Issue link: http://read.dmtmag.com/i/489850
Spring 2015 — www.ncsf.com 7 Statutory Statements of Operations & Changes in Surplus at December 31, 2014 & 2013 2014 2013 INCOME Premium and annuity considerations 5,447,888 17,015,101 Considerations for supplementary contracts with life contingencies 50,108 0 Investment income, net of $451,425 and $544,483 of investment expenses in 2014 and 2013, respectively 8,052,091 7,991,620 Miscellaneous income 55,535 496 TOTAL INCOME 13,605,622 25,007,217 BENEFITS AND EXPENSES %HQH¿WV 'HDWKGLVDELOLW\DQGDQQXLW\EHQH¿WV 5,973,082 5,528,487 0DWXUHGHQGRZPHQWVDQGVXUUHQGHUEHQH¿WV 4,190,699 3,248,991 ,QWHUHVWDQGDGMXVWPHQWVRQFHUWL¿FDWHRUGHSRVLWW\SHFRQWUDFWIXQGV 154,911 147,771 Payments on supplementary contracts with life contingencies 103,258 58,135 ,QFUHDVHGHFUHDVHLQUHVHUYHVIRUOLIHFHUWL¿FDWHVDQGFRQWUDFWV (1,129,719) 12,385,049 General insurance and fraternal expenses 3,761,985 3,385,727 TOTAL BENEFITS AND EXPENSES 13,054,216 24,754,160 Net gain/(loss) from operations before refunds to members and net realized capital gains 551,406 253,057 Refunds to members 384,727 383,374 Net gain/(loss) from operations after refunds to members and before net realized capital gains 166,679 (130,317) Net realized capital gains 894,427 807,978 NET INCOME 1,061,106 677,661 CHANGES IN SURPLUS Surplus at beginning of year 15,288,849 13,766,875 Net income 1,061,106 669,519 Change in net unrealized capital losses (278,760) 913,160 Change in asset valuation reserve (187,273) 293,578 Prior period prepaid pension expense adjustment (379,918) (749,921) 3HQVLRQ3ODQUHYDOXDWLRQ3UHSDLG$VVHWUHFODVVL¿HGWR/LDELOLW\ (445,544) 0 3HQVLRQ3ODQ3UHVHQW9DOXH%HQH¿W2EOLJDWLRQ >Fair Market Value of Plan Assets for 2014 (1,591,298) 0 Prior Period Adjustments for Non Admitted Prepaid Expense, Agent Balances & AVR (74,489) 0 Prior period claims reserve adjustment 0 0 Change in non-admitted assets 54,602 395,638 SURPLUS AT END OF YEAR 13,447,275 15,288,849