President’s report for April

The April Insurance Board Meeting was held April 19th and 20th at Boyle County for the spring board meeting.

In the 1st quarter we have a combined loss ratio of 85.42% which gives us a 1st quarter underwriting profit of $31,251,494. However, the policies written are down 19,000 this year from last year’s 1st quarter.

Agents commissions are down to 27.8 million from 28.8 million last year. In the 1st quarter we realized 24 milliion in investment income which was up. Our net income was 40 million in the first quarter.

After the 1st quarter of this year, KFB as a company has approximately 2 billion in company assets.

With a new accounting paractice that makes you account for employee benefits accounts for -33 million loss to reserves. Our current reserves are 906 million.

I thought this was interesting: counties without agency managers now are Scott and Carroll. Keep in mind the commisions for those offices are going back to the company.

For the 2013 budget we are 8 million down in premium and 1 million down in commissions. Membership for the 1st quarter is 16,021 behind the 1st quarter of last year.

On a good note, 148 of 178 counties are profitable.

Novusphere’s capital surplus is 40.5 million.

THe FB Company has 1.250 million in cash reserves.

That was the jest of the meeting. We’re making money, losing business, and I guess that’s a good thing.

Your President,

Mickey Sirls

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