Based upon the information contained in this financial statement, calculate the following for 2019:

Written Premium _________________________________

Earned Premium __________________________________

Loss Ratio using GAP _______________________________

Expense Ratio using GAP ____________________________

Combined Ratio ___________________________________

Investment Income Ratio ____________________________

Operating Ratio ____________________________________

Percentage of assets invested in Bonds _________________

Percentage of assets invested in the stock market ________

Did the company have a profitable year? Yes or no? Explain your answer.

Chautauqua Patrons Insurance Company Statements of Admitted Assets, Liabilities & Surplus 2019 2018 $ $ ASSETS CASH AND INVESTED ASSETS Bonds Stocks Real Estate: Company Office Cash and Cash equivalents Total Cash and Invested Assets 12,300,478 6,457,088 323,477 1,605,105 20,686,148 11,901,581 4,919,747 338,754 1,902,504 19,062,586 OTHER ASSETS Uncollected Premiums and Installments not yet due Uncollected Premiums in course of collection Accrued Interest Receivable Reinsurance recoverable Deferred tax asset Current Federal Income Tax Recoverable Other Assets TOTAL OTHER ASSETS 1,695,553 107,742 116,527 53,791 1,419,611 112,647 111,290 33,759 9,404 51,606 69,502 2,094,721 29,745 1,716,456 TOTAL ADMITTED ASSETS $ 22,780,869 $ 20,779,042 $ $ LIABILITIES AND POLICYHOLDERS' SURPLUS LIABILITIES Net Unpaid Losses Loss Adjustment Expense Payable Commissions Payable Unearned Premiums Advance Premium Reinsurance Payable Current Federal Income Tax Payable Deferred Tax Liability Other Liabilities TOTAL LIABILITIES 2,747,184 417,762 774,382 5,432,275 190,825 277,383 2,252,802 520,155 611,450 4,933,319 136,473 129,690 65,537 164,388 113,290 10,117,489 79,287 8,728,713 SURPLUS 12,663,380 12,050,329 TOTAL LIABILITIES AND SURPLUS $ 22,780,869 $ 20,779,042 Chautauqua Patrons Insurance Company Statements of Income and Changes in Policyholders' Surplus 2019 2018 UNDERWRITING INCOME Premiums Earned $ 7,711,566 $ 7,887,034 Losses incurred Loss Adjustment Expense Incurred Other Underwriting Expense Incurred Total Underwriting Deductions 4,410,450 770,259 3,322,515 8,503,224 3,553,720 816,118 3,176,434 7,546,272 Net Underwriting Gain or (Loss) (791,658) 340,762 INVESTMENT INCOME Net Investment Income Earned Net Realized Capital Gains Net Investment Gain 386,238 114,217 500,455 371,649 187,686 559,335 OTHER INCOME 67,805 77,631 NET INCOME BEFORE FEDERAL INCOME TAXES (223,398) 977,728 FEDERAL INCOME TAXES INCURRED (72,505) 27,685 NET INCOME $ (150,893) $ 950,043 SURPLUS, BEGINNING $ 12,050,328 11,863,336 NET INCOME (150,893) 950,043 OTHER CHANGES TO SURPLUS Net unrealized Capital Gains Change in Non-Admitted Assets Deferred Tax Asset 742,397 22,197 (649) (706,100) (70,926) 13,975 Change in Surplus 613,052 186,992 SURPLUS, ENDING 12,663,380 $ 12,050,328