| |
|
Consolidated Statements of Operations
and Comprehensive Income |
|
| The National
Catholic Risk Retention Group, Inc. and Subsidiaries |
| |
|
REVENUES |
|
Year
Ended Dec. 31, 2007 |
|
|
Year
Ended Dec. 31, 2006 |
|
|
|
| |
|
Premiums earned |
|
$ 8,855,248 |
|
|
$ 9,089,275 |
|
|
|
| |
|
Net investment income |
|
2,541,844 |
|
|
1,886,690 |
|
|
|
| |
|
Net realized gains on sales
of investments |
|
20,297 |
|
|
2,738 |
|
|
|
| |
|
VIRTUS® income earned |
|
109,268 |
|
|
117,348 |
|
|
|
| |
|
Ceding commission income, net of commission
expense
 of
$431,211 and $345,348, respectively
|
|
279,276 |
|
|
519,332 |
|
|
|
| |
|
TOTAL REVENUES |
|
11,805,933 |
|
|
11,615,383 |
|
|
|
|
|
| |
|
Losses and loss adjustment expenses |
|
24,883,428 |
|
|
7,818,691 |
|
|
|
| |
|
Amortization of policy acquisition costs |
|
478,164 |
|
|
527,967 |
|
|
|
| |
|
Management and professional fees |
|
603,684 |
|
|
606,427 |
|
|
|
| |
|
VIRTUS® expenses |
|
31,888 |
|
|
38,359 |
|
|
|
| |
|
General and administrative expenses |
|
1,801,162 |
|
|
1,630,453 |
|
|
|
| |
|
TOTAL EXPENSES |
|
27,798,326 |
|
|
10,621,897 |
|
|
|
|
| |
|
NET (LOSS) INCOME BEFORE
OPERATING PROFIT DISTRIBUTION |
|
$(15,992,393) |
|
|
$ 993,486 |
|
|
|
| |
|
Operating profit distribution |
|
493,485 |
|
|
- |
|
|
|
| |
|
NET (LOSS) INCOME |
|
(16,485,878) |
|
|
993,486 |
|
|
|
|
| |
|
OTHER COMPREHENSIVE
INCOME |
|
|
|
|
|
|
|
|
| |
|
Net unrealized holding gains arising
during the period |
|
1,501,713 |
|
|
3,678,127 |
|
|
|
| |
|
Less: reclassification adjustment for
realized (gains)
included
in net income |
|
(20,297) |
|
|
(2,738) |
|
|
|
|
| |
|
OTHER COMPREHENSIVE INCOME |
|
1,481,416 |
|
|
3,675,389 |
|
|
|
|
| |
|
COMPREHENSIVE (LOSS) INCOME |
|
$(15,004,462) |
|
|
$ 4,668,875 |
|
|
|
| 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, 2007 and 2006 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 7, 2008. 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, 2007 and 2006 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. |
|
|
