INSURANCE COMPANY OF NORTH AMERICA.
UNDERWRITING AND INVESTMENT EXHIBIT-Continued.


563




INVESTMENT EXHIBIT.            I
Interest and Rents.         I
I
Interest, dividends and rents received
during the year ....................I
Deduct interest, dividends and rentsl
accruipd Del. 3t 1911 ................I


$654,118 10
77,846 58






Balance   ........................    $576,271 52 1......... ..............
Add interest, dividends and rents ac-
crued Dec. 31, 1912 .                       98,462 371 .
Total ........................$.................     $674,733 891.
PROFIT ON INVESTMENTS.              I
I              I              I91 18  .. . . . .
Gain from   sale of ledger assets ................            19,141 871
Investment income earned during 19121.       ............    .......... 
 $693,875 76
LOSS ON INVESTMENTS.               I
Loss from sale of ledger assets....... $3,36         08.......
Loss from   decrease in book value of l                I
ledger assets.- ...-.-.-.-. ''I'l             939 43. -.             ..............
Loss from   change   in  difference  be-1
txveen book and market value dur-l
inn 1912 ............................       80,777 98 .......          ..............
Loss from   other investments .........           9  00.        ...........................
Loss on investments during 1912 ...... I............... 1    $86,042 491..............
INVESTMENT EXPENSES.                l              I              I
Investment expenses paid during 19121 ..............         5'0,981 63..
Investment losses and expenses dur-I                   I
ing 1912 .............................     .          .I                
137,024 12
Gain from   investments during 1912-1..............I..............I     
 $556,851 64
MISCELLANEOUS EXHIBIT.               1              I   Gain in    I   Loss
in
I  Surplus.       Surplus.
Dividends   declared   to  stockholders                 I              I
during 1912 ........................ .......................... . .  l $480,000
00
Increase in special reserves ......................... ..............   
  534,269 14
Net loss from above .............                        .............. $1,014,269
14
Total gains and losses in surplus dur-I                 l
plus during 1912.I $1,014,269 141.1,014,269 14
Surplus Dec. 31, 1911 .............      I| $4,000,000 001 .............
I..............
Surplus Dec. 31, 1912 ..............       4,000,000 001 ............-...........
Totals *----------------            ............I $1,014,269 141 $1,014,269
14
l              l              l


Per cent of losses incurred to premiums earned, 56.93.
Per cent of underwriting expenses to premiums earned. 37.99.
Per cent of investment expenses incurred to interest and rents earned, 7.55.
Per cent of total losses and expenses incurred and dividends declared to
total
income earned, 94.55.