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Financial Statement

WCIC Balance Sheet

Assets 12/31/2012 12/31/2013 12/31/2014
Invested Assets
Bonds 18,291,409 19,348,921 20,843,596
Stocks 1,357,459 1,767,037 1,592,379
Real Estate 481,710 467,227 452,744
Cash & Short Term 2,366,749 1,710,424 1,924,518
Sub-Total Cash & Invested Assets 22,497,327 23,293,609 24,813,237
Other Assets 12/31/2012 12/31/2013 12/31/2014
Agent's Balances 1,273,455 1,426,780 1,520,795
Interest & Dividends Due 207,723 199,960 213,005
Reinsurance Recoverable 0 0 0
Federal Income Tax Recoverable 42,391 339,719 77,500
Net Deferred Tax Asset 586,000 646,800 657,000
Other Assets 523,518 634,201 783,794
Sub-Total Other Assets 2,633,087 3,247,460 3,252,094
Total Assets 25,130,414 26,541,069 28,065,331
Liabilities & Policyholder Surplus 12/31/2012 12/31/2013 12/31/2014
Net Loss Reserves 4,989,998 5,057,622 4,620,836
Net Loss Adjusting Expense Reserves 752,045 810,475 691,082
Commissions Payable 384,966 504,827 560,362
Net Unearned Premium Reserves 6,669,837 7,163,103 7,699,844
Reinsurance Premiums Payable (7,641) 70,861 93,264
Other Expenses Payable 267,983 290,519 289,919
Current Federal Income Taxes 0 0 0
Other Liabilities 370,954 431,366 481,393
Total Liabilities 13,428,142 14,328,773 14,436,700
Policyholder Surplus 11,702,272 12,212,296 13,476,631
Total Liabilities & Policyholder Surplus 25,130,414 26,541,069 27,913,331

WCIC Income Statement

Underwriting 12/31/2012 12/31/2013 12/31/2014
Direct Premiums Written 12,791,681 13,755,239 14,769,668
Reinsurance Premiums Ceded (1,385,067) (1,641,527) (1,476,582)
Change Unearned Premiums (148,377) (493,266) (536,741)
Net Premiums Earned 11,258,237 11,620,446 12,756,345
Net Losses Incurred 6,871,203 7,172,601 6,475,202
Net Loss Adjusting Expenses 795,146 988,939 871,819
Net Agency Commission Expenses 2,114,673 2,367,877 2,556,540
Net Operating Expenses 1,677,532 1,741,688 1,744,474
Net Insurance Department Fees & Taxes 132,221 128,175 161,430
Total Underwriting Deductions 11,590,775 12,409,280 11,809,465
Net Underwriting Gain (Loss) (332,538) (788,834) 946,880
Investment 12/31/2012 12/31/2013 12/31/2014
Bond Interest 794,261 795,854 761,732
Stock Dividends 77,515 56,977 64,198
Real Estate 118,800 118,800 118,800
Cash & Short Term Interest 3,896 2,717 2,709
Sub-Total Investment Income 994,472 974,348 947,439
Investment Expenses (209,688) (223,699) (228,919)
Net Realized Capital Gain (Loss) 79,603 62,569 8,852
Net Investment Income 864,387 813,218 727,372
Other Income 12/31/2012 12/31/2013 12/31/2014
Finance & Service Charges 195,885 222,345 237,635
Miscellaneous 1,647 20,843 21,340
Total Other Income 197,532 243,188 258,975
Net Income Before Federal Tax 729,381 267,572 1,933,227
Federal Corporate Income Tax 294,462 45,648 635,512
Net Income 434,919 221,924 1,297,715

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