American Physicians Capital, Inc.
Income Statement
Three Months Ended Nine Months Ended
June 30, September 30,
2007 2006 2007 2006
(In thousands, (In thousands,
except per except per
share data) share data)
Direct premiums written $45,213 $51,819 $109,362 $125,742
Net premiums written $43,626 $48,304 $105,487 $117,351
Net premiums earned $35,516 $37,772 $105,444 $112,635
Investment income 10,737 11,338 33,066 34,010
Net realized (losses) gains (73) 100 (139) 1,448
Other income 186 198 574 825
Total revenues 46,366 49,408 138,945 148,918
Losses and loss adjustment
expenses 18,233 24,547 53,511 77,220
Underwriting expenses 7,275 7,373 22,202 22,784
Other expenses 1,361 1,301 4,030 3,938
Total expenses 26,869 33,221 79,743 103,942
Income before income taxes 19,497 16,187 59,202 44,976
Federal income tax expense 6,216 5,162 19,083 14,376
Net income $13,281 $11,025 $40,119 $30,600
Adjustments to reconcile net
income to operating income:
Net income $13,281 $11,025 $40,119 $30,600
Add back:
Realized losses (gains), net
of tax 47 (65) 90 (941)
Net operating income $13,328 $1
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