Trust - TMLT

Years Ended December 31, 2005 2004(in thousands)Premiums earned, net of reinsurance $ 164,656 $ 167,739Investment income, net of investment expenses 16,447 15,446of $694 in 2005 and $445 in 2004Net realized gain (losses) on securities available for sale 891 (746)Other revenue 3,245 2,798Statements ofOperationsTotal revenues 185,239 185,237Losses and expenses:Losses and loss adjustment expenses 73,223 119,005Policyholder dividends 9,000 -Other underwriting expenses 26,129 21,897Total operating expenses 108,352 140,902Net income before income tax expense 76,887 44,335Income tax expense 24,638 3,085Net income $ 52,249 $ 41,250See accompanying summary of accounting policies and notes to consolidated financial statements.TRUST - The Annual Report Magazine27