Life Insurance Of Alabama : LICOA 2019 Annual Statement

ANNUAL STATEMENT

OF THE

Life Insurance Company of

Alabama

Of

Gadsden

in the state of AL

to the Insurance Department

of the state of

For the Year Ended

December 31, 2019

2019

[ X ] LIFE AND ACCIDENT AND HEALTH

[ ] FRATERNAL BENEFIT SOCIETIES

LIFE AND ACCIDENT AND HEALTH COMPANIES/FRATERNAL BENEFIT SOCIETIES - ASSOCIATION EDITION

*65412201920100100*

ANNUAL STATEMENT

For the Year Ended December 31, 2019

of the Condition and Affairs of the

Life Insurance Company of Alabama

NAIC Group Code..... 0, 0	NAIC Company Code..... 65412	Employer's ID Number..... 63-0321291
	(Current Period)	(Prior Period)
Organized under the Laws of AL	State of Domicile or Port of Entry AL	Country of Domicile US
Licensed as Business Type:	Life, Accident & Health
Incorporated/Organized..... July 28, 1952		Commenced Business..... August 13, 1952
Statutory Home Office	302 Broad Street .. Gadsden .. AL .. US .. 35901
		(Street and Number)	(City or Town, State, Country and Zip Code)
Main Administrative Office	302 Broad Street .. Gadsden .. AL .. US .. 35901	800-226-2371
		(Street and Number)	(City or Town, State, Country and Zip Code)	(Area Code) (Telephone Number)
Mail Address	P.O. Box 349 .. Gadsden .. AL .. US .. 35902
		(Street and Number or P. O. Box)	(City or Town, State, Country and Zip Code)
Primary Location of Books and Records 302 Broad Street .. Gadsden .. AL .. US .. 35901	800-226-2371
		(Street and Number)	(City or Town, State, Country and Zip Code)	(Area Code) (Telephone Number)
Internet Web Site Address	www.licoa.com
Statutory Statement Contact	Katrina Davis Hulsey				800-226-2371-3280
		(Name)				(Area Code) (Telephone Number) (Extension)
		[e-mail]				256-399-4301
		(E-Mail Address)	OFFICERS	(Fax Number)
	Name	Title			Name	Title
1.	Clarence William Daugette III	President		2.	Jack Steven Keck	Senior Vice President / Chief Operating
						Officer / Secretary / Actuary
3.	Rosalie Renfrow Causey	Executive Vice President / Chief	4.	Raymond Rudolph Renfrow Jr.	Executive Vice President / Chief
		Financial Officer	OTHER		Marketing Officer
Hoyt Russel Casey	Vice President		Katrina Davis Hulsey	Vice President
Debbie A Edmondson	Vice President		Michael P Causey	Vice President - Director of Agency
Kenneth W Lewis	Vice President - Director of Marketing	Scott E Jones #	Vice President
Timothy H Cole #	Vice President		Zachery C Lindsey #	Vice President

DIRECTORS OR TRUSTEES

Clarence William Daugette III	Raymond Rudolph Renfrow Jr.	Anne Daugette Renfrow	Marvin Lynn Lowe
Alburta Daugette Lowe	Gerald Ray Smith Jr.	Rosalie Renfrow Causey	Herman Warren Cobb Jr.

State of........	Alabama
County of.....	Etowah

The officers of this reporting entity being duly sworn, each depose and say that they are the described officers of said reporting entity, and that on the reporting period stated above, all of the herein described assets were the absolute property of the said reporting entity, free and clear from any liens or claims thereon, except as

herein stated, and that this statement, together with related exhibits, schedules and explanations therein contained, annexed or referred to, is a full and true statement

of all the assets and liabilities and of the condition and affairs of the said reporting entity as of the reporting period stated above, and of its income and deductions therefrom for the period ended, and have been completed in accordance with the NAIC Annual Statement Instructions and Accounting Practices and Procedures manual except to the extent that: (1) state law may differ; or, (2) that state rules or regulations require differences in reporting not related to accounting practices and

procedures, according to the best of their information, knowledge and belief, respectively. Furthermore, the scope of this attestation by the described officers also includes the related corresponding electronic filing with the NAIC, when required, that is an exact copy (except for formatting differences due to electronic filing) of the enclosed statement. The electronic filing may be requested by various regulators in lieu of or in addition to the enclosed statement.

(Signature)

(Signature)

(Signature)

Clarence William Daugette III

Jack Steven Keck

Rosalie Renfrow Causey

1.

(Printed Name)

2.

(Printed Name)

3. (Printed Name)

President

Senior Vice President / Chief Operating Officer /

Executive Vice President / Chief Financial Officer

Secretary / Actuary

(Title)

(Title)

(Title)

Subscribed and sworn to before me

a. Is this an original filing?

Yes [ X ] No [ ]

This

day of

2020

b. If no

1.

State the amendment number

2.

Date filed

3.

Number of pages attached

Annual Statement for the year 2019 of the Life Insurance Company of Alabama

ASSETS

											Current Year		Prior Year
										1	2	3	4
												Net Admitted
											Nonadmitted	Assets	Net
										Assets	Assets	(Cols. 1 - 2)	Admitted Assets
1.	Bonds (Schedule D)...........................................................................................................							..............100,595,618	....................................	..............100,595,618	..............103,210,815
2.	Stocks (Schedule D):
	2.1	Preferred stocks.......................................................................................................						....................................	....................................	.................................0	....................................
	2.2	Common stocks.......................................................................................................						....................................	....................................	.................................0	....................................
3.	Mortgage loans on real estate (Schedule B):
	3.1	First liens..................................................................................................................							....................................	....................................	.................................0	....................................
	3.2	Other than first liens.................................................................................................						....................................	....................................	.................................0	....................................
4.	Real estate (Schedule A):
	4.1	Properties occupied by the company (less $..........	0
		encumbrances)........................................................................................................						...................3,973,962	......................712,231	...................3,261,731	......................982,073
	4.2	Properties held for the production of income (less $..........	0
		encumbrances)........................................................................................................						......................141,219	........................37,209	......................104,011	......................102,840
	4.3	Properties held for sale (less $..........	0 encumbrances)..........................................		....................................	....................................	.................................0	....................................
5.	Cash ($.....1,613,057, Schedule E-Part 1), cash equivalents ($.....	3,022,827,
	Schedule E-Part 2) and short-term investments ($..........	0, Schedule DA)......................	...................4,635,884	....................................	...................4,635,884	...................1,694,808
6.	Contract loans (including $..........	0 premium notes)..........................................................			...................4,107,977	....................................	...................4,107,977	...................3,948,861
7.	Derivatives (Schedule DB).................................................................................................						....................................	....................................	.................................0	....................................
8. Other invested assets (Schedule BA)................................................................................					...................4,512,749	....................................	...................4,512,749	...................4,580,704
9.	Receivables for securities..................................................................................................						....................................	....................................	.................................0	....................................
10.	Securities lending reinvested collateral assets (Schedule DL).........................................		....................................	....................................	.................................0	....................................
11.	Aggregate write-ins for invested assets.............................................................................					.................................0	.................................0	.................................0	.................................0
12.	Subtotals, cash and invested assets (Lines 1 to 11).........................................................			..............117,967,410	......................749,440	..............117,217,970	..............114,520,101
13.	Title plants less $..........	0 charged off (for Title insurers only)...........................................		....................................	....................................	.................................0	....................................
14.	Investment income due and accrued.................................................................................					......................913,441	....................................	......................913,441	...................1,016,213
15.	Premiums and considerations:
	15.1 Uncollected premiums and agents' balances in the course of collection...............	......................943,052	......................348,210	......................594,842	......................600,197
	15.2 Deferred premiums, agents' balances and installments booked but deferred
		and not yet due (including $..........	0 earned but unbilled premiums)......................	...................2,916,477	....................................	...................2,916,477	...................2,809,863
	15.3	Accrued retrospective premiums ($	..........0) and contracts subject to
		redetermination ($..........	0).......................................................................................					....................................	....................................	.................................0	....................................
16.	Reinsurance:
	16.1 Amounts recoverable from reinsurers.....................................................................			......................200,046	....................................	......................200,046	........................40,046
	16.2 Funds held by or deposited with reinsured companies...........................................		....................................	....................................	.................................0	....................................
	16.3 Other amounts receivable under reinsurance contracts.........................................		....................................	....................................	.................................0	..........................2,513
17.	Amounts receivable relating to uninsured plans................................................................			....................................	....................................	.................................0	....................................
18.1 Current federal and foreign income tax recoverable and interest thereon.......................	......................459,442	....................................	......................459,442	......................294,052
18.2 Net deferred tax asset........................................................................................................						...................2,891,726	...................1,900,866	......................990,860	...................1,355,810
19.	Guaranty funds receivable or on deposit...........................................................................					....................................	....................................	.................................0	....................................
20.	Electronic data processing equipment and software.........................................................			......................282,182	....................................	......................282,182	......................279,372
21.	Furniture and equipment, including health care delivery assets ($..........	0).....................	......................342,262	......................342,262	.................................0	....................................
22.	Net adjustment in assets and liabilities due to foreign exchange rates............................	....................................	....................................	.................................0	....................................
23.	Receivables from parent, subsidiaries and affiliates.........................................................			....................................	....................................	.................................0	....................................
24.	Health care ($..........	0) and other amounts receivable......................................................			....................................	....................................	.................................0	....................................
25.	Aggregate write-ins for other-than-invested assets...........................................................			...................3,354,368	......................146,826	...................3,207,542	...................3,027,448
26.	Total assets excluding Separate Accounts, Segregated Accounts and Protected
	Cell Accounts (Lines 12 to 25)...........................................................................................						..............130,270,407	...................3,487,604	..............126,782,802	..............123,945,615
27.	From Separate Accounts, Segregated Accounts and Protected Cell Accounts...............	....................................	....................................	.................................0	....................................
28.	TOTAL (Lines 26 and 27)..................................................................................................						..............130,270,407	...................3,487,604	..............126,782,802	..............123,945,615
									DETAILS OF WRITE-INS
1101.	............................................................................................................................................								....................................	....................................	.................................0	....................................
1102.	............................................................................................................................................								....................................	....................................	.................................0	....................................
1103.	............................................................................................................................................								....................................	....................................	.................................0	....................................
1198. Summary of remaining write-ins for Line 11 from overflow page......................................		.................................0	.................................0	.................................0	.................................0
1199. Totals (Lines 1101 through 1103 plus 1198) (Line 11 above)..........................................		.................................0	.................................0	.................................0	.................................0
2501. Cash surrender value corporate owned life insurance......................................................			...................3,207,542	....................................	...................3,207,542	...................2,894,728
2502. Agents' credit balances......................................................................................................						........................34,464	........................34,464	.................................0	....................................
2503. Loans unsecured................................................................................................................							..........................6,259	..........................6,259	.................................0	....................................
2598. Summary of remaining write-ins for Line 25 from overflow page......................................		......................106,103	......................106,103	.................................0	......................132,720
2599. Totals (Lines 2501 through 2503 plus 2598) (Line 25 above)..........................................		...................3,354,368	......................146,826	...................3,207,542	...................3,027,448

2

Annual Statement for the year 2019 of the Life Insurance Company of Alabama

LIABILITIES, SURPLUS AND OTHER FUNDS

						1	2
						Current Year	Prior Year
1.	Aggregate reserve for life contracts $	.....48,785,217 (Exhibit 5, Line 9999999) less $..........	0
	included in Line 6.3 (including $..........	0 Modco Reserve)..........................................................................................................................			....................48,785,217	....................46,514,842
2.	Aggregate reserve for accident and health contracts (including $.........	0 Modco Reserve)........................................................................	....................23,267,000	....................23,109,179
3.	Liability for deposit-type contracts (Exhibit 7, Line 14, Col. 1) (including $..........	0 Modco Reserve)..........................................................	......................1,061,420	......................1,077,759

4. Contract claims:

	4.1	Life (Exhibit 8, Part 1, Line 4.4, Col. 1 less sum of Cols. 9, 10 and 11)..........................................................................................				.........................635,445	534,838.........................
	4.2	Accident and health (Exhibit 8, Part 1, Line 4.4, sum of Cols. 9, 10 and 11)..................................................................................				......................4,809,760	4,310,346......................
5.	Policyholders' dividends/refunds to members $..........	0 and coupons $..........	0 due and unpaid (Exhibit 4, Line 10).................................	.......................................	.......................................
6.	Provision for policyholders' dividends, refunds to members and coupons payable in following calendar year - estimated amounts:
	6.1	Policyholders' dividends and refunds to members apportioned for payment (including $..........	0 Modco)......................................	...........................10,111	10,925...........................
	6.2	Policyholders' dividends and refunds to members not yet apportioned (including $..........	0 Modco)..............................................	.......................................	.......................................
	6.3	Coupons and similar benefits (including $..........	0 Modco)..............................................................................................................						.......................................	.............................4,934
7. Amount provisionally held for deferred dividend policies not included in Line 6.........................................................................................				.......................................	.......................................
8.	Premiums and annuity considerations for life and accident and health contracts received in advance less $..........	0
	discount; including $.....	432,027 accident and health premiums (Exhibit 1, Part 1, Col. 1, sum of Lines 4 and 14)...................................	.........................458,985	243,183.........................
9.	Contract liabilities not included elsewhere:
	9.1	Surrender values on canceled contracts.........................................................................................................................................									.......................................	.......................................
	9.2	Provision for experience rating refunds, including the liability of $..........	0 accident and health experience
		rating refunds of which $..........	0 is for medical loss ratio rebate per the Public Health Service Act...............................................	.......................................	.......................................
	9.3	Other amounts payable on reinsurance, including $..........	0 assumed and $.....	4,984 ceded.........................................................		.............................4,984	4,498.............................
	9.4	Interest Maintenance Reserve (IMR, Line 6)...................................................................................................................................								......................1,483,959	1,478,605......................
10.	Commissions to agents due or accrued - life and annuity contracts $..........	0, accident and health $.....	151,682
	and deposit-type contract funds $..........	0...................................................................................................................................................									.........................151,682	145,382.........................
11.	Commissions and expense allowances payable on reinsurance assumed................................................................................................					.......................................	.......................................
12.	General expenses due or accrued (Exhibit 2, Line 12, Col. 7)....................................................................................................................						......................1,008,008	1,620,725......................
13.	Transfers to Separate Accounts due or accrued (net) (including $..........	0 accrued for expense
	allowances recognized in reserves, net of reinsured allowances)..............................................................................................................						.......................................	.......................................
14.	Taxes, licenses and fees due or accrued, excluding federal income taxes (Exhibit 3, Line 9, Col. 6)........................................................		.........................128,320	73,542...........................
15.1	Current federal and foreign income taxes, including $..........	0 on realized capital gains (losses)...............................................................			.......................................	.......................................
15.2 Net deferred tax liability...............................................................................................................................................................................											.......................................	.......................................
16.	Unearned investment income.....................................................................................................................................................................										.........................136,396	142,570.........................
17.	Amounts withheld or retained by reporting entity as agent or trustee.........................................................................................................					.........................112,688	85,428...........................
18.	Amounts held for agents' account, including $.....	34,464 agents' credit balances......................................................................................				...........................34,464	18,043...........................
19.	Remittances and items not allocated..........................................................................................................................................................										.........................597,605	249,853.........................
20.	Net adjustment in assets and liabilities due to foreign exchange rates.......................................................................................................					.......................................	.......................................
21.	Liability for benefits for employees and agents if not included above.........................................................................................................					.........................738,066	644,716.........................
22.	Borrowed money $..........	0 and interest thereon $..........	0..........................................................................................................................							.......................................	.......................................
23.	Dividends to stockholders declared and unpaid..........................................................................................................................................									.......................................	.......................................
24.	Miscellaneous liabilities:
	24.01 Asset valuation reserve (AVR Line 16, Col. 7)................................................................................................................................								.........................993,561	753,450.........................
	24.02	Reinsurance in unauthorized and certified ($..........	0) companies..................................................................................................					.......................................	.......................................
	24.03	Funds held under reinsurance treaties with unauthorized and certified ($..........	0) reinsurers........................................................		.......................................	.......................................
	24.04 Payable to parent, subsidiaries and affiliates..................................................................................................................................								.......................................	.......................................
	24.05	Drafts outstanding...........................................................................................................................................................................										.......................................	.......................................
	24.06 Liability for amounts held under uninsured plans............................................................................................................................							.......................................	.......................................
	24.07 Funds held under coinsurance........................................................................................................................................................										.......................................	.......................................
	24.08	Derivatives.......................................................................................................................................................................................											.......................................	.......................................
	24.09	Payable for securities......................................................................................................................................................................										.........................500,000	.......................................
	24.10 Payable for securities lending..........................................................................................................................................................										.......................................	.......................................
	24.11	Capital notes $..........	0 and interest thereon $..........	0.....................................................................................................................						.......................................	.......................................
25.	Aggregate write-ins for liabilities.................................................................................................................................................................										......................1,447,174	1,554,396......................
26.	.......................................................................................................Total liabilities excluding Separate Accounts business (Lines 1 to 25)					....................86,364,844	82,577,216....................
27.	...........................................................................................................................................................From Separate Accounts Statement										.......................................	.......................................
28.	..................................................................................................................................................................Total liabilities (Line 26 and 27)										....................86,364,844	82,577,216....................
29.	.................................................................................................................................................................................Common capital stock											......................1,500,000	1,500,000......................
30.	Preferred capital stock................................................................................................................................................................................											.......................................	.......................................
31.	Aggregate write-ins for other-than-special surplus funds............................................................................................................................							....................................0	0....................................
32.	Surplus notes..............................................................................................................................................................................................											.......................................	.......................................
33.	Gross paid in and contributed surplus (Page 3, Line 33, Col. 2 plus Page 4, Line 51.1, Col. 1)................................................................			......................1,810,494	1,810,494......................
34.	Aggregate write-ins for special surplus funds.............................................................................................................................................									....................................0	0....................................
35.	Unassigned funds (surplus)........................................................................................................................................................................										....................37,825,626	38,776,067....................
36.	Less treasury stock, at cost:
	36.1	.....0.000 shares common (value included in Line 29	$..........	0)......................................................................................................					.........................718,162	718,162.........................
	36.2	.....0.000 shares preferred (value included in Line 30	$..........	0).....................................................................................................					.......................................	.......................................
37.	Surplus (Total Lines 31 + 32 + 33 + 34 + 35 - 36) (including $..........	0 in Separate Accounts Statement).................................................	....................38,917,958	39,868,399....................
38.	.........................................................................................................................................Totals of Lines 29, 30 and 37 (Page 4, Line 55)									....................40,417,958	41,368,399....................
39.	....................................................................................................................................Totals of Lines 28 and 38 (Page 2, Line 28, Col. 3)								..................126,782,802	123,945,615..................
									DETAILS OF WRITE-INS
2501.	Accounts payable........................................................................................................................................................................................											.........................145,929	.........................259,274
2502. Employee Appreciation Day account..........................................................................................................................................................										.............................2,495	...........................15,493
2503.	Bridge Program account.............................................................................................................................................................................										......................1,258,673	......................1,234,108
2598. Summary of remaining write-ins for Line 25 from overflow page................................................................................................................						...........................40,077	...........................45,521
2599. Totals (Lines 2501 through 2503 plus 2598) (Line 25 above).....................................................................................................................						......................1,447,174	......................1,554,396
3101.	....................................................................................................................................................................................................................												.......................................	.......................................
3102.	....................................................................................................................................................................................................................												.......................................	.......................................
3103.	....................................................................................................................................................................................................................												.......................................	.......................................
3198. Summary of remaining write-ins for Line 31 from overflow page................................................................................................................						....................................0	....................................0
3199. Totals (Lines 3101 through 3103 plus 3198) (Line 31 above).....................................................................................................................						....................................0	....................................0
3401.	....................................................................................................................................................................................................................												.......................................	.......................................
3402.	....................................................................................................................................................................................................................												.......................................	.......................................
3403.	....................................................................................................................................................................................................................												.......................................	.......................................
3498. Summary of remaining write-ins for Line 34 from overflow page................................................................................................................						....................................0	....................................0
3499. Totals (Lines 3401 through 3403 plus 3498) (Line 34 above).....................................................................................................................						....................................0	....................................0

3

Annual Statement for the year 2019 of the Life Insurance Company of Alabama

SUMMARY OF OPERATIONS

					1	2
					Current Year	Prior Year
1.	Premiums and annuity considerations for life and accident and health contracts (Exhibit 1, Part 1, Line 20.4, Col. 1, less Col. 11)	................37,540,639	................37,163,692
2. Considerations for supplementary contracts with life contingencies.................................................................................................................	...................................	...................................
3.	Net investment income (Exhibit of Net Investment Income, Line 17)................................................................................................................	..................4,422,190	..................4,570,348
4.	Amortization of Interest Maintenance Reserve (IMR) (Line 5)..........................................................................................................................	.....................181,258	.....................223,938
5. Separate Accounts net gain from operations excluding unrealized gains or losses..........................................................................................	...................................	...................................
6. Commissions and expense allowances on reinsurance ceded (Exhibit 1, Part 2, Line 26.1, Col. 1)................................................................	...................................	...................................
7. Reserve adjustments on reinsurance ceded.....................................................................................................................................................	...................................	...................................
8.	Miscellaneous Income:
	8.1	Income from fees associated with investment management, administration and contract guarantees from Separate Accounts	...................................	...................................
	8.2	Charges and fees for deposit-type contracts..............................................................................................................................................	...................................	...................................
	8.3		Aggregate write-ins for miscellaneous income...........................................................................................................................................	.......................78,287	.....................189,692
9.	........................................................................................................................................................................................Totals (Lines 1 to 8.3)	................42,222,375	................42,147,670
10.	...................................................................................................................................................................................................Death benefits	..................2,401,340	..................2,845,318
11.	Matured endowments (excluding guaranteed annual pure endowments).........................................................................................................	...................................	...................................
12.	Annuity benefits (Exhibit 8, Part 2, Line 6.4, Cols. 4 + 8)..................................................................................................................................	.....................164,741	.....................145,532
13.	Disability benefits and benefits under accident and health contracts................................................................................................................	................16,408,747	................16,012,113
14.	Coupons, guaranteed annual pure endowments and similar benefits...............................................................................................................	...................................	.........................4,934
15.	Surrender benefits and withdrawals for life contracts........................................................................................................................................	.....................815,616	.....................928,001
16.	Group conversions............................................................................................................................................................................................	...................................	...................................
17.	Interest and adjustments on contract or deposit-type contract funds................................................................................................................	.......................38,794	.......................37,437
18.	Payments on supplementary contracts with life contingencies.........................................................................................................................	...................................	...................................
19.	Increase in aggregate reserves for life and accident and health contracts.......................................................................................................	..................2,428,196	..................2,102,583
20.	.......................................................................................................................................................................................Totals (Lines 10 to 19)	................22,257,434	................22,075,919
21.	Commissions on premiums, annuity considerations and deposit-type contract funds (direct business only)
	(Exhibit 1, Part 2, Line 31, Col. 1)......................................................................................................................................................................	..................7,967,156	..................7,864,245
22.	Commissions and expense allowances on reinsurance assumed (Exhibit 1, Part 2, Line 26.2, Col. 1)...........................................................	...................................	...................................
23.	General insurance expenses and fraternal expenses (Exhibit 2, Line 10, Columns 1, 2, 3, 4 and 6)..............................................................	................10,731,144	................11,686,249
24.	Insurance taxes, licenses and fees, excluding federal income taxes (Exhibit 3, Line 7, Cols. 1 + 2 + 3 + 5)...................................................	..................1,104,837	..................1,235,181
25.	Increase in loading on deferred and uncollected premiums..............................................................................................................................	.....................158,483	.....................116,179
26.	Net transfers to or (from) Separate Accounts net of reinsurance......................................................................................................................	...................................	...................................
27.	Aggregate write-ins for deductions....................................................................................................................................................................	.......................93,349	.........................2,744
28.	.......................................................................................................................................................................................Totals (Lines 20 to 27)	................42,312,404	................42,980,516
29.	..............Net gain from operations before dividends to policyholders, refunds to members and federal income taxes (Line 9 minus Line 28)	......................(90,030)	....................(832,846)
30.	Dividends to policyholders and refunds to members.........................................................................................................................................	.........................4,711	.......................10,529
31.	....Net gain from operations after dividends to policyholders, refunds to members and before federal income taxes (Line 29 minus Line 30)	......................(94,740)	....................(843,375)
32.	Federal and foreign income taxes incurred (excluding tax on capital gains).....................................................................................................	....................(214,776)	......................(45,669)
33.	Net gain from operations after dividends to policyholders, refunds to members and federal income taxes and before realized
	capital gains or (losses) (Line 31 minus Line 32)..............................................................................................................................................	.....................120,036	....................(797,706)
34.	Net realized capital gains (losses) (excluding gains (losses) transferred to the IMR) less capital gains tax of $.....(219)
	(excluding taxes of $.....49,605 transferred to the IMR)....................................................................................................................................	...........................(822)	.....................521,404
35.	.....................................................................................................................................................................Net income (Line 33 plus Line 34)	.....................119,214	....................(276,302)
			CAPITAL AND SURPLUS ACCOUNT
36.	Capital and surplus, December 31, prior year (Page 3, Line 38, Col. 2)...........................................................................................................	................41,368,399	................42,456,837
37.	Net income (Line 35).........................................................................................................................................................................................	.....................119,214	....................(276,302)
38.	Change in net unrealized capital gains (losses) less capital gains tax of $..........	0...........................................................................................	...................................	.................(1,475,363)
39.	Change in net unrealized foreign exchange capital gain (loss) ........................................................................................................................	...................................	...................................
40.	Change in net deferred income tax...................................................................................................................................................................	......................(56,300)	.....................922,390
41.	Change in nonadmitted assets..........................................................................................................................................................................	....................(360,046)	.................(1,866,168)
42.	Change in liability for reinsurance in unauthorized and certified companies.....................................................................................................	...................................	...................................
43.	Change in reserve on account of change in valuation basis (increase) or decrease........................................................................................	...................................	...................................
44.	Change in asset valuation reserve ...................................................................................................................................................................	....................(240,111)	..................2,020,234
45.	Change in treasury stock, (Page 3, Lines 36.1 and 36.2 Col. 2 minus Col. 1)..................................................................................................	...................................	...................................
46.	Surplus (contributed to) withdrawn from Separate Accounts during period......................................................................................................	...................................	...................................
47.	Other changes in surplus in Separate Accounts Statement..............................................................................................................................	...................................	...................................
48.	Change in surplus notes....................................................................................................................................................................................	...................................	...................................
49.	Cumulative effect of changes in accounting principles......................................................................................................................................	...................................	...................................
50.	Capital changes:
	50.1	Paid in......................................................................................................................................................................................................	...................................	...................................
	50.2 Transferred from surplus (Stock Dividend)..............................................................................................................................................	...................................	...................................
	50.3	Transferred to surplus..............................................................................................................................................................................	...................................	...................................
51.	Surplus adjustment:
	51.1	Paid in......................................................................................................................................................................................................	...................................	...................................
	51.2 Transferred to capital (Stock Dividend)....................................................................................................................................................	...................................	...................................
	51.3	Transferred from capital...........................................................................................................................................................................	...................................	...................................
	51.4 Change in surplus as a result of reinsurance...........................................................................................................................................	...................................	...................................
52.	Dividends to stockholders..................................................................................................................................................................................	....................(413,198)	....................(413,229)
53.	Aggregate write-ins for gains and losses in surplus..........................................................................................................................................	...............................(1)	................................0
54.	...............................................................................................................Net change in capital and surplus for the year (Lines 37 through 53)	....................(950,441)	.................(1,088,438)
55.	.........................................................................................Capital and surplus, December 31, current year (Lines 36 + 54) (Page 3, Line 38)	................40,417,958	................41,368,399
				DETAILS OF WRITE-INS
08.301.		Miscellaneous income..............................................................................................................................................................................	.......................78,287	.....................189,692
08.302. .................................................................................................................................................................................................................	...................................	...................................
08.303. .................................................................................................................................................................................................................	...................................	...................................
08.398. Summary of remaining write-ins for Line 8.3 from overflow page............................................................................................................	................................0	................................0
08.399.		Totals (Lines 08.301 through 08.303 plus 08.398) (Line 8.3 above).......................................................................................................	.......................78,287	.....................189,692
2701.		Change in liability for other benefits for employees - increase................................................................................................................	.......................93,349	.........................2,744
2702.		.................................................................................................................................................................................................................	...................................	...................................
2703.		.................................................................................................................................................................................................................	...................................	...................................
2798.		Summary of remaining write-ins for Line 27 from overflow page.............................................................................................................	................................0	................................0
2799.		Totals (Lines 2701 through 2703 plus 2798) (Line 27 above).................................................................................................................	.......................93,349	.........................2,744
5301.		Rounding..................................................................................................................................................................................................	...............................(1)	...................................
5302.		.................................................................................................................................................................................................................	...................................	...................................
5303.		.................................................................................................................................................................................................................	...................................	...................................
5398.		Summary of remaining write-ins for Line 53 from overflow page.............................................................................................................	................................0	................................0
5399.		Totals (Lines 5301 through 5303 plus 5398) (Line 53 above).................................................................................................................	...............................(1)	................................0

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