ANNUAL REPORT - Western Reserve Group
ANNUAL REPORT - Western Reserve Group
ANNUAL REPORT - Western Reserve Group
Create successful ePaper yourself
Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.
6<br />
WRG<br />
cOmbiNEd sTATUTORy<br />
sTATEmENTs Of iNcOmE<br />
(IN THOUSANDS)<br />
Years ended December 31<br />
2012 2011<br />
Underwriting gain (loss):<br />
Net written premium $174,652 $163,600<br />
(Increase) decrease in unearned premiums (6,701) (5,901)<br />
Premiums earned 167,951 157,699<br />
Losses and expenses incurred:<br />
Losses 114,127 102,934<br />
Loss adjustment expenses 17,942 14,738<br />
Underwriting expenses 57,586 55,379<br />
Losses and expenses incurred 189,655 173,051<br />
Net underwriting gain (loss) (21,704) (15,352)<br />
Investment income:<br />
Interest 7,942 8,198<br />
Dividends 3,571 3,365<br />
Real estate income (primarily rent for own occupancy) 900 900<br />
Realized gains on investments, net 986 2,652<br />
Total investment income 13,399 15,115<br />
Less: Investment expenses 3,339 3,166<br />
Net investment income 10,060 11,949<br />
Net income:<br />
Other income, net 2,583 2,585<br />
Income (loss) before federal income taxes (9,061) (818)<br />
Federal income tax benefit 508 1,456<br />
Net income (loss) $(8,553) $638
Change language