FIDELITY-PHENIX       FIRE   INS. CO.                   429
UNDERWRITING AND INVESTMEINT EXHIBIT.
UNDERWIRTING EXHIBIT
Premiums.                             4
Total premiums ........         ......... 1$6,1 59,991 42 ...........  .
Add unpaid return     and reinsurance
premiums Dec. 31, 1911 ...........        32,439 37 ...........    .
Total ............     I........... $6,218,430 79 ........... I
Deduct unpaid return and reinsurance                  I
premiums Dec. 31, 1912 ............         5,000 00 .............. ........
Balance   ..................... "I'll $6,213,430   79 *        .............
Add unearned premiums Dec. 31, 1911       6,562,692 84 ..
Total .$12 783,123 631
Deduct unearned premiums Dec. 31,          ,   .
1912 ................................   6,834,792 281 ..........    I
Premiums earned during 1912 .2....... .............. .$5,948,331 35!.
UNDERWRITING PROFIT AND
LOSS ITEMS.'
Gain from  agents' balances previously
charged off ...........                      $372 45!..............I.............
Loss from   agents' balances charged
off ................................       21,422 301 ........      1
Loss from   above .....................     $21,049 85 .
Agents' balances and bills
receivable not admitted
De&. 31, 1911 .......... $74,876 221 ...........................................
Agents' balances and bills
receivable not admitted
Dec. 31, 1912 ............  63,052 46 ......               .        .
Gain from above .....................I       11,823 76 .......;      I
Loss from underwriting profit andl
loss items . -                                            9-226 09
Underwriting   income earned during!                  I
1912 .. .                                            .              $5,939,105
26
I    -    ~       ~     ~~I  I
LOSSES.
Losses paid ...         ............... $3,19,4+06 401 ............    ..............
Deduct unpaid losses Dec. 31, 1911 ...      485;974 65! ............ I
Balance ....... $.2,709,431 751 .............. I..............
Add unpaid losses Dec. 31, 1912.       !    535,623 401 ............  1
Losses incurred during 1912 ......1 ............ 1 $3,2451,055 151.
UNDERWRITING EVPENSES.                                           I
IUnderwriting expenses paid     during1
1912 .     .                           $2,590,531 80 1             .......
Deduct underwriting expenses unpaidl
Dec. 31, 1911 ...........1                21S,115  0!1 ........     1
Balance ......................... $2,372,416 00..416.                 ........
Acid uinderwriting   expenses unpaidl                 I
Dec. 31. 1912 ...............             195,000 .
UTanldrwritin- expenses ineurred (dur-!               I
ing 1912 ....                          -...           2,567.416 001.
Underwriting losses and expenses         .       .                  1 5,812,471
15
Gain from   underwriting during 19121 .               .............     $126,634
11
1= _.I       _    _   ==    =       -_