Consolidated Statements of Operations
CONSOLIDATED STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS
FOR THE YEARS ENDED DECEMBER 31, 2022 AND 2021
| Revenue |
|
|
|
|
|
|
| Earned premiums |
|
$ |
2,688,067,325
|
|
$ |
2,503,318,619 |
| Administrative charges |
|
|
13,269,375
|
|
|
14,415,477 |
| Other revenue |
|
|
147,022,350
|
|
|
10,806,100 |
| Total revenue |
|
|
2,848,359,050 |
|
|
2,528,540,196 |
| Expenses |
|
|
|
|
|
|
| Net claims expense |
|
|
2,479,662,136
|
|
|
2,318,917,042 |
| Change in premium deficiency reserves |
|
|
(32,443,000)
|
|
|
(13,744,000) |
| Total claims expense |
|
|
2,447,219,136 |
|
|
2,305,173,042 |
| Excess of revenue over claims expense |
|
|
401,139,914 |
|
|
223,367,154 |
| General and administrative expenses |
|
|
504,010,216 |
|
|
343,712,322 |
| Operating (loss) |
|
|
(102,870,302) |
|
|
(120,345,168) |
| Other income, net |
|
|
|
|
|
|
| Investment income, net |
|
|
5,747,990 |
|
|
7,742,104 |
| Recognized gains (losses) on investments, net |
|
|
(2,690,754) |
|
|
12,281,400 |
| Other income, net |
|
|
3,057,236 |
|
|
20,023,504 |
| Income tax benefit |
|
|
1,340,608 |
|
|
8,112,163 |
| Net loss |
|
|
(98,472,458) |
|
|
(92,209,501) |
| Change in unrealized gains/losses on investments |
|
|
(29,853,504) |
|
|
(12,774,078) |
| Decrease in total net assets |
|
|
(128,325,962) |
|
|
(104,983,579) |
| Total net assets - Beginning of Year |
|
|
371,730,522 |
|
|
476,714,101 |
| Total net assets - End of Year |
|
$ |
243,404,560 |
|
$ |
371,730,522 |