2014
YEAR-END

Income Statement

$33.1 Million Net Income
$2 Million Policyholder Dividend



MMIC Insurance Statutory Income Statement Summary

(In Thousands)


  2010  DEC 2011  DEC 2012  DEC 2013  DEC 2014  DEC
Direct Premiums Written $ 131,985 $ 131,641 $ 132,539 $ 125,240 $ 121,585
Net Premiums Written 110,817 117,564 115,924 110,422 106,502
           
Net Premiums Earned 108,053 113,367 115,319 111,187 108,228
Net Loss and LAE Incurred 76,865 72,822 82,989 81,067 74,466
Net Underwriting Expense 20,086 20,942 21,864 24,033 21,695
Net Underwriting Gain $ 11,102 $ 19,603 $ 10,466 $ 6,087 $ 12,067
           
Net Investment Income Earned $ 18,752 $ 19,415 $ 20,870 $ 17,730 $ 19,366
Dividend from UMIA - - - - $ 6,000
Net Realized Capital Gain (Loss) (390) (128) 7,705 1,253 4,983
Other Income (Expense) (4) 7 (9) (1,194) (1,442)
Income before Dividends and Taxes $ 29,460 $ 38,897 $ 39,032 $ 23,876 $ 40,974
           
Dividends to Policyholders 6,000 7,500 8,000 6,000 2,000
Income before Federal Income Taxes $ 23,460 $ 31,397 $ 31,032 $ 17,876 $ 38,974
           
Federal Income Taxes Incurred 3,508 6,276 4,063 3,485 5,834
Net Income $ 19,952 $ 25,121 $ 26,969 $ 14,391 $ 33,140