| YEAR ENDED DECEMBER 31, | ||
| 1999 | 1998 | |
| REVENUES | ||
| Premiums earned | $3,690,727 | $3,333,364 |
| Net investment income | 2,086,924 | 1,977,816 |
| Net realized (losses) gains on sales of investments | (99,065) | 975,941 |
| Ceding commission income | 181,301 | 198,989 |
| TOTAL REVENUES | 5,859,887 | 6,486,110 |
| EXPENSES | ||
| Losses and loss adjustment expenses | 3,063,164 | 282,109 |
| Management fees | 278,360 | 208,681 |
| Amortization of policy acquisition costs | 195,862 | 176,948 |
| Professional fees | 141,869 | 121,305 |
| Other expenses | 1,006,217 | 669,764 |
| TOTAL EXPENSES | 4,685,472 | 1,458,807 |
| INCOME BEFORE DISTRIBUTION OF POLICYHOLDER DIVIDEND | 1,174,415 | 5,027,303 |
| Policyholder dividend | -- | 5,027,303 |
| NET INCOME | 1,174,415 | -- |
| Other Comprehensive Income | ||
| Net unrealized holding (losses) gains arising during the period | (415,400) | 2,569,254 |
| Less: reclassification adjustment for losses and (gains) included in net income | 99,065 | (975,941) |
| Other Comprehensive (loss) Income | (316,335) | 1,593,313 |
| COMPREHENSIVE INCOME | $ 858,080 | $1,593,313 |
| President's Message |
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Income & Comprehensive Income |
Changes in Shareholders' Equity |
Cash Flows |