FORWARD MUTUAL INSURANCE COMPANY
PROFORMA STATEMENT OF OPERATIONS
STATUTORY BASIS
Year Ended December 31, 2023
UNDERWRITING INCOME |
|
Premiums Written |
$1,701,584 |
Net Unearned Premium Change |
(61,924) |
Reinsurance Ceded |
(549,613) |
Net Premiums Earned |
1,090,047 |
LOSSES INCURRED |
|
Losses Incurred |
784,242 |
Reinsurance (Recovered) Incurred |
(571,450) |
Net Losses Incurred |
212,792 |
NET LOSS ADJUSTMENT EXPENSES |
86,667 |
OTHER UNDERWRITING EXPENSES |
687,592 |
Total Losses and Expenses Incurred |
987,051 |
NET UNDERWRITING INCOME (LOSS) |
102,996 |
INVESTMENT AND OTHER INCOME |
|
Investment Income Earned |
208,577 |
Investment Expenses |
(84,402) |
Net Realized Capital Loss |
(146,201) |
Other Income |
29,391 |
Net Investment and Other Income (Los) |
7,365 |
INCOME (LOSS) BEFORE INCOME TAXES |
110,361 |
FEDERAL INCOME TAX EXPENSE |
28,100 |
NET INCOME (LOSS) |
$82,261 |
PROFORMA STATEMENT OF POLICYHOLDERS
SURPLUS–STATUTORY BASIS
Year Ended December 31, 2023
BALANCE, BEGINNING OF YEAR |
$7,541,976 |
Net Income |
82,261 |
Net Unrealized Loss on Stocks and Mutual Funds, |
(434,881) |
Net Change in Deferred Income Taxes |
27,000 |
Net Change in Nonadmitted Assets |
1,413 |
BALANCE, END OF YEAR |
$7,217,769 |