PDA's Annual Report 2019 Annual Report | Page 30

FINANCES FROM BELL-PDAIS CEO RICH BELL Summary of 2018 I was honored to be named President and Chief Executive Officer of Bell-PDAIS in July of 2018. In taking the reins of the company, my primary goal was to make our operation profitable for the first time since the acquisition of Bell on November 1, 2014. My plan to achieve profitability was basic and clear-cut: increase income and cut expenses. To accomplish this feat, I went through every expense, line by line, and made drastic cuts across the board. The end result yielded Bell-PDAIS a 2018 net profit of $329,402 versus 2017’s net loss of $55,519. Inside the Numbers Total Income Increase. ................................................................................... $53,753 Total Expenses Decrease............................................................................. $309,682 Bell Insurance Property & Casualty Commission Increase.. $125,125 (Up 5%) PDAIS Property & Casualty Commission Decrease...........$9,455 (Down 1.6%) Bell Insurance Health Insurance Commission Decrease.$3,758 (Down 3.8%) PDAIS Health Insurance Commission Decrease............. $41,844 (Down 9.1%) Contingency/Profit Sharing Income – 2018. . ... $467,457 vs $370,344 in 2017 Endorsed Vendor Income – 2018.........................$23,640 vs $18,568 in 2017 Total P&C Income. ............................................$3,669,259 (87.7% of the income) Total Group Health Income.............................. $593,740 (12.3% of the income) Total Commission Income.......................................................................$4,182,999 30