2013
YEAR-END

Income Statement

$14.3 Million Net Income
$6 Million Policyholder Dividend



MMIC Insurance Statutory Income Statement Summary

(In Thousands)


  2009  DEC 2010  DEC 2011  DEC 2012  DEC 2013  DEC
Direct Premiums Written $ 128,863 $ 131,985 $ 131,641 $ 132,539 $ 125,240
Net Premiums Written 104,904 110,817 117,564 115,924 110,422
           
Net Premiums Earned 114,325 108,053 113,367 115,319 111,187
Net Loss and LAE Incurred 72,644 76,865 72,822 82,989 81,067
Net Underwriting Expense 17,787 20,086 20,942 21,864 24,033
Net Underwriting Gain $ 23,894 $ 11,102 $ 19,603 $ 10,466 $ 6,087
           
Net Investment Income Earned $ 18,678 $ 18,752 $ 19,415 $ 20,870 $ 17,730
Net Realized Capital Gain (Loss) (10,686) (390) (128) 7,705 1,253
Other Income (Expense) (1) (4) 7 (9) (1,194)
Income before Dividends and Taxes $ 31,885 $ 29,460 $ 38,897 $ 39,032 $ 23,876
           
Dividends to Policyholders 6,000 6,000 7,500 8,000 6,000
Income before Federal Income Taxes $ 25,885 $ 23,460 $ 31,397 $ 31,032 $ 17,876
           
Federal Income Taxes Incurred 7,255 3,508 6,276 4,063 3,485
Net Income $ 18,630 $ 19,952 $ 25,121 $ 26,969 $ 14,391