GERMMAN PIRE INS. CO.                               477
Losses paid (deducting salvage) ....................................    
     $7,179 14
Less losses on risks reinsured in companies authorized in Wiscon-
sin ...........0- 671 81
Net losses paid .      ..............................................  '$6,507
33
Losses incurred ............                                      ,     
     $7,179 14
Less losses on risks reinsured in companies authorized in Wiscon-
sin ...............................................................     
      671 81
Net losses incurred ...........................................         $6,507
33
UNDERWRITING AND INVESTMENT EXHIBIT.




UNDERWRITING EXHIBIT.


Premiums.
Total premiums .           * - .................. 1  $604,515 201 .
Add unpaid return and reinsurancel
premiums Dec. 31 of previous year.1        3,270 501I.........
Total.$607,785 701 ............................
Add unearned    premiums Dec. 31 of I                Il
previous year ..........             1   345,002 991 ........      1
Total ........................... 1  $952,788 691.            ..............
Deduct unearned premiums Dec. 31,1                   I
end of the year .............            479,785 611.............. ..............
Premiums earned during the year .... .............. 1   $473,003 081.


UNDERWRITING PROFIT AND
LOSS ITEMS.


Loss from   agents' balances chargedl              I
off .                                    $3,353 121 ........   I
Agents' balances and bills           I
receivable not admitted
Dec. 31, 1911 ...........  $3,379 791 ........ .
Agents' balances and bills           |             I
receivable not admitted             I            I
Dec. 31, end of the year    1,482 781..............I..............
-I              I
Gain from above .................           1,897 011.
Loss from   underwriting profit an(1I              I
loss  items  ..........................  ..............  1,456  11
Underwriting income earned during
the year .............................


I. . . . . . .. .


LOSSES.


l


Losses paid ...........................i $252,392 371.
Deduct salvage and       reinsurance   re-
coverable Dec. 31, end of the year..1          6,113 311.
Balance ....                        1 $246,279 061.
Add salvage and reinsurance recover-I
able Dec. 31 of previous year ......           5,699 451.
Total ...........................       $251,978 511.


I $171,5=46 97
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