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Income Statement: Statutory Net Income (harder version)

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Calculate the statutory net income for calendar year CY. (Modeled on 2017.Fall #9)

  current score:
0.000

CY statutory net income
Liabilities, Surplus, Other Funds CY CY-1
* provision for reinsurance
surplus notes
gross paid-in & contributed surplus
policyholder surplus
CY CY-1 * change
* nonadmitted Assets
  * change = [ (current year) (prior year) ]
Capital Gains/Losses CY
realized gains on sales/maturity
other realized adjustments
change in unrealized capital gain
change in unrealized foreign exchange
Other Information CY
dividends to policyholders
dividends to stockholders
cumulative effect of accounting principle change

Formula

(surplus) CY
  =   (surplus) CY-1   +   (NI) CY   +   (direct charges to surplus) CY

Direct Charges

other surplus charges
additional capital contributions
stockholder dividends

Other Surplus Charges
changes in unrealized capital gains
changes in unrealized foreign exchange
changes in deferred income tax
changes in nonadmitted assets
changes in provision for reinsurance
cumulative effect of changes in accounting principles

Danger !!

Normally the change in a quantity is calculated as:

    change = (current year value) – (prior year value)

but for the other surplus charges in red above, the formula is reversed:

    change = [ (prior year value) – (current year value) ]

  OR

    change = [ (current year value) (prior year value)]


Solution:
statutory net income
    other surplus charges
    additional capital contributions
    stockholder dividends
Other Surplus Charges
changes in unrealized capital gains
changes in unrealized foreign exchange
changes in deferred income tax
changes in nonadmitted assets
changes in provision for reinsurance
cumulative effect of accounting principle change
Additional Capital Contr.
change in surplus notes
change in paid-in surplus