ROYAL INS. CO.                             1025
UNDERWRITING AND INVESTMENT EXHIBIT-Continued.
PROFIT ON INVESTMENTS.            I
Gain from increase in book value ofl
ledger assets ......................                  209,346 531    . .............
Investment income earned during 19121 .      .......1                $859,060
52
LOSS ON INVESTMENTS.                          I             I
Loss from sale of ledger assets.$6,347 461.... I..............
Loss from  decrease in book value of               i
ledger assets .........I                 16,310 541. .           -'     
-'',
Loss from   change in difference be-I              1             I
tween book and market value dur-I
ing 1912 ......................I.....    72.275 501 .............. I..............
I           -l
Loss on investments during 1912 .....$94,93 501..............
INVESTMENT      EXPENSES.        I             1             l
Investment expenses paid during 19121..                 251,026 731..............
-        I            ~~~~~~~~~~I -_- i
Investment losses and expenses duringi             I             1
1912 .         ............................... .. ..1               345,960
23
,Gain from investments during 1912. ..............1............. . j  $513100
29
MISCELLANEOUS EXHIBIT.                             G 1  ain in  1  Loss in
I       I  Surplus.      Surplus.
Receipts from  home office .............  ........     $27,406 161.
Remittances to home offiee ........................ ,.|.l.        $1,151,421
06
Decreawe in special reserve ........... ..............   2,883 341.
Net loss from  above             .       .       ................I $1,121,131
56
I             I           _I           _
Total gains and losses in surplus dur-1                          I
ing 1912 .......                                1 $903,418 221 $1,121,131
56
Surplus Dec. 31, 1911.      |          $2.587,559 041 .
Surplus Dec. 31, 1912 ..              ...............  169.845 701..............
Decrease in surplus during 1912 ......1.............. 1  217.713 341.
Totals .    .   .    .... .      ..........    $1,121.131 561 $1,121,131
56
.~~~~                                                 ~   ~~~~~~~~~~~ . 
1  __
Per cent of losses incurred to premiutms earned, 51.84.
Per cent of. underwriting expenses incurred to premiums earned. 43.33.
Per cent of investment expenses incurred to interest and rents earned. 3S.64.
Per cent of total losses and expenses incurred and dividends declared to
total
income earned, 89.72.