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BALANCE SHEET
Dollars in Thousands Year Ended December 31
Assets 2007 2006
Bonds $44,895 $41,820
Preferred Stocks 126 127
Policy Loans $12,090 $10,305
Cash & short-term securities 2,451 980
Premiums deferred and uncollected 480522
Other assets 2,9243,095
TOTAL ADMITTED ASSETS $62,967$56,850

Dollars in Thousands Year Ended December 31
Liabilities 2007 2006
Policy reserves $50,695$45,641
Policy and contract claims 689525
Other liabilities 1,9921,898
TOTAL LIABILITIES 53,37648,064
Stockholder's Equity 9,5918,786
TOTAL LIABILITIES & STOCKHOLDER'S EQUITY $62,967$56,850


STATEMENT OF OPERATIONS & SURPLUS
Dollars in Thousands Year Ended December 31
Income 2007 2006
Premiums $11,242 $10,846
Net investment income 3,266 2,881
Other income 2,422 2,665
TOTAL INCOME $16,930 $16,392
POLICYHOLDER BENEFITS & EXPENSES
Life insurance benefits 2,1751,916
Accident & health benefits 466 554
Other policy benefits 1,913 1,658
Increase in reserves 5,063 4,730
Commissions 3,710 3,817
General expenses 1,9391,695
Taxes other than federal income taxes 478459
TOTAL BENEFITS & EXPENSES 15,744 14,829
GAIN FROM OPERATIONS 1,187 1,564
Federal Income Tax Expense (credit) 397588
NET GAIN FROM OPERATIONS 790976


ANALYSIS OF STOCKHOLDERS EQUITY
Dollars in Thousands Year Ended December 31
Stockholder's Equity 2007 2006
NET GAIN FROM OPERATIONS $790 $976
Net realized Capital Gains trans. to IMR (27) (33)
Increase in Asset Valuation Reserve (9) (2)
Change in Non-admitted Assets 38 (139)
Deferred Federal Income Tax 13 82
Prior Year Service Fees* 0 0
Stockholder's Equity beginning of year 8,786 7,901
STOCKHOLDER'S EQUITY AT END OF YEAR $9,591 $8,785