MINNEAPOLIS FIRE & MARINE INS. CO.                      633
UNDEL>"R NVRITING  A ND INVESTMENT EXL-IIBIT--Continued.
Gain from  underwriting  profit andl
loss items ...............................1.-...    40,066 321.
Underwriting income earned during!               I             |
the year           .             .                           1 $154,208 0
I            II
LOSSES.               I             I
Losses paid. ..............             $96,723 19!1 .         ..............
Deduct unpaid losses Dec. 31 of pre-1
vious year .........       .           29,950 531 ......  .. ..............
Balance ...         ......         $66, 772 66..
Add unpaid losses Dlec. 31, end of thel
year .                                 112,823 141 .......    I    .
I            I
Losses incurred during the year.    .............. 1  $79,595 9501 .........----
UNDERWRITING EXPENSES.           I            I
Underwriting expenses paid duringl
the year .....                    1   $54,448 261 ........    I
Deduct underwriting expenses unipaidl            I             I
Dec. 31 of previous year ............   2,624 711 ........    1
Balance .......................    $51,823 551 ........    1
Add underwriting    expenses unpaidl                           I
Dec. 31, end of the year .              2,098 19. .
UnIdeJ r riting expenses incurred dur-1          I
ing the year ......................!..............1  5:3,921 74 ..............
Underwriting losses and expenses ..................1.............. 1    
 5t
Gain from underwriting during thel
year   ............       .........  ....... .  ........... 1    :20,690
52
*  ~        ~      ~      ~      ~     ~~~~~~~~ I  II
*  +           ~      ~     ~~~~~~~~~~~I  I
INVESTMvENT EXHIBIT'r         !
Interest and Rents.        I            I
Initerest, diVi(lell(ls anl(l rents received     I
dluring the year ..       ..     1   $24-,887 1 !..        I
Deduct interest, dividends and rents!
accrued Decemuber 31, end of tiel!
year . .                                7,960 311 ......... I
-I _                 I     .
Balance           .....     .      $16,923 941 ........    I..............
Add interest, dividends and rents ac-1           I             I
crued Dec. 31, end of the year.    1    7.423 241 .
Interest and rents earned (dr-1
ing the year ......... 1                           $24,347 18! .........
.
*               I            II
IROF'IT' ON INVE1ST'M81ENTS.    I
*              I            ~      ~     ~~~~~~~~~~~~~~~~~~~~~~I  I
(lain fromt safle of ledger assets ......!1  $175) 001 .................-
Gr ain fi o  inere ;Ase ii hook value oil
ledger a.issets ....    ......          3,375 00!. ..   .       I   ........
I       --   I             I
Profit on investments dturing the yearl ...............I  3,550 001.
Investment income earned during thel
ycur ,..                  . ..............                      $27,897 18