| |
|
 |
Consolidated Statements of Operations
and Comprehensive Income |
|
| The National
Catholic Risk Retention Group, Inc. and Subsidiaries |
| |
|
REVENUES |
|
Year
Ended Dec. 31, 2006 |
|
|
Year
Ended Dec. 31, 2005 |
|
|
|
| |
|
Premiums earned |
|
$ 9,089,275 |
|
|
$ 8,899,357 |
|
|
|
| |
|
Net investment income |
|
1,886,690 |
|
|
1,671,344 |
|
|
|
| |
|
Net realized gains (losses) on sales
of investments |
|
2,738 |
|
|
(132,958) |
|
|
|
| |
|
VIRTUS® income earned |
|
117,348 |
|
|
160,239 |
|
|
|
| |
|
Ceding commission income, net of commission
expense
 of
$345,348 and $331,546, respectively
|
|
519,332 |
|
|
516,298 |
|
|
|
| |
|
TOTAL REVENUES |
|
11,615,383 |
|
|
11,114,280 |
|
|
|
|
|
| |
|
Losses and loss adjustment expenses |
|
7,818,691 |
|
|
12,553,815 |
|
|
|
| |
|
Amortization of policy acquisition costs |
|
527,967 |
|
|
503,214 |
|
|
|
| |
|
Management and professional fees |
|
606,427 |
|
|
538,463 |
|
|
|
| |
|
VIRTUS® expenses |
|
38,359 |
|
|
52,327 |
|
|
|
| |
|
General and administrative expenses |
|
1,630,453 |
|
|
1,600,164 |
|
|
|
| |
|
TOTAL EXPENSES |
|
10,621,897 |
|
|
15,247,983 |
|
|
|
|
| |
|
NET INCOME (LOSS) |
|
$ 993,486 |
|
|
$(4,133,703) |
|
|
|
|
| |
|
OTHER COMPREHENSIVE
INCOME |
|
|
|
|
|
|
|
|
| |
|
Net unrealized holding gains arising
during the period |
|
3,678,127 |
|
|
656,851 |
|
|
|
| |
|
Less: reclassification adjustment for
realized (gains) losses
included
in net income |
|
(2,738) |
|
|
132,958 |
|
|
|
|
| |
|
OTHER COMPREHENSIVE INCOME |
|
3,675,389 |
|
|
789,809 |
|
|
|
|
| |
|
COMPREHENSIVE INCOME (LOSS) |
|
$4,668,875 |
|
|
$(3,343,894) |
|
|
|
| Note: Johnson Lambert & Co., Certified
Public Accountants has audited the financial statements of
The National Catholic Risk Retention Group, Inc. and Subsidiaries
for the years ended December 31, 2006 and 2005 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 April 5,
2007. 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. and Subsidiaries for the years ended December
31, 2006 and 2005 were derived from the audited financial
statements. The complete audited financial statements may
be obtained from The National Catholic Risk Retention Group,
Inc. and Subsidiaries at 801 Warrenville Road, Suite 175,
Lisle, IL 60532-4334. |
|
|
