NATIONAL MUTUAL ASSURANCE CO.                             1225
UNDERWRITING AND INVESTMENT EXHIBIT-Continued.
UNDERWRITING EXPENSES. l                            l
JInderwriting   expenses   paid  during
1912 .$12,001 93 ...........                                            
  ......
Deduct underwriting expenses unpaid
Dec. 31, 1911 .........................        541 56.
Balance .             ... ,            $11,460 37 .......        .      
.
Add   underwriting    expenses   unpaid
Dec. 31, 1912    ........................   1,162 07............................
Underwriting expenses incurred dur-                    I              l
ing 1912 ..............                ..............     12,622 441..............
Underwriting losses and expenses.... .............. ......              
  20,904 32
,Gain from underwriting during 1912................'$.....              
   84,081 96
INVESTMENT EXHIBIT.               1              l              I
Interest and Rents.
'Interest, dividends and rents received
during the year .........    ...........    $3,644 54 ............
Deduct interest, dividends and rents                                  l
accrued Dec. 31, 1911 ................       1,995 81 .............. ..............
Balance   ............   .......        $1,648 73 .............................
-Add interest, dividends and rents a'c
crued Dec. 31, 1912 ..................        2,258 32 .............. ..............
Total ........................... ..............      $3,907 051 ..............
PROFIT ON INVESTMENTS.                             i
(Gain from   sale of ledger assets...... .....j...75 001..............
Investment income earned during 1912 .............. .    .............  
  $3,982 05
LOSS ON INVESTMENTS.
Loss from   sale of ledger assets ....... .............         $90 001 
   . .---.---.
Loss from    change in difference be-                  l              l
tween book and market value dur-I
ing the year ........................ ..............         2,741 251 .......
 .
Loss on investments during 1912 .             .... ...........          
     2,831 25
Gain from investments during 1912 .... ........                         
  $1,150 80
MISCELLANEOUS EXHIBIT.                                Gain in     |  Loss
in
Surplus.   I   Surplus.
Dividends declared    to  policyholders                               l
during 1912 ........................ ..............I l                  $85,786
50
.Net loss from above .................... .............                 
 $85,786 50
'Total gains and losses in surplus dur-
ing 1912                     .        .       .            $85,232 761 $85,786
50
Surplus Dec. 31, 1911 ..................      $54,894 93 .............. ..............
Surplus Dec. 31, 1912 .................       54,341 19 .............. ..............
Decrease in surplus during 1912 ...... ..........               53 741.
Totals ..                       .                      $85,786 501 $85,786
50
I           .  I.             I.
Per cent of losses incurred to premiums earned, 7.85.
Per cent of underwriting expenses incurred to premiums earned, 11.9.
Per cent of total losses and expenses incurred and dividends declared to
total
income earned, 100.5.