5 things that should be on your INSURANCE TO-DO LIST
CONSOLIDATED BALANCE SHEET As of December 31, 2017 (unaudited)
Admitted Assets Cash and Investments
$489,576,234 4,586,885 127,463,094
Real Estate and Equipment
Premiums Receivable
Accrued Investment Income Reinsurance Recoverable
3,861,384 25,676,064 14,298,610 2,391,360 5,870,377
Net Deferred Tax Asset
Federal Income Tax Recoverable
Other Assets Total Assets
$673,724,008
W hen you’re budgeting for a full life in retirement, every line item is up for consideration, even your property insurance. As you plan for financial necessities, it’s natural to explore everything that could make a long-term difference in your bottom line. The critical thing to do is make informed, wise choices when it comes to keeping your assets secure. • Keep your home insured even if you’ve paid off your mortgage. Your home is probably the largest chunk of your net worth, so protect that key asset by insuring it against loss from fire and other disasters. • Keep your insurance updated. Work with your Germania agent to be sure the value of the buildings on your property is at the current value to ensure you’re covered correctly in the event of a loss. You can pay about $500 for a private property appraisal, which will verify your property’s current value if you have any doubts. • Consider increasing your property insurance deductible. Talk to your Germania agent and see how much you can save annually by raising the deductible on your policy. If you already have a solid emergency fund set aside, you should be able to “self-insure” the cost of a higher deductible if you have a claim. • Obtain an umbrella policy and increase your liability coverage. Buy an umbrella policy with personal liability coverage equal to or greater than your net worth to protect your hard-earned assets from lawsuits. A $1 million policy costs less than $200/year. While you’re at it, check to be sure you have adequate liability coverage within your homeowner’s policy. • Insure valuables. If you have accumulated a collection of valuables — jewelry, artwork, tapestries, china, crystal, antiques — then talk to your Germania Agent about special riders on your property insurance to be sure those precious items are adequately covered. It pays to be sure you are properly insured to the value of your valuables.
Liabilities and Surplus Unearned Premiums
$226,997,645 98,278,431 20,523,855 79,463,727 55,827,152 481,090,810 192,633,198 $673,724,008
Loss and Loss Adjustment Expenses
Notes Payable
Life Future Policy Benefits
Other Liabilities Total Liabilities
Policyholders’ Surplus
Total Liabilities and Surplus
CONSOLIDATED INCOME STATEMENT For the year ended December 31, 2017 (unaudited) Underwriting Income Net Premiums Written
$428,178,829 15,399,590 412,779,239 258,621,541 47,956,441 116,732,422 4,324,929 427,635,333
Change in Unearned Premiums
Net Premiums Earned Net Losses Incurred Loss Expenses Incurred
Underwriting Expenses Incurred Increase in Life Future Policy Benefits Net Losses and Expenses Incurred
Underwriting Loss
(14,856,094)
Net Investment Income
16,087,640
Other Income
1,417,148
Net Income before Taxes Federal Income Taxes
2,648,694 (951,366) $3,600,060
Net Income
CLAIMS PAID BY PERIL Storm
$149,520,308 $26,789,075 $15,535,555 $2,165,463 $4,766,245 $198,776,646
Fire
Water Theft Other
Total
6 | GERMANIA TODAY
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