| Reconciliations of Statutory Net Income (Loss) and Capital and Surplus |
Reconciliations of statutory net income (loss) and capital and surplus, as determined using SAP, to the net income and stockholders’ equity amounts included in the accompanying consolidated financial statements are as follows:
| |
|
Year Ended December 31,
|
|
| |
|
2025
|
|
|
2024
|
|
|
2023
|
|
|
Statutory net income (loss) of insurance subsidiaries
|
|
$
|
78,402,800 |
|
|
$
|
43,556,720 |
|
|
$
|
(2,312,857 |
)
|
|
Increases (decreases):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred policy acquisition costs
|
|
|
(4,676,985 |
)
|
|
|
(1,696,437 |
)
|
|
|
1,873,174 |
|
|
Deferred federal income taxes
|
|
|
(188,935 |
)
|
|
|
481,744 |
|
|
|
(229,397 |
)
|
|
Salvage and subrogation recoverable
|
|
|
585,000 |
|
|
|
3,674,600 |
|
|
|
3,644,800 |
|
|
Consolidating eliminations and adjustments
|
|
|
(4,845,000 |
)
|
|
|
(9,024,921 |
)
|
|
|
(10,574,579 |
)
|
|
Parent-only net income
|
|
|
10,063,860 |
|
|
|
13,870,546 |
|
|
|
12,024,363 |
|
|
Net income
|
|
$
|
79,340,740 |
|
|
$
|
50,862,252 |
|
|
$
|
4,425,504 |
|
| |
|
December 31,
|
|
| |
|
2025
|
|
|
2024
|
|
|
2023
|
|
|
Statutory capital and surplus of insurance subsidiaries
|
|
$
|
585,989,170 |
|
|
$
|
508,936,244 |
|
|
$
|
463,674,289 |
|
|
Increases (decreases):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred policy acquisition costs
|
|
|
68,669,982 |
|
|
|
73,346,967 |
|
|
|
75,043,404 |
|
|
Deferred federal income taxes
|
|
|
(17,425,614 |
)
|
|
|
(13,302,370 |
)
|
|
|
(13,072,768 |
)
|
|
Salvage and subrogation recoverable
|
|
|
36,610,600 |
|
|
|
36,025,600 |
|
|
|
32,351,000 |
|
|
Non-admitted assets and other adjustments, net
|
|
|
1,893,396 |
|
|
|
1,722,807 |
|
|
|
1,328,142 |
|
|
Fixed maturities
|
|
|
(11,733,641 |
)
|
|
|
(33,993,851 |
)
|
|
|
(41,036,366 |
)
|
|
Parent-only equity and other adjustments
|
|
|
(23,585,814 |
)
|
|
|
(26,959,266 |
)
|
|
|
(38,542,347 |
)
|
|
Stockholders’ equity
|
|
$
|
640,418,079 |
|
|
$
|
545,776,131 |
|
|
$
|
479,745,354 |
|
|