North Kent Mutual - the direction of stability

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Assets
2007		2006
Current
Cash	$559,498	$863,229
Accrued interest receivable	120,748	116,209
Short-term Investments	22,877,918	21,531,962
Premiums receivable	831,657	796,287
Income taxes recoverable	285,677	0
Due from reinsurers	3,568,677	2,820,632
Prepaid expenses	8,618	4,921
Deferred policy acquisition costs	274,314 ____________	261,794 ____________
	28,527,107	26,395,034
Long-Term Investments	230,001	230,001
Capital Assets	395,638	369,947
Future Income Taxes	230,000 ____________	260,000 ____________
	29,382,746	27,254,982

Liabilities
2007		2006
Current
Provision for unpaid claims	$6,765,784	$5,531,957
Provision for unearned premiums	2,836,502	2,742,341
Due to reinsurers	35,651	60,651
Provisions for premium refund	500,000	373,000
Accounts payable and accrued liabilities	276,471	354,932
Income taxes payable	0 ____________	128,222 ____________
	10,414,408	9,191,103

Policyholders' Surplus
Policyholders' Surplus	18,968,338 ____________	18,063,879 ____________
	29,382,746	27,254,982
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FOR THE YEAR ENDED DECEMBER 31, 2007
2007		2006
GROSS INSURANCE PREMIUMS WRITTEN	$5,784,848	$5,577,835
GROSS REINSURANCE PREMIUMS WRITTEN	106,849 ____________	101,807 ____________
	$5,891,697	$5,679,642
REINSURANCE PREMIUMS	1,143,670 ____________	1,196,936 ____________
NET PREMIUMS WRITTEN	4,748,027	4,482,706
INCREASE IN PROVISION FOR UNEARNED PREMIUMS	94,162 ____________	73,439 ____________
NET PREMIUMS EARNED	4,653,865	4,409,267
Service Revenue	66,602 ____________	59,035 ____________
TOTAL UNDERWRITING REVENUE	4,720,467	4,468,302
	____________	____________
Operating	4,308,721	3,825,422
Amortization	50,949 ____________	44,142 ____________
	4,359,670 ____________	3,869,564 ____________
UNDERWRITING GAIN BEFORE PREMIUM REFUND	360,797	598,738
OTHER INCOME	1,041,142	1,418,752
PREMIUM REFUND TO POLICYHOLDERS	500,039 ____________	369,379 ____________
INCOME BEFORE INCOME TAXES	901,900	1,648,111
PROVISION FOR (RECOVERY OF) INCOME TAXES
Current	162,971	516,071
Future	30,000 ____________	(82,000) ____________
	192,971 ____________	434,071 ____________
NET INCOME FOR THE YEAR	708,929	1,214,040
POLICYHOLDERS' SURPLUS, beginning of the year	18,063,879 ____________	16,849,839 ____________
	$18,772,808	$18,063,879
UNREALIZED GAIN ON HELD FOR TRADING FINANCIAL INSTRUMENTS as at January 1, 2007	195,530 ____________	0 ____________
POLICYHOLDERS' SURPLUS,end of the year	18,968,338 ____________	18,063,879 ____________


SCHEDULE OF OPERATING EXPENSES
2007		2006
Net claims incurred	$2,631,935	$2,297,135
Adjusting	93,944	53,124
Net claims incurred as a reinsurer	180	1,105
Commissions	611,725	579,350
Salaries and fees	631,471	567,749
Advertising	39,035	46,233
Dues and education	36,134	32,967
Insurance	12,433	12,546
Office	147,788	150,615
Occupancy	40,270	34,987
Other	63,806 ____________	49,611 ____________
	$4,308,721	$3,825,422
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