ROYAL EXCHANGE ASSURANCE CO.
UNDERWRITING AND INVESTMENT EXHIBIT.


1017


*   _                                    ~       ~      ~~~~~~~~~I  I
UNDER1WRITING EXHIBIT.
Premiums.
Total premiums      ..................... $1,916,660 361 .............. ..............
Add unpaid return       nnd   reinsurancel
premiums Dec. 31, 1911 .                      15,064      ..............
..............
Total ... ....... 1$1,931,724 361 ............                     I.   
  ...
Deduct unpaid return       and   reinsur-l
anee premiums Dec. 31, 1912 ......... l       42,766 34 ..........      
 ..............
Balance                               $1,888,958 021....   ...:     .
Add unearned premiums Dec. 31, 1911.         1,353,257 751 .-...... .....
       .
Total ..........                      $3,242,215 77 ..............
Deduct unearned      premiums Dec. 31,1
1912 .I...         ..                      1,508,997 85 ..............
Premiums earned during 1912 .......................I $1,733,217 921.
UNDERWRITI.NG PROFIT AND                1                              I
LOSS ITEMS.
Gain from   agents' balances previously
charged off ........................!.          $103 54 ......     .
Loss from   agents' balances char-ed offl           481 64 ...          
  .
Loss fromi above .....................            $378 10 1.
Agents' balances and hills
receivable not admitted
Dec. 11, 1911  ............   $8,264  031 ...............
Agents' balances and bills
receivable not admitted                 I
Dec. 31, 1912 ..........        9,162 901 ......         I.      .
Loss from above .........       ............       898 87 .        ..   
 ..............
_-                             I
Loss from    underwriting     profit  and
loss items .                                            1 1,276 971.
Underwriting income       earned   during
1912  ................................. ............ ..  ............  ......
  $,1,731, 940  95
LOSSES.                   I               I              I
Losses paid ...                                $930,289 721 ....................
........
Deduct-ifpaid losses Dec. 31, 1911.....        183,504 001 ............ 
 ..............
Balance .....            .              $746,785 721.............. ...
Add unpaid losses Dec. 31, 1912 .......         233,209 301 ........    
  .
Losses incurred during 1912 .......... .    ............. 1   $979,995 021.
UNDERWRITING EXPENSES.                                                I
,Underwriting     expenses   paid   during!
1912  ...          ......  .......I.....I   $749,560 38 .............. .
.............
Deduct underowriting expenses unpaid
Dec. 31, 1911 .......                             40,317 6 3    ..............
Balance .....                           $709,242 751 .............. ..............
Add    undervritin-    expenses    unpaid
Dec. 31, 1912 ........................        46,691 531 ...........    ..............
Underwriting expenses incurred dur-                       I
ing 1912 ......                           1.                 755,934 28 .
Underwriting losses and expenses ..... ............................1 1,735,929
30
Loss from   underwriting during 1912 ..............I.............. 1I   
      $3,988 35
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