Income Statement
Financial Highlights
2020 FQ1 YTD
3/31/2020
2019 FY
12/31/2019
2018 FY
12/31/2018
2017 FY
12/31/2017
2016 FY
12/31/2016
Revenue ($000)
P&C Net Premiums Earned 109,659 447,288 432,880 328,145 276,011
L&H Net Premiums Earned 0 0 0 0 0
L&H Fees 0 0 0 0 0
L&H Policy Revenue 0 0 0 0 0
Managed Care Premiums Earned 0 0 0 0 0
Total Policy Income 109,659 447,288 432,880 328,145 276,011
Investment Income from Securities 7,236 26,249 22,048 18,095 14,483
Partnership Income (22,929) 10,931 (19,040) 12,469 2,473
Net Investment Income (15,693) 37,180 3,008 30,564 16,956
Realized Gain on Derivative Securities 0 0 0 0 0
Other Realized Security Gains (4,827) 1,958 (6,651) 7,217 20,755
Realized Gain on Securities (4,827) 1,958 (6,651) 7,217 20,755
Total Asset Management and Administration Fees 0 0 0 0 0
Broker Commissions 0 0 0 0 0
Asset Management and Brokerage Fees 0 0 0 0 0
Insurance Management Servicing Revenue NA NA NA NA NA
Other Noninterest Income 1,663 9,171 9,932 5,308 5,275
Nonrecurring Revenue 0 0 0 0 0
Total Revenue 90,802 495,597 439,169 371,234 318,997
Expense ($000)
P&C Losses & LAE 81,831 348,468 345,864 247,518 186,481
L&H Total Claims & Policy Benefits 0 0 0 0 0
Managed Care Policy Expense 0 0 0 0 0
Total Policy Expense 81,831 348,468 345,864 247,518 186,481
DAC Amortization NA 81,734 78,105 70,574 51,597
VOBA Amortization 0 0 0 0 0
Policy Acquisition Costs NA 81,734 78,105 70,574 51,597
Amortization of Intangibles 0 0 0 0 0
Impairment of Goodwill 0 0 3,152 0 0
Amrt of Intang & Goodwill Impair 0 0 3,152 0 0
SG&A NA NA NA NA NA
Other Underwriting Expense 34,110 56,722 55,920 43,020 37,865
Underwriting & Other Expense 34,110 138,456 137,177 113,594 89,462
Interest Expense NA NA NA NA NA
Nonrecurring Expense 0 0 0 0 0
Total Expense 115,941 486,924 483,041 361,112 275,943
Net Income ($000)
Net Income before Taxes (25,139) 8,673 (43,872) 10,122 43,054
Provision for Taxes (2,983) 1,326 (9,797) (8,201) 14,109
Effective Tax Rate(%) NM 15.29 NM (81.02) 32.77
Net Income after Taxes (22,156) 7,347 (34,075) 18,323 28,945
Other After-tax Items 0 0 0 0 0
Total Minority Interest Expense 0 0 0 0 0
Net Income before Extra (22,156) 7,347 (34,075) 18,323 28,945
Extraordinary Items 0 0 0 0 0
Net Income (22,156) 7,347 (34,075) 18,323 28,945
Net Income Attributable to Noncontrolling Int 0 0 0 0 0
Net Income Attributable to Parent (22,156) 7,347 (34,075) 18,323 28,945
Preferred Dividends 0 0 0 0 0
Other Preferred Dividends after Net Income 0 0 0 0 0
Other Changes to Net Income 0 0 0 0 0
Net Income Avail to Common (22,156) 7,347 (34,075) 18,323 28,945
Operating Income ($000)
Net Income before Extra (22,156) 7,347 (34,075) 18,323 28,945
Realized Gains, after Tax (21,927) 10,182 (20,296) 12,796 15,098
Other After-tax Operating Income Adjustments 0 0 (2,490) 0 0
Operating Income after Taxes (229) (2,835) (11,289) 5,527 13,847
Comprehensive Income ($000)
Net Income (22,156) 7,347 (34,075) 18,323 28,945
Change in Unrealized Gain (20,861) 16,071 (6,868) 12,649 (4,873)
Change in Foreign Currency Translations (687) 645 (830) 522 235
Pension Fund Liability Adjustments 0 0 0 0 0
Change in Fair Value of Effective Hedges 0 0 0 0 0
Total Other Comprehensive Income (21,548) 16,716 (7,698) 13,171 (4,638)
Comprehensive Income (43,704) 24,063 (41,773) 31,494 24,307
Comprehensive Income: Noncontrolling Interests 0 0 0 0 0
Comprehensive Income: Parent Company (43,704) 24,063 (41,773) 31,494 24,307
Share and Per Share Info ($)
Basic EPS before Extra (1.56) 0.50 (2.28) 1.21 1.92
Basic EPS after Extra (1.56) 0.50 (2.28) 1.21 1.92
Avg Basic Shares Out(actual) 14,169,000 14,520,815 14,964,812 15,065,216 15,071,900
Diluted EPS before Extra (1.56) 0.50 (2.28) 1.21 1.92
Diluted EPS after Extraordinary (1.56) 0.50 (2.28) 1.21 1.92
Operating EPS (0.02) (0.19) (0.75) 0.37 0.92
Avg Diluted Shares Out(actual) 14,169,000 14,619,933 14,964,812 15,107,436 15,084,008
Common Dividends Declared per Share 0.10 0.40 1.12 1.08 1.04
P&C GAAP Underwriting Ratios (%)
Loss Ratio 74.60 77.90 79.90 75.40 67.60
Expense Ratio 29.60 28.90 28.70 33 30.50
Combined Ratio 104.20 106.80 108.60 108.40 98.10
Managed Care Ratios (%)
Reported Medical Care Ratio NA NA NA NA NA
Reported Administrative Ratio NA NA NA NA NA