GERMANTOWN        FARMERS MUTUAL INS. CO.                  1113
JNDELLWRtITING AND INVESTM11ENT ElXIlIBITI-Contlnued.
INVESTMENT EXPENSES.
Investment expenses paid during 19121.                       .......    1,099
49
Gain from investments during 1912 .................. ...............   $9
834 59
MISCELLANEOUS EXHIBIT.            I             I   Gain in   I     Loss
in
Surplus.   I  Surplus.
Total gains and losses in surplus dur-j             l
ing, 1912 ...........................             1   $10.888 322.
Surplus Dec. 2,1911.I                     29,9 'I
Srls               .. .. . .. ... . 91  19 ,4 4 3 1 .............. I..............91$1)44,7
Surplus Dec. 31, 1912 ..................  230,382 691..............I..............
Increase in surplus during 1912 .        ......                       $10,888
3
Totals .......................*.. ;.I............. $10,888 321   $10,888
32
I ~   ~~~~  ~    ~   ~ ~~~~~~~ .____I___________
Per cent of losses incurred to premiums earned, 50.5.
Per cent of underwriting expenses incurred to premiums earned, 44.0.
Per cent of investment expenses incurred to interest and rents earned, 10.0.
Per cent of total losses and expenses incurred and dividends declared to
total
income earned, 64.1.