Condensed Financial Statements
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Altus Dental Insurance Company, Inc.
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| Statements of Operations |
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| December 31, |
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(thousands of dollars)
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|
2009
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2008
|
|
Subscriber Premiums
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$28,923
|
$21,160
|
| Claims Incurred |
26,680
|
18,700
|
| Operating Expenses |
3,077
|
2,735
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| Investment Income |
313
|
303
|
| Income (Loss) Before Taxes |
(521)
|
28
|
| Income Tax Expense (Benefit) |
(177)
|
9
|
| Net Income (Loss) |
$(344)
|
$19
|
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Balance Sheets
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|
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| December 31, |
|
(thousands of dollars)
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| Assets |
2009
|
2008
|
|
Cash and Cash Equivalents
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$2,071
|
$654
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| Accounts Receivable |
2,932
|
2,081
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| Investments |
7,341
|
7,434
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| Other Assets |
178
|
132
|
| Total Assets |
$12,522
|
$10,301
|
|
Liabilities and Reserves
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2009
|
2008
|
|
Accounts Payable and Accrued Expenses
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$2,199
|
$1,577
|
| Claims Incurred and Unpaid |
1,555
|
1,106
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| Other Liabilities |
690
|
446
|
| Total Liabilities |
4,444
|
3,129
|
| Reserve |
8,078
|
7,172
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| Total Liabilities and Reserve |
$12,522
|
$10,301
|
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The above financial statements are presented in accordance with the “Gross Premium Method.” The financial statements of Altus Dental Insurance Company, Inc. as of, and for the years ended, December 31, 2009 and 2008 respectively were audited by the firm KPMG, LLP and such audited financial statements are available upon request.
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