416                            FEDERAL INS. CO.
UNDERWiRITING AND INVESTMENT EXHIBIT-Continued.
LOSSES.                                              I
Losses paid                      .   1     $672,096 021 .
D1educt salvage and reinsurance re1
coverable Dec. 31, end of the year..       67,567 93                 .......
Balance ...      ..       ....       $604,528 091 ..      .......... I .
Add salvage and reinsurance recov                     I     l
erable Dec. 31 of previous year.....       40.748 21 1.............
Total .....        ...               $645,276 301..............I..............
Deduct unpaid losses Dec. 31 of pre- -
vious year .........                      357,678 641 1
Balance ......I $287,597 661 .
Add unpaid losses Dec. 31, end of thel                I             I
year .............................. 1      69.147 171 .
Losses incurred during the year       .     ...........  $656,744 831.
UNDERWRITING        EXPENSES.       I                             I
Underwriting    expenses paid   duringi 1
the year             ..... 1             $632,599 051..............I..............
Deduct underwriting expenses unpaidl                  I
1)ec. 31 of previous year............I     85,544 351 .........     1
Balance   .........................  $547, 054  701 ........... . 1
Add   underwriting   expenses   unpaid     $    0      7
Dec. 31, end of the year............1     128,855 431 ........      I
Underwriting expenses incurred dur-!                                I
iug the year .......................-..............I    675,910 131 ................
Underwriting losses and expenses ....        ..............I 1,332, 654 96
Gain from underwriting during the! I I
year .*------------------- ... .                     .                 $87,216
70
INVESTMENT EXHIBIT.              |              l
II
Interest and Rents.           I                            1
Interest, dividends and rents received
during the year .*-----.--.-..$107,153 48 !.
Deduct interest, dividends and rents!                 I             I
accrued Dec. 31, end of the year... 4      26,800 42.1..............
Balance .                             $80,353 06! ...1
Add interest, dividends and rents ac
crued Dec. 31, end of the year ......      28,973 331 .
I      I~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Total  .... . . . . . . . . . . .    ...  .. . .. .  $109, 326   391 . .
. . . . .
PROFIT    ON   INVESTMENTS.         !
Gain from sale of ledger assets .......        $109 851 ......?  1
Gain from   increase in book value of                 I             I
ledger assets ......................        1,736 06 ..............I...........
Profit on Investments during the year ..............        1,845 91!1 ............
Investment income earned during the1.
year ...........................     .. ...I..........                $111,172
30