2016
YEAR-END

Income Statement

$27.3 Million Net Income
$4 Million Policyholder Dividend



MMIC Insurance Statutory Income Statement Summary

(In Thousands)


  2012  DEC 2013  DEC 2014  DEC 2015  DEC 2016  DEC
Direct Premiums Written $ 132,539 $ 125,240 $ 121,585 $ 118,767 $ 116,164
Net Premiums Written 115,924 110,422 106,502 108,687 105,421
           
Net Premiums Earned 115,319 111,187 108,228 106,814 102,123
Net Loss and LAE Incurred 82,989 81,067 74,466 82,640 76,804
Net Underwriting Expense 21,864 24,033 21,695 22,703 23,982
Net Underwriting Gain $ 10,466 $ 6,087 $ 12,067 $ 1,471 $ 1,337
           
Net Investment Income Earned $ 20,870 $ 17,730 $ 19,366 $ 19,632 $ 18,523
Dividend from UMIA - - $ 6,000 $ 15,000 $ 20,000
Net Realized Capital Gain (Loss) 7,705 1,253 4,983 7,214 (3,837)
Other Income (Expense) (9) (1,194) (1,442) (932) (721)
Income before Dividends and Taxes $ 39,032 $ 23,876 $ 40,974 $ 42,385 $ 35,302
           
Dividends to Policyholders 8,000 6,000 2,000 2,000 4,000
Income before Federal Income Taxes $ 31,032 $ 17,876 $ 38,974 $ 40,385 $ 31,302
           
Federal Income Taxes Incurred 4,063 3,485 5,834 3,519 3,961
Net Income $ 26,969 $ 14,391 $ 33,140 $ 36,866 $ 27,341