2015
YEAR-END

Income Statement

$36.9 Million Net Income
$2 Million Policyholder Dividend



MMIC Insurance Statutory Income Statement Summary

(In Thousands)


  2011  DEC 2012  DEC 2013  DEC 2014  DEC 2015  DEC
Direct Premiums Written $ 131,641 $ 132,539 $ 125,240 $ 121,585 $ 118,767
Net Premiums Written 117,564 115,924 110,422 106,502 108,687
           
Net Premiums Earned 113,367 115,319 111,187 108,228 106,814
Net Loss and LAE Incurred 72,822 82,989 81,067 74,466 82,640
Net Underwriting Expense 20,942 21,864 24,033 21,695 22,703
Net Underwriting Gain $ 19,603 $ 10,466 $ 6,087 $ 12,067 $ 1,471
           
Net Investment Income Earned $ 19,415 $ 20,870 $ 17,730 $ 19,366 $ 19,632
Dividend from UMIA - - - $ 6,000 $ 15,000
Net Realized Capital Gain (Loss) (128) 7,705 1,253 4,983 7,214
Other Income (Expense) 7 (9) (1,194) (1,442) (932)
Income before Dividends and Taxes $ 38,897 $ 39,032 $ 23,876 $ 40,974 $ 42,385
           
Dividends to Policyholders 7,500 8,000 6,000 2,000 2,000
Income before Federal Income Taxes $ 31,397 $ 31,032 $ 17,876 $ 38,974 $ 40,385
           
Federal Income Taxes Incurred 6,276 4,063 3,485 5,834 3,519
Net Income $ 25,121 $ 26,969 $ 14,391 $ 33,140 $ 36,866