Financial Statements

2021 INCOME STATEMENT

STATEMENT OF INCOME

 Statement Of Income 2021 2020
 Premiums earned 66,636,795 65,430,796
 Loss and Loss Adjustment 29,994,360 32,349,896
 Underwriting expense 23,897,905  23,505,895
 Net underwriting gain (loss) 12,744,530 9,575,005
   
 Net investment Income 4,623,629 4,428,152
 Net realized capital gains (losses) less tax 1,663,311 671,451
 Net investment gain (loss)
 6,286,9405,099,603
   
 Other Income 712,510 959,494
   
 Net Income Before Federal Income Tax19,743,980 15,634,102
 Less: Federal Income Tax 3,660,614 2,885,512
 Net Income16,083,366 12,748,590
   
Combined Ratio80.1% 85.1%
Direct and Assumed Written Premium70,070,33167,827,384

2021 BALANCE SHEET

STATEMENT OF ASSETS & LIABILITIES

Assets
20212020
Cash and Short-term Investments7,734,3419,648,215
Bonds182,500,435170,060,843
Stocks38,917,94030,888,867
Real Estate1,334,9901,396,730
Premiums in the course of Collection10,132,48510,050,699
Interest Due and Accrued1,315,4351,369,488
All other assets25,555,34521,840,047
Total Admitted Assets267,490,971245,254,889
   
Liabilities  
Unearned Premium38,574,89137,087,434
Reserve for Losses19,969,66922,612,155
Reserve for Loss Adjustment Expense4,086,3674,554,563
All other Liabilities13,893,50312,405,393
   
Total Liabilities76,524,43076,659,545
   
Surplus Accounts  
Special Contingent Surplus900,000900,000
Unassigned Surplus190,066,541167,695,344
   
Policyholders Surplus190,966,541168,595,344
   
Total Liability and Surplus 267,490,971245,254,889

RATED “A” (EXCELLENT) BY A.M. BEST COMPANY

The results are Sterling Insurance Company and Sterling Insurance Cooperative, Inc. combined