BEST'S INSURANCE REPORTS — FIRE AND MARINE.   587

NATIONAL MUTUAL ASSURANCE COMPANY— Continued.

Loss on investments during 1919, $2.118.

Gain from investments during 1919. $5.814.96.

Gain and Loss Exhibit, 1919.— Gains:   Underwriting,
$130,300.48; investments, $5,514.96; total, $136,115.44.
Loss from dividends, $125,003 50.

Surplus, December 31, 1918, $93,874.88: increase. $11.-
111.94; surplus, December 31, 1919. $104,986.82.

Business from Organization.— Net premiums and assess-

ments, $1,731,143.44; net losses paid, $141,618.76; divi
dends to policyholders, $1,266,568.64; average dividend
81.19%.

Percentage of cash premiums returned during the year
on expiring policies as dividends or profits, viz.: One year,
85%; two years, 68%; three years, 55%; four years.
42.58%.

NATIONAL MUTUAL CHURCH INSURANCE COMPANY,

175 West Jackson Boulevard, Chicago, Ill.

ADMITTED ASSETS, DECEMBER 31, 1919.

GENERAL REVIEW.

This company was organized by direction of the General
Conference of the Methodist Episcopal Church, in 1896.
and began business March 20, 1899: it is licensed only in
Illinois. It writes fire and tornado insurance.

It writes upon churches, parsonages, church schools and
the household effects and libraries of ministers; also upon
the homes, and contents, of members who sustain the
churches.

While the charter and by-laws of the company permit
it to place a liability of five annual premiums on policy-
holders, it has always used installment premium notes.

The statement of the company each years shows its ex
pense ratio to be high. This is due to the system used by
the company in conducting its business. Premiums are col
lected on the installment plan, and the company collects
only such an amount as is necessary to pay running ex
penses and losses, and maintains a safe reserve. Any sur
plus as realized is credited back to policyholders in divi
dends.

On December 31. 1919, in addition to its cash assets, it
held notes subject to assessment amounting to $686,529.38.

The securities owned are of good character. The valua
tions used in this statement are those fixed by the Conven
tion of Insurance Commissioners. The mortgage loans are
mainly upon farm lands. and appear to be well secured.

Officers.— President, N. M. Jones: vice-president, I. N.
Conard; treasurer, Sampson Rogers; secretary and man
ager, Charles M. Phillips; secretary. F. L. Hart.

Directors.— Nathaniel M. Jones. I. N. Conard. Sampson
Rogers. Frank L. Hart, D. D., Frank P. Crandon, Nels E.
Simonsen, D. D.. Charles E. Mueller, Charles M. Phillips,
John C. Floyd, D. D., P. J. Maveety, D. D., Harlow V.

LIABILITIES, DECEMBER 31, 1919,

LOSSES: Adjusted, not due, $25,378 70; in
process of adjustment, $8,048.27; resisted,
$3,000; total, $36.426.97; reinsurance,

$14,025.50; net    $22.401 47

Unearned premiums    61,354 05

Estimated taxes hereafter payable   500 00

Contingent commissions, etc   50 00

Reinsurance premiums    6, 959 0'2

Suspense accounts    160 97

Due other companies    53 15

TOTAL LIABILITIES    $91.478 66

NET CASH SURPLUS    8, 120 79

.........................   $99.599 45

Holt, D. D., Joseph W. an Cleve. D. D., Frank D. Sheets,
D. D., H. A. Boaz. D. D , Henry P. Magill.

Income, 1919.— Gross premiums written. $202,681.90;
less reinsurance, $38.359.79; less return premiums. $12,-
716.14: total net premiums written, $151,605.97; interest,
etc., $6.464.51: other income, $749.25: total income, $158,-
819.73.

Disbursements, 1919.—Net losses paid, $68,888.84; un
derwriting expenses, $63,253.50: dividends to policyholders,
$4.19: other disbursements, $37.50; total disbursements,
$132.184.03.

Ratios to Premiums Written..—Losses paid, 45.4%; in
curred. 49.9%; underwriting expenses. 41.7%; underwrit
ing profit. 3.1%.

Ratios to Premiums Earned.— Losses incurred, 52.8%;
expenses incurred, 44.0%; underwriting profit, 3.3%.

Underwriting Exhibit, 1919.—Premiums earned during
1919, $143,211.02: gain from underwriting profit and loss
items. $263.54; total. $143.474.56.

Losses incurred during 1919. $75.667.78; underwritin,
expenses incurred during 1919, $63,074.25; total, $138,-
742.03.

Gain from underwriting during 1919, $4.732.53.

Investment Exhibit, 1919.— Interest, etc., earned during
1919, $6,238.05: profit on investments during 1919, $675;
total, $6,913.05.

Loss on investments during 1919, $3,773.75.

Gain from investments during 1919, $3.139.30.

Gain, and Loss Exhibit, 1919.— Gains: Underwriting.
$4.732.53; investments, $3.139.30: total. $7,871.83.
Loss from dividends, $4.19.

Surplus, December 31, 1918, $253.15; increase, $7.867.64;
surplus, December 31, 1919, $8,120.79.

TOTAL. .