--------------
Issued New Business
Premium $7,324,486 $6,978,225 5.0%
=========== =========== ====
Total Premium and
Policy Charges $31,662,826 $28,652,937 10.5%
=========== =========== ====
Persistency Ratio 92.7% 93.3%
=========== ===========
Mortality:
Death Claims $8,609,048 $8,918,594 -3.4%
=========== ===========
Actual to Expected 86% 107%
QTR QTR
06/30/2002 06/30/2001 %
----------- ----------- ----
Life Insurance
--------------
Issued New Business
Premium $3,580,855 $3,382,910 5.9%
=========== =========== ====
Total Premium and
Policy Charges $15,552,797 $13,653,961 13.9%
=========== =========== ====
Persistency Ratio
Mortality:
Death Claims $4,525,115 $4,664,729 -3.0%
=========== ===========
Actual to Expected 88% 116%
06/30/2002 06/30/2001 %
----------- ----------- ----
Alfa Financial
--------------
Loan Portfolio $93,443,344 $68,627,435 36.2%
=========== =========== ====
Lease Portfolio $18,179,727 $21,606,141 -15.9%
=========== =========== ====
OFC Capital
-----------
Lease Portfolio $73,550,779 $49,809,589 47.7%
=========== =========== ====
Net Income
(in thousands) YTD YTD
-------------- 06/30/2002 06/30/2001 %
---------- ---------- ----
Property and Casualty
Insurance $24,065 $21,810 11.4%
Life Insurance 8,634 10,431 -17.2%
---------- ---------- ----
Total insurance
operations 32,699 32,041 2.1%
Noninsurance
operations 1,972 1,347 46.4%
Net realized
investment gains 786 748 5.1%
Corporate expenses (1,458) (2,129) -31.5%
Cumulative Effect of
Changes in Accounting
Principle 0 (259) -100.0%
---------- ---------- ----
Total $33,999 $31,748 7.1%
========== ========== ====
Net income per share
- Basic $0.43 $0.41 6.7%
========== ========== ====
Net income per share
- Diluted $0.43 $0.40 8.4%
========== ========== ====
Net Income
(in thousands) QTR QTR
-------------- 06/30/2002 06/30/2001 %
---------- ---------- ----
Property and Casualty
Insurance $10,856 $12,497 -13.1%
Life Insurance 4,275 5,078 -15.8%
---------- ---------- ----
Total insurance
operations 15,131 17,575 -13.9%
Noninsurance
operations 853 535 59.4%
Net realized
investment gains 197 88 189.7%
Corporate expenses (650) (764) -14.9%
Cumulative Effect of
Changes in Accounting
Principle 0 0
---------- ---------- ----
Total $15,531 $17,414 -10.8%
========== ========== ====
Net income per share
- Basic $0.20 $0.22 -11.3%
========== ========== ====
Net income per share
- Diluted $0.20 $0.22 -11.5%
========== ========== ====
LIFE INSURANCE OPERATIONS
DETAIL OF PREMIUMS AND POLICY CHARGES
(UNUADITED)
Six Months Ended
June 30,
----------------------------
2002 2001 %
(in thousands) Change
----------------------------
Premiums and policy charges
Universal life policy charges $8,684 $7,938 9%
Universal life policy charges - COLI 1,997 1,732 15%
Interest sensitive life policy charges 5,359 5,502 6%
Traditional life insurance premiums 14,911 13,732 9%
Group life insurance premiums 712 199 258%
-------- -------- ----
Total $31,663 $28,653 11%
-------- -------- ----
Net Operating Income $8,634 $10,431 -17%
Three Months Ended
June 30,
----------------------------
2002 2001 %
(in thousands) Change
Premiums and policy charges ----------------------------
Universal life policy charges $4,382 $3,992 10%
Universal life policy charges - COLI 577 475 21%
Interest sensitive life policy charges 2,574 2,545 1%
Traditional life insurance premiums 7,649 6,642 15%
Group life insurance premiums 371 0
-------- -------- ----
Total $15,553 $13,654 14%
Net Operating Income $4,275 $5,078 -16%
ALFA CORPORATION
QUARTERLY FINANCIAL SUPPLEMENT
JUNE 30, 2002
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 16,123,128
Pretax P&C
Operating
Income 17,393,023 14,283,409 31,676,432
P&C Statutory
Invested
Assets 562,536,805 587,045,896
P&C Statutory
Surplus 276,936,440 274,268,630
P&C Loss &
LAE Reserves 140,547,436 144,370,368
Pretax Life
Net
Investment
Income 11,482,042 11,673,726 23,155,768
Pretax Life
Operating
Income 6,038,921 6,493,899 12,532,820
Life
Statutory
Invested
Assets 731,033,090 737,580,100
Life
Statutory
Surplus 141,999,217 133,026,858
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