Germania Today | Spring 2020

CONSOLIDATED BALANCE SHEET As of December 31, 2019 (unaudited)

Admitted Assets Cash and Investments


2020 GFM director election: hear from We want to As a policyholder, you have the ultimate control over Germania Farm Mutual (GFM) Insurance Association through your election of the members of its Board of Directors. In April, you, as a GFM policyholder, will have the opportunity to vote on this year’s slate of directors. Ballot packets have been mailed to all GFM policyholders at the end of March. Look for the envelope with Germania’s name and logo and labeled “Germania Director Ballot Enclosed.” You can either vote online or by return mail. Voting is easy, and we encourage you to participate as a member of this organization. GFM 2020 director candidates GFM’s Board is currently 15 in number, and each board member serves a term of three years. These terms are staggered to ensure only one-third of the board seats are up for election each year. This year’s candidates vying for the five vacant board seats are K. Don McAfee, C. H. Herring, Jr., Ralph A. Beadle, Dwayne W. Herring, and Russell C. Janecka. Pictures and biographical information for each candidate is included in the ballot packet mailed to you or can be viewed online at by clicking the 2020 Director Election link located on the homepage. you

Real Estate and Equipment

5,093,280 158,541,513 4,380,497 4,665,290 16,969,520 5,843,149

Premiums Receivable

Accrued Investment Income Reinsurance Recoverable

Net Deferred Tax Asset

Other Assets Total Assets


Liabilities and Surplus Unearned Premiums Life Future Policy Benefits Federal Income Tax Payable Loss and Loss Adjustment Expenses


131,362,115 86,800,591


Other Liabilities Total Liabilities

59,282,291 562,553,332 259,896,965 $822,450,297

Policyholders’ Surplus

Total Liabilities and Surplus

CONSOLIDATED INCOME STATEMENT For the year ended December 31, 2019 (unaudited) Underwriting Income Net Premiums Written $568,857,888 Change in Unearned Premiums 30,378,628 Net Premiums Earned $538,479,260 Net Losses Incurred $314,826,048 Loss Expenses Incurred 58,072,146 Underwriting Expenses Incurred 155,603,743 Increase in Life Future Policy Benefits 3,210,680 Net Losses and Expenses Incurred $531,712,617 Underwriting Gain $6,766,643 Net Investment Income 17,781,124 Other Income 2,120,850 Net Income before Taxes 26,668,617 Federal Income Taxes 4,967,451 Net Income $21,701,166




27,430,912 17,556,447 1,930,095 4,719,395

Water Theft Other



4 | Germania Today

Made with FlippingBook - professional solution for displaying marketing and sales documents online