| |
|
 |
Consolidated Statements of Operations
and Comprehensive Income |
|
| The National
Catholic Risk Retention Group, Inc. and Subsidiary |
| |
|
REVENUES |
|
Year
Ended Dec. 31, 2005 |
|
|
Year
Ended Dec. 31, 2004 |
|
|
|
| |
|
Premiums Earned |
|
$8,899,357 |
|
|
$8,457,517 |
|
|
|
| |
|
Net investment income |
|
1,671,344 |
|
|
1,427,758 |
|
|
|
| |
|
Net realized (losses) gains on sales
of investments |
|
(132,958) |
|
|
458,954 |
|
|
|
| |
|
VIRTUS® income earned |
|
160,239 |
|
|
125,412 |
|
|
|
| |
|
Ceding commission income, net of commission
expense
 of
$331,546 and $402,041, respectively
|
|
516,298 |
|
|
346,805 |
|
|
|
| |
|
TOTAL REVENUES |
|
11,114,280 |
|
|
10,816,446 |
|
|
|
|
|
| |
|
Losses and loss adjustment expenses |
|
12,553,815 |
|
|
7,234,428 |
|
|
|
| |
|
Amortization of policy acquisition costs |
|
503,214 |
|
|
448,855 |
|
|
|
| |
|
Management and professional fees |
|
538,463 |
|
|
319,465 |
|
|
|
| |
|
VIRTUS® expenses |
|
52,327 |
|
|
53,574 |
|
|
|
| |
|
General and administrative expenses |
|
1,600,164 |
|
|
1,534,297 |
|
|
|
| |
|
TOTAL EXPENSES |
|
15,247,983 |
|
|
9,590,619 |
|
|
|
|
| |
|
NET (LOSS) INCOME |
|
$(4,133,703)
|
|
|
$1,225,827
|
|
|
|
|
| |
|
OTHER COMPREHENSIVE
INCOME |
|
|
|
|
|
|
|
|
| |
|
Net unrealized holding gains arising
during the period |
|
656,851 |
|
|
1,981,502 |
|
|
|
| |
|
Less: reclassification adjustment for
realized losses (gains)
included
in net income |
|
132,958 |
|
|
(458,954) |
|
|
|
|
| |
|
OTHER COMPREHENSIVE INCOME |
|
789,809 |
|
|
1,522,548 |
|
|
|
|
| |
|
COMPREHENSIVE (LOSS) INCOME |
|
$(3,343,894) |
|
|
$2,748,375 |
|
|
|
| Note: Johnson Lambert & Co., Certified
Public Accountants has audited the financial statements of
The National Catholic Risk Retention Group, Inc. for the years
ended December 31, 2005 and 2004 prepared in conformity with
generally accepted accounting principles in the United States,
and issued an unqualified opinion on such financial statements
in their report dated February 8, 2006. The auditor's report
applies to the complete financial statements which are not
presented.
These consolidated balance sheets, consolidated
statements of operations and comprehensive income, consolidated
statements of changes in shareholders’ equity and consolidated
statements of cash flows of The National Catholic Risk Retention
Group, Inc. for the years ended December 31, 2005 and 2004
were derived from the audited financial statements. The complete
audited financial statements may be obtained from The National
Catholic Risk Retention Group, Inc. at 801 Warrenville Road,
Suite 175, Lisle, IL 60532-4334.
|
|
|
