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INDUSTRY NEWS
ANNUAL AUDIT INFO
... CONTINUED
COMPLETE COPIES OF THE AUDITED FINANCIAL STATEMENTS ARE AVAILABLE TO KAIA MEMBERS AS A FREE SERVICE
PUBLIC ENTITY RISK POOLS
Kansas County Assoc . Multiline Pool
KS Association of School Board WC
KS Eastern Region Trust
Kansas Municipal Ins . Trust
Midwest Public Risk
KS Workers Risk Co-op
REVENUES YEAR END 12 / 31 / 2023 6 / 30 / 2023 12 / 31 / 2023 12 / 31 / 2023 6 / 30 / 2023 12 / 31 / 2023 Totals Premiums earned $ 14,067,758 $ 5,449,100 $ 3,255,161 $ 6,214,098 $ 10,215,813 $ 6,866,193 $ 98,075,435 Investment income 810,074 483,541 359,261 446,363 293,781 577,993 5,543,690 Realized capital gain ( loss ) ( 92,746 ) ( 99,626 ) Other income 1,882,406 7,842,914
EXPENSES
Total Revenues 16,760,238 5,932,641 3,614,422 6,660,461 10,416,848 7,444,186 111,362,413
Incurred losses / wc claims 8,243,140 5,211,983 1,258,919 2,136,976 5,885,913 4,050,903 49,665,830 Claims adjustment 546,726 237,474 1,338,408 3,409,060 Claims management fees 254,000 564,633 Administration 1,932,836 603,863 488,315 1,355,235 310,897 1,321,165 13,055,598 Agent commissions 961,508 Premium taxes 75,702 38,987 77,457 428,413 Insurance taxes 37,397 106,013 143,410 Excess insurance prem . 4,622,226 539,145 410,249 638,343 2,796,683 812,138 28,900,637 Other underwriting exp . 799,861 2,829,695 Other expenses 315,225 28,276 3,111,782
Total Expenses 15,420,630 6,393,978 2,510,105 4,368,028 11,237,495 6,544,219 103,070,566 Net income ( loss ) pre dividends & tax 1,339,608 ( 461,337 ) 1,104,317 2,292,433 ( 820,647 ) 899,967 8,291,847 Dividends Paid Members 12,485,956 Net Income before tax 1,339,608 ( 461,337 ) 1,104,317 2,292,433 ( 820,647 ) 899,967 ( 4,194,109 ) Provisions for income tax ( 430,706 )
NET INCOME ( LOSS ) 1,339,608 ( 461,337 ) 1,104,317 2,292,433 ( 820,647 ) 899,967 ( 3,763,403 ) Change in nonad . assets 44,940 259,906 ( 1 ) ( 84,378 ) ( 7,789 ) ( 604,822 ) Change in net deferred inc . tax ( 16,738 ) Change in net investments 226,143 582,641 2,020,442 Other surplus adjustments ( 2,144,018 ) FUND BALANCE beginning yr 21,605,345 13,489,321 6,875,436 11,237,847 2,530,233 17,763,711 109,808,343
FUND BALANCE end yr $ 23,171,096 $ 13,072,924 $ 8,239,659 $ 13,530,279 $ 1,625,208 $ 19,238,530 105,299,804
Totals
Contact KAIA at 785.232.0561 or visit https :// members . kaia . com / contact with any questions on this Pool information or to request a copy of the unaudited financials . •
8 KANSAS INSURANCE AGENT & BROKER