Consolidated Statements of Operations
CONSOLIDATED STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS
FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022
| Revenue |
|
|
|
|
|
|
| Earned premiums |
|
$ |
2,722,761,878 |
|
$ |
2,688,067,325 |
| Administrative charges |
|
|
12,235,477 |
|
|
13,269,375 |
| Other revenue |
|
|
161,435,024 |
|
|
147,022,350 |
| Total revenue |
|
|
2,896,432,379 |
|
|
2,848,359,050 |
| Expenses |
|
|
|
|
|
|
| Net claims expense |
|
|
2,403,869,241 |
|
|
2,479,662,136 |
| Change in premium deficiency reserves |
|
|
(7,098,000) |
|
|
(32,443,000) |
| Total claims expense |
|
|
2,396,771,241 |
|
|
2,447,219,136 |
| Excess of revenue over claims expense |
|
|
499,661,138 |
|
|
401,139,914 |
| General and administrative expenses |
|
|
501,605,709 |
|
|
504,010,216 |
| Operating loss |
|
|
(1,944,571) |
|
|
(102,870,302) |
| Other income, net |
|
|
|
|
|
|
| Investment income, net |
|
|
9,209,202 |
|
|
5,747,990 |
| Recognized losses on investments, net |
|
|
(1,378,923) |
|
|
(2,690,754) |
| Other income, net |
|
|
7,830,279 |
|
|
3,057,236 |
| Income tax (expense)/benefit |
|
|
(666,567) |
|
|
1,340,608 |
| Net income/(loss) |
|
|
5,219,141 |
|
|
(98,472,458) |
| Change in unrealized gains/(losses) on investments |
|
|
7,942,183 |
|
|
(29,853,504) |
| Increase/(decrease) in total net assets |
|
|
13,161,324 |
|
|
(128,325,962) |
| Total net assets - Beginning of Year |
|
|
243,404,560 |
|
|
371,730,522 |
| Total net assets - End of Year |
|
$ |
256,565,884 |
|
$ |
243,404,560 |