AACHEN & MUNICH FlIRE INS. CO.                        887
UNDERWRII'lTING AND INVESTMENT EXHIBIT-Continued.
INVESTMENT EXPENSES.
Investment expenses paid during 19121 ..............     3,107 951.
I             I             I
Investment losses and expenses dur-I                             I
ing 1912 .......................................  ..............    38,406
90
*         ~I             I            I      S409
Gain from investments during 1912... ............. ..............    $48,630
81
MISCELLANEOUS EXHIBIT.            I                Gain in    I  Loss in
I  Surplus.   I  Surplus.
Dividends declared to policyholders                I
during 1912 ..          ...... ..............        $10,682 63..
Receipts from home office ............. .............  ..........   I  $103,405
52
Net loss from above ..................                               $92,722
89
Total gains and losses in surplus dur-f            l
ing 1912 ..........  ................... ............  $62,497 45f  $92,722
89
Surplus Dec. 31, 1911 ...........      $1,269,038 14 .............. ..............
Surplus Dec. 31, 1912 ...........       1,238,812 70 .............. ..............
Decrease in surplus during 1912 ...... . .............  30,225 441.
Totals       .          ..                   1    $92,722 891 $92,722 89
Per cent of losses incurred to premiums earned, 53.3.
Per cent of underwriting expenses incurred to premiums earned, 45.3.
Per cent of investment expenses incurred to interest and rents earned. i.5.
Per cent of total losses and expenses incurred and dividends declared to
total
income earned, 98.6.