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June 2010, Volume 21 Number 2 |
CEO’s Financial Report
We are pleased to report strong year to date results with $3,688,272 of net income as at March 31, 2010. This compares to $2,360,731 at the end of the first quarter 2009 and is well above budgeted expectations. All lines of business are performing well, with each line contributing positively to the overall income.
Our results to date can be attributed to lower than anticipated claims expenses and higher investment income.
Investments
Investment income year to date of $1.3 million is above budget and exceeds last year’s first quarter results due mainly to improved interest income and dividends paid, over the same quarter last year.
Administration
Administrative expenses are at 9.2% of earned premiums for the first quarter which is in line with Budgeted expectations.
Following is our abbreviated Statement of Operations at March 31, 2010. We hope the operation will continue to produce positive results for the balance of the year.
Jim H. Sami
CEO/Attorney-in-Fact
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