| DECEMBER 31, | ||
| 1999 | 1998 | |
| ASSETS | ||
| Cash and cash equivalents | $ 2,847,124 | $ 2,700,640 |
| CBIS investment trusts, at market value | 9,880,197 | 8,166,612 |
| Fixed maturity securities, at market value | 31,376,003 | 31,377,718 |
| Premiums receivable | 130,414 | 122,874 |
| Reinsurance receivable | 12,490,417 | 10,410,873 |
| Prepaid reinsurance premiums | 1,142,538 | 1,262,563 |
| Accrued interest | 502,694 | 515,266 |
| Deferred policy acquisition costs | 93,049 | 90,817 |
| Other assets | 142,953 | 45,130 |
| TOTAL ASSETS | $58,605,389 | $54,692,493 |
| LIABILITY AND SHAREHOLDERS' EQUITY Liability | ||
| Losses and loss adjustment expenses | $23,222,204 | $19,183,824 |
| Unearned premiums | 3,015,124 | 3,065,012 |
| Reinsurance balances payable | 1,176,423 | 855,931 |
| Premium taxes payable | 150,234 | 114,023 |
| Unearned ceding commissions | 93,407 | 106,256 |
| Other liabilities | 86,959 | 34,165 |
| Total Liabilities | 27,744,351 | 23,359,211 |
| Shareholders' Equity | ||
| Capital stock: Class A ($20 par value, 200 shares authorized, 55 and 47 shares issued and outstanding) | 1,100 | 940 |
| Class B ($40 par value, 30,000 shares authorized, 7,707.43 and 8,059.67 shares issued and outstanding) | 308,297 | 322,385 |
| Additional paid-in capital - original requirements | 1,409,388 | 2,725,784 |
| Additional paid-in capital - policyholder dividends | 8,879,437 | 8,879,437 |
| Accumulated other comprehensive income | 5,249,541 | 5,565,876 |
| Retained earnings | 15,013,275 | 13,838,860 |
| Total Shareholders' Equity | 30,861,038 | 31,333,282 |
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $58,605,389 | $54,692,493 |
| President's Message | Independent Accountants | Balance Sheets | Income & Comprehensive Income | Changes in Shareholder's Equity | Cash Flows |