trcc20200331

0001185185-20-000890.txt : 20200624 0001185185-20-000890.hdr.sgml : 20200624 20200624165856 ACCESSION NUMBER: 0001185185-20-000890 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 50 CONFORMED PERIOD OF REPORT: 20200331 FILED AS OF DATE: 20200624 DATE AS OF CHANGE: 20200624 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Texas Republic Capital Corp CENTRAL INDEX KEY: 0001560452 STANDARD INDUSTRIAL CLASSIFICATION: LIFE INSURANCE [6311] IRS NUMBER: 455311713 STATE OF INCORPORATION: TX FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-55621 FILM NUMBER: 20986247 BUSINESS ADDRESS: STREET 1: 13215 BEE CAVES PARKWAY CITY: AUSTIN STATE: TX ZIP: 78738 BUSINESS PHONE: 5123300099 MAIL ADDRESS: STREET 1: 13215 BEE CAVES PARKWAY CITY: AUSTIN STATE: TX ZIP: 78738 10-Q 1 trcc20200331_10q.htm FORM 10-Q trcc20200331_10q.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒	Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange act of 1934

For the quarterly period ended March 31, 2020

☐	Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from to .

Commission file number: 000-55621

TEXAS REPUBLIC CAPITAL CORPORATION

(Exact name of registrant as specified in its charter)

Texas		45-5311713
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification Number)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock $0.01 par	-	None

13215 Bee Cave Parkway, Ste. A120

Austin, Texas 78738

(Address of principal executive offices)

(512) 330-0099

(Registrant’s telephone number, including area code)

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Exchange Act during the past 12 months (or for shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐	Accelerated filer ☐	Non-accelerated filer ☐	Smaller reporting company ☒
Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provide pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined by Rule 12b-2 of the Exchange Act). Yes ☐ No ☑

State the number of shares outstanding of each of the issuer’s classes of common equity, as of the latest practicable date: Common stock .01 par value as of June 24, 2020: 14,768,707 shares

TEXAS REPUBLIC CAPITAL CORPORATION

QUARTERLY REPORT ON FORM 10-Q

FOR QUARTERLY PERIOD ENDED MARCH 31, 2020

TABLE OF CONTENTS

PART I. FINANCIAL INFORMATION		Page Number

Item 1. Consolidated Financial Statements

Consolidated Statements of Financial Position as of March 31, 2020 (Unaudited) and December 31, 2019		3

Consolidated Statements of Operations for the Three Months Ended March 31, 2020 and 2019 (Unaudited)		4

Consolidated Statements of Comprehensive Loss for the Three Months Ended March 31, 2020 and 2019 (Unaudited)		5

Consolidated Statements of Changes in Shareholders’ Equity for the Three Months Ended March 31, 2020 and 2019 (Unaudited)		6

Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2020 and 2019 (Unaudited)		7

Notes to Consolidated Financial Statements (Unaudited)		8

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations		23

Item 4. Controls and Procedures		28

Part II. OTHER INFORMATION

Item 1. Legal Proceedings		29

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds		29

Item 3. Defaults upon Senior Securities		29

Item 4. Mine Safety Disclosures		29

Item 5. Other Information		29

Item 6. Exhibits		29

Signatures		30

Exhibit No. 31.1

Exhibit No. 31.2

Exhibit No. 32.1

Exhibit No. 32.2

Exhibit No. 101.INS

Exhibit No. 101.SCH

Exhibit No. 101.CAL

Exhibit No. 101.DEF

Exhibit No. 101.LAB

Exhibit No. 101.PRE

Table of Contents

PART I – FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements

Texas Republic Capital Corporation and Subsidiaries

Consolidated Statements of Financial Position

	March 31, 2020			December 31, 2019
Assets	(Unaudited)
Available-for-sale fixed maturity securities at fair value (Amortized cost: $8,780,402 and $7,673,671 as of March 31, 2020 and December 31, 2019, respectively)	$	8,627,851		$	8,089,460
Mortgage loans		2,464,706			2,908,541
Other long-term investments		2,839,318			1,966,347
Total investments		13,931,875			12,964,348
Cash and cash equivalents		17,845,572			15,208,477
Accrued investment income		139,581			111,889
Due premium		18,525			5,075
Deferred policy acquisition costs		779,664			668,454
Deferred sales inducement costs		953,361			770,177
Advances and notes receivable		176,821			134,560
Leased property - right to use		227,607			248,298
Federal and state income taxes recoverable		89,882			71,839
Security deposit		7,109			7,109
Prepaid and other assets		102,239			68,500
Furniture and equipment, net		23,923			26,840
Total assets	$	34,296,159		$	30,285,566

Liabilities and Shareholders’ Equity
Policy liabilities
Policyholders’ account balances	$	23,497,676		$	18,440,872
Future policy benefits		573,247			516,870
Policy claims and other benefits		62,114			59,693
Liability for deposit-type contracts		9,838			14,870
Other policyholder liabilities		270,656			160,000
Total policy liabilities		24,413,531			19,192,305
Lease liability		227,607			248,298
Deferred taxes		-			87,104
Accounts payable		115,287			85,044
Total liabilities		24,756,425			19,612,751

Shareholders’ equity
Common stock, par value $.01 per share, 25,000,000 shares authorized, 14,867,097 issued as of March 31, 2020 and December 31, 2019, 14,764,587 outstanding as of March 31, 2020 and December 31, 2019.		148,671			148,671
Additional paid-in capital		17,538,618			17,538,618
Treasury stock, at cost (102,510 shares as of March 31, 2020 and December 31, 2019)		(104,485	)		(104,485	)
Accumulated other comprehensive income (loss)		(152,156	)		327,676
Accumulated deficit		(7,890,914	)		(7,237,665	)
Total shareholders’ equity		9,539,734			10,672,815
Total liabilities and shareholders’ equity	$	34,296,159		$	30,285,566

See notes to consolidated financial statements (unaudited).

Table of Contents

Texas Republic Capital Corporation and Subsidiaries

Consolidated Statements of Operations

(Unaudited)

	Three Months Ended March 31,
	2020			2019
Revenues
Premiums income	$	119,145		$	118,392
Net investment income		216,976			136,571
Commission income		8,253			3,533
Total revenues		344,374			258,496
Benefits, claims and expenses
Increase in future policy benefits		56,384			59,349
Death and other benefits		2,421			2,239
Interest credited to policyholders		206,151			26,032
Total benefits and claims		264,956			87,620
Policy acquisition costs deferred		(135,177	)		(91,949	)
Policy acquisition costs amortized		25,371			21,009
Commissions		171,086			99,279
Salaries and wages		350,404			257,860
Employee benefits		43,088			23,091
Taxes, licenses and fees		30,970			24,350
Office rent		22,759			20,486
Director fees		6,000			14,250
Third-party administration fees		69,704			44,309
Service and transfer agent fees		15,164			9,827
Travel, meals and entertainment		11,451			25,380
Professional fees		55,091			43,618
Furniture, equipment and software		6,284			8,891
Office and other expenses		60,472			47,393
Total benefits, claims and expenses		997,623			635,414
Net loss	$	(653,249	)	$	(376,918	)

Net loss per common share outstanding	$	(0.04	)	$	(0.03	)

See notes to consolidated financial statements (unaudited).

Table of Contents

Texas Republic Capital Corporation and Subsidiaries

Consolidated Statements of Comprehensive Loss

(Unaudited)

	Three Months Ended March 31,
	2020			2019

Net loss	$	(653,249	)	$	(376,918	)
Other comprehensive income (loss)
Total net unrealized gains (losses) arising during the period		(568,340	)		278,551
Adjustment to deferred acquisition costs		1,404			(683	)
Deferred taxes		87,104			(4,958	)
Total other comprehensive income (loss)		(479,832	)		272,910
Total comprehensive loss	$	(1,133,081	)	$	(104,008	)

See notes to consolidated financial statements (unaudited).

Table of Contents

Texas Republic Capital Corporation and Subsidiaries

Consolidated Statements of Changes in Shareholders’ Equity

Three Months Ended March 31, 2020 and 2019

(Unaudited)

	Common							Accumulated
	Stock		Additional					Other
	$.01 Par Value		Paid-in Capital		Treasury Stock			Comprehensive Income (Loss)			Accumulated Deficit			Total Shareholders’ Equity
Balance as of January 1, 2019	$	148,671	$	17,538,618	$	(50,000	)	$	(162,781	)	$	(5,445,635	)	$	12,028,873
Purchase of treasury stock		-		-		(50,000	)		-			-			(50,000	)
Other comprehensive income		-		-		-			272,910			-			272,910
Net loss		-		-		-			-			(376,918	)		(376,918	)
Balance as of March 31, 2019	$	148,671	$	17,538,618	$	(100,000	)	$	110,129		$	(5,822,553	)	$	11,874,865

Balance as of January 1, 2020	$	148,671	$	17,538,618	$	(104,485	)	$	327,676		$	(7,237,665	)	$	10,672,815
Other comprehensive loss		-		-		-			(479,832	)		-			(479,832	)
Net loss		-		-		-			-			(653,249	)		(653,249	)
Balance as of March 31, 2020	$	148,671	$	17,538,618	$	(104,485	)	$	(152,156	)	$	(7,890,914	)	$	9,539,734

See notes to consolidated financial statements (unaudited).

Table of Contents

Texas Republic Capital Corporation and Subsidiaries

Consolidated Statements of Cash Flows

(Unaudited)

	Three Months Ended March 31,
	2020			2019

Operating activities
Net loss	$	(653,249	)	$	(376,918	)
Adjustments to reconcile net loss to net cash used in operating activities:
Accretion of discount on investments		(53,710	)		(12,038	)
Provision for depreciation		2,917			2,951
Policy acquisition costs deferred		(135,177	)		(91,949	)
Policy acquisition costs amortized		25,371			21,009
Amortization of mortgage loan origination fees		8,270			250
Interest credited to policyholders		206,151			26,032
Change in assets and liabilities:
Accrued investment income		(27,692	)		(12,791	)
Due premium		(13,450	)		(5,050	)
Advances and notes receivable		(42,261	)		(32,666	)
Federal and state income taxes recoverable		(18,043	)		(71,839	)
Prepaid and other assets		(33,739	)		82,077
Future policy benefits		56,377			59,358
Policy claims		2,421			2,239
Other policy liabilities		110,656			333,625
Accounts payable		30,243			8,810
Net cash used in operating activities		(534,915	)		(66,900	)

Investing activities
Purchase of furniture and equipment		-			(3,365	)
Purchase of fixed maturity securities		(1,108,806	)		(202,726	)
Payments on mortgage loans		436,387			10,130
Purchase of other long-term investments		(882,909	)		(297,998	)
Payments on other long-term investments		64,900			-
Net cash used in investing activities		(1,490,428	)		(493,959	)

Financing activities
Purchase of treasury stock		-			(50,000	)
Policyholder deposits		4,667,563			2,567,302
Policyholder withdrawals		-			(65,590	)
Deposit-type contracts - withdrawals		(5,125	)		(5,125	)
Net cash provided by financing activities		4,662,438			2,446,587

Increase in cash and cash equivalents		2,637,095			1,885,728
Cash and cash equivalents, beginning of period		15,208,477			6,511,652
Cash and cash equivalents, end of period	$	17,845,572		$	8,397,380

See notes to consolidated financial statements (unaudited).

Table of Contents

Texas Republic Capital Corporation and Subsidiaries

Notes to Consolidated Financial Statements

March 31, 2020

(Unaudited)

1. Organization and Significant Accounting Policies

Nature of Operations

Texas Republic Capital Corporation (the “Company”) is the parent holding company of Texas Republic Life Insurance Company (“TRLIC”) and Texas Republic Life Solutions, Inc. (“TRLS”). The Company was incorporated in Texas on May 15, 2012, for the primary purpose of forming and capitalizing a life insurance company subsidiary.

The Texas Department of Insurance approved TRLIC’s life insurance charter on August 1, 2016. The Company capitalized TRLIC with $3,000,000 and owns 100% of TRLIC. TRLIC began insurance operations on April 3, 2017 and is currently selling life and annuity products in the state of Texas. During 2018 the Company made capital contributions of $2,000,000 and $750,000 to TRLIC. During the second quarter of 2019 the Company made an additional capital contribution to TRLIC of mortgage loans valued at $857,133. During the third quarter of 2019 the Company made an additional capital contribution of $1,300,000 in cash to TRLIC bringing the total capitalization of TRLIC to $7,907,133. TRLS, an insurance agency, was incorporated February 1, 2017. The Company capitalized TRLS with $50,000 and owns 100% of TRLS. During 2018 the Company made an additional capital contribution of $100,000 bringing the total capitalization of TRLS to $150,000.

From incorporation through April 2, 2017, the Company was involved in the sale of common stock to provide working capital. During this time the Company completed an organizational offering, three private placement stock offerings and an intrastate public stock offering in the state of Texas. The Company raised $10,336,500 and incurred $1,215,569 of offering costs through the issuance of 12,865,000 shares from the organizational offering and three private placement offerings. The intrastate public stock offering was registered to raise $25,000,000 by offering 5,000,000 shares of its common stock and was ended on April 2, 2017. This offering raised $10,010,485 and incurred $1,444,127 of offering costs through the sale of 2,002,097 shares of the common stock.

Basis of Presentation

The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting primarily of normal recurring accruals) considered necessary for a fair presentation of the results for the interim periods have been included.

The results of operations for the three months ended March 31, 2020 are not necessarily indicative of the results to be expected for the year ended December 31, 2020 or for any other interim period or for any other future year. Certain financial information which is normally included in notes to consolidated financial statements prepared in accordance with U.S. GAAP, but which is not required for interim reporting purposes, has been condensed or omitted. The accompanying consolidated financial statements and notes thereto should be read in conjunction with the financial statements and notes thereto included in the Company’s report on Form 10-K for the year ended December 31, 2019.

As a result of Coronavirus Disease 2019, which was declared a pandemic on March 11, 2020, the United States Federal, State and Local Governments, and other countries around the world have taken measures that have suddenly limited economic output. Due to the decline in economic activity, the Company is faced with a sudden uncertainty as of the date of this report on its operations when considering its revenue sources and potential future liquidity needs. Management is actively monitoring the situation and the impact to the Company’s operations. As the pandemic continues, should liquidity conditions worsen in the short-term, management will work with its financial institutions to assist with liquidity needs.

Principles of Consolidation

The consolidated financial statements include the accounts and operations of the Company and its subsidiaries. All intercompany accounts and transactions are eliminated in consolidation.

Table of Contents

Texas Republic Capital Corporation and Subsidiaries

Notes to Consolidated Financial Statements

March 31, 2020

(Unaudited)

1. Organization and Significant Accounting Policies (continued)

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Although these estimates are based on management’s knowledge of current events and actions it may undertake in the future, they may ultimately differ from actual results.

Reclassifications

Certain reclassifications have been made in the prior year financial statements to conform to current year classifications. These reclassifications had no effect on the previously reported net loss or shareholders equity.

Investments

Fixed maturity securities are comprised of bonds that are classified as available-for-sale and are carried at fair value with unrealized gains and losses, net of applicable income taxes, reported in accumulated other comprehensive income (loss). The amortized cost of fixed maturity securities available-for-sale is generally adjusted for amortization of premium and accretion of discount.

Interest income, as well as the related amortization of premium and accretion of discount, is included in net investment income under the effective yield method. The amortized cost of fixed maturity securities available-for-sale is written down to fair value when a decline in value is considered to be other-than-temporary.

The Company evaluates the difference between the cost or amortized cost and estimated fair value of its investments to determine whether any decline in value is other-than-temporary in nature. This determination involves a degree of uncertainty. If a decline in the fair value of a security is determined to be temporary, the decline is recorded as an unrealized loss in shareholders’ equity. If a decline in a security’s fair value is considered to be other-than-temporary, the Company then determines the proper treatment for the other-than-temporary impairment. For fixed maturity securities, available-for-sale, the amount of any other-than-temporary impairment related to a credit loss is recognized in earnings and reflected as a reduction in the cost basis of the security; and the amount of any other-than-temporary impairment related to other factors is recognized in other comprehensive income (loss) with no change to the cost basis of the security.

The assessment of whether a decline in fair value is considered temporary or other-than-temporary includes management’s judgment as to the financial position and future prospects of the entity issuing the security. It is not possible to accurately predict when it may be determined that a specific security will become impaired. Future adverse changes in market conditions, poor operating results of underlying investments and defaults on mortgage loan payments could result in losses or an inability to recover the current carrying value of the investments, thereby possibly requiring an impairment charge in the future.

Likewise, if a change occurs in the Company’s intent to sell temporarily impaired securities prior to maturity or recovery in value, or if it becomes more likely than not that the Company will be required to sell such securities prior to recovery in value or maturity, a future impairment charge could result. If an other-than-temporary impairment related to a credit loss occurs with respect to a bond, the Company amortizes the reduced book value back to the security’s expected recovery value over the remaining term of the bond. The Company continues to review the security for further impairment that would prompt another write-down in the value.

Purchases and sales of securities are recorded on a trade-date basis. Interest earned on investments is recorded on the accrual basis and is included in net investment income.

The Company’s mortgage loan portfolio is comprised of residential properties with loan to appraised value ratios below 90%. Mortgage loans are carried at current book value.

The Company’s other long-term investments are comprised of lottery prize cash flows holdings held at amortized cost. They are categorized as other long-term investments in the statement of financial position and are assignments of the future rights from lottery winners purchased at a discounted price. Payments on these investments are made by state run lotteries.

Table of Contents

Texas Republic Capital Corporation and Subsidiaries

Notes to Consolidated Financial Statements

March 31, 2020

(Unaudited)

1. Organization and Significant Accounting Policies (continued)

Cash and Cash Equivalents

Cash and cash equivalents include cash on hand and money market instruments.

Deferred Policy Acquisition Costs

Costs that relate to and vary with the successful production of new business are deferred over the life of the policy. Deferred acquisition costs (“DAC”) consist of commissions and policy issuance, underwriting and agency expenses. DAC expenses are amortized primarily over the premium-paying period of life policies and as profits emerge on annuity products. Amortization uses the same assumptions as were used in computing liabilities for future policy benefits. There was $135,177 of DAC deferred for the three months ended March 31, 2020 and $25,371 of DAC amortized for the three months ended March 31, 2020. There was $91,949 of DAC deferred for the three months ended March 31, 2019 and $21,009 of DAC amortized for the three months ended March 31, 2019.

Deferred Sales Inducement Costs

Sales inducement costs (“SIC”) are related to policy bonuses issued on some of the Company’s annuity products. SIC is deferred at the issuance of the policy and amortized over the bonus period on a straight-line basis. The amount deferred is based on the difference between the fund value with the bonus and the fund value without the bonus. The deferred SIC asset was $953,361 and $770,177 at March 31, 2020 and December 31, 2019, respectively. For the three months ended March 31, 2020 there was $230,124 of SIC deferred and $46,940 of SIC amortized. There was $126,159 of SIC deferred and $4,849 of SIC amortized for the three months ended March 31, 2019.

Advances and Notes Receivable

Advances and notes receivable are recorded at unpaid principal balances. Management evaluates the collectability of advances and notes receivable on the specific identification basis. Uncollectible amounts are reported in the results of operations in the year the determination is made.

Leased Property – Right to Use Asset

In February 2016, the FASB issued ASU 2016-02, Lease Accounting (Topic 842) (“ASU 2016-02”). Under ASU 2016-02, a lessee is required to recognize assets and liabilities for leases with lease terms of more than twelve months. The Company’s home office lease has a term greater than one year, and the Company recognizes on the balance sheet a right of use (“ROU”) operating lease asset and a lease liability, initially measured at the present value of the lease payments. Lease costs are recognized in the income statement over the lease term on a straight-line basis. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. The Company has a lease asset and liability of $227,607 as of March 31, 2020 compared to $248,298 as of December 31, 2019.

Furniture and Equipment

Furniture and equipment are carried at cost less accumulated depreciation or amortization. Office furniture, equipment and EDP equipment is recorded at cost or fair value at acquisition less accumulated depreciation or amortization using the straight-line method over the estimated useful life of the respective assets of three to seven years.

Policyholders’ Account Balances

The Company’s liability for policyholders’ account balances represents the contract value that has accrued to the benefit of the policyholder as of the financial statement date. This liability is generally equal to the accumulated account deposits plus applicable bonus and interest credited less policyholders’ withdrawals and other charges assessed against the account balance. Interest crediting rates for individual annuities range from 2.54% to 5.00%.

Table of Contents

Texas Republic Capital Corporation and Subsidiaries

Notes to Consolidated Financial Statements

March 31, 2020

(Unaudited)

1. Organization and Significant Accounting Policies (continued)

Future Policy Benefits

Future policy benefit reserves have been computed by the net level premium method with assumptions as to investment yields, mortality and withdrawals based upon the Company’s experience. The preparation of financial statements requires management to make estimates and assumptions that affect the reported amount of policy liabilities and the increase in future policy benefit reserves. Management’s judgments and estimates for future policy benefit reserves provide for possible unfavorable deviation.

Common Stock

Common stock is fully paid, non-assessable and has a par value of $.01 per share.

Treasury Stock

Treasury stock, representing shares of the Company’s common stock that have been reacquired after having been issued and fully paid, are recorded at cost.

Federal Income Taxes

The Company uses the asset and liability method of accounting for income taxes. Deferred income taxes are provided for cumulative temporary differences between balances of assets and liabilities determined under GAAP and balances determined using tax bases. The Company has a valuation allowance to fully offset the net deferred tax asset.

Net Loss Per Common Share Outstanding

Net loss per common share is calculated using the weighted average number of common shares outstanding during the year. The weighted average common shares outstanding were 14,764,587 and 14,841,764 for the three months ended March 31, 2020 and 2019, respectively.

Related Party Transactions

The Company entered into an agreement with First Trinity Financial Corporation (“FTFC”) where FTFC will use its resources to source mortgages on real estate and lottery bonds. FTFC will present to the Company investments based on criteria the Company has established. The Company has the option to purchase the presented investment assets directly from the seller or to decline the purchase based on the Company’s analysis of the investment. All mortgages and lottery bonds that were purchased by the Company in 2020 and 2019 were obtained through this agreement. The Chairman of the Company is also the Chairman, President and Chief Executive Officer of FTFC.

Subsequent Events

Management has evaluated subsequent events for recognition and disclosure in the financial statements through the date the financial statements were available to be issued.

Recent Accounting Pronouncements

In February 2016, the FASB issued ASU 2016-02, “Leases” (“ASU 2016-02”). ASU 2016-02 requires all lessees to recognize a lease liability and a right-of-use asset (“ROU”), measured at the present value of the future minimum lease payments, at the lease commencement date. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim reporting periods within that fiscal year, with early adoption permitted. ASU 2016-02 requires the application of a modified retrospective approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements.

Table of Contents

Texas Republic Capital Corporation and Subsidiaries

Notes to Consolidated Financial Statements

March 31, 2020

(Unaudited)

1. Organization and Significant Accounting Policies (continued)

In July 2018, the FASB issued updated guidance (Accounting Standards Update 2018-11) that provides entities with an additional (and optional) transition method to adopt the new standard on leases. Under this new transition method, an entity initially applies the new standard on leases at the adoption date and recognizes a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. Consequently, an entity’s reporting for the comparative periods presented in the financial statements in which it adopts the new standard on leases will continue to be in accordance with current GAAP (Topic 840, Leases). An entity that elects this additional (and optional) transition method must provide the required Topic 840 disclosures for all periods that continue to be in accordance with Topic 840.

The Company adopted ASU 2016-02, as of January 1, 2019. The Company elected to utilize the cumulative-effect adjustment to the opening balance of retained earnings for the year of adoption. Accordingly, the Company’s reporting for the comparative periods prior to adoption continue to be presented in the financial statements in accordance with previous lease accounting guidance. The Company also elected to apply all practical expedients applicable to the Company in the updated guidance for transition for the lease in effect at adoption, including using hindsight to determine the lease term of the existing leases, the option to not reassess whether an existing contract is a lease or contains a lease and whether the lease is an operating or finance lease. The Company increased assets and liabilities by $331,065 at the adoption date.

In September 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”). ASU 2016-13 will change the way entities recognize impairment of financial assets by requiring immediate recognition of estimated credit losses expected to occur over the remaining life of many financial assets, including, among others, held-to-maturity debt securities, mortgage loans, lottery prize receivables, trade receivables, and reinsurance recoverables. ASU 2016-13 requires a valuation allowance to be calculated on these financial assets and that they be presented on the financial statements net of the valuation allowance. This methodology is referred to as the current expected credit loss model. ASU 2016-13 had an original effective date for fiscal years beginning after December 15, 2019, including interim periods within those annual periods. The FASB recently delayed the effective date of ASU 2016-13 to fiscal years beginning after December 15, 2022 for smaller reporting companies, with early adoption permitted. The Company is currently evaluating the impact of this guidance on the Company’s financial condition and results of operations. However, currently the Company does not expect a material impact on the Company’s financial condition or results of operations from the adoption of this guidance.

In January 2017, the FASB issued ASU 2017-04, “Intangibles — Goodwill and Other” (“ASU 2017-04”). ASU 2017-04 amends and simplifies current goodwill impairment testing to eliminate Step 2 from the current provisions. Under the new guidance, an entity should perform the goodwill impairment test by comparing the fair value of a reporting unit with its carrying value and recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. An entity still has the option to perform the quantitative assessment for a reporting unit to determine if a quantitative impairment test is necessary. ASU 2017-04 is effective for annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. The Company adopted ASU 2017-04 as of January 1, 2020. The adoption of this guidance did not have a material effect on the Company’s results of operations, financial position or liquidity.

In March 2017, the FASB issued ASU 2017-08, “Receivables-Nonrefundable Fees and Other Costs: Premium Amortization on Purchased Callable Debt Securities” (“ASU 2017-08”). ASU 2017-08 revises the amortization period for certain callable debt securities held at a premium, requiring the premium to be amortized to the earliest call date. Under current GAAP, entities generally amortize the premium as an adjustment of yield over the contractual life of the instrument. ASU 2017-08 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019 with early adoption permitted. The Company adopted ASU 2017-08 as of January 1, 2020. The adoption of this guidance did not have a material effect on the Company’s results of operations, financial position or liquidity.

Table of Contents

Texas Republic Capital Corporation and Subsidiaries

Notes to Consolidated Financial Statements

March 31, 2020

(Unaudited)

1. Organization and Significant Accounting Policies (continued)

In February 2018, the FASB issued ASU 2018-02, “Income Statement — Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income” (“ASU 2018-02”). ASU 2018-02 was issued to address the income tax accounting treatment of the stranded tax effects within other comprehensive income from the prohibition of backward tracing due to an income tax rate change that was initially recorded in other comprehensive income. This issue came about from the enactment of the Tax Cuts and Jobs Act on December 22, 2017 that changed the Company’s income tax rate from 35% to 21%. The ASU changed current accounting whereby an entity may elect to reclassify the stranded tax effect from accumulated other comprehensive income to retained earnings. The ASU is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. The Company adopted ASU 2018-02 as of January 1, 2019. The adoption of this guidance did not have a material effect on the Company’s results of operations, financial position or liquidity.

In August 2018, the FASB issued ASU No. 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement” (“ASU No. 2018-13”). This ASU eliminates, adds and modifies certain disclosure requirements for fair value measurements. Among the changes, entities will no longer be required to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, but will be required to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. ASU No. 2018-13 is effective for interim and annual reporting periods beginning after December 15, 2019; early adoption is permitted. Entities may early adopt any eliminated or modified disclosure requirements and delay adoption of the additional disclosure requirements until their effective date. The Company adopted ASU 2018-13 as of January 1, 2020. The adoption of this guidance did not have a material effect on the Company’s results of operations, financial position or liquidity.

In August 2018, the FASB issued ASU 2018-12 Financial Services-Insurance (Topic 944) - Targeted Improvements to the Accounting for Long-Duration Contracts. This update is aimed at improving the Codification related to long-duration contracts which will improve the timeliness of recognizing changes in the liability for future policy benefits, simplify accounting for certain market-based options, simplify the amortization of deferred acquisition costs, and improve the effectiveness of required disclosures. The amendments require an insurance entity to review and update assumptions used to measure cash flows at least annually and to update discount rate assumption at each reporting date. The amendment requires an insurance entity to measure all market risk benefits associated with deposit contracts at fair value, with change in fair value attributable to change in instrument-specific credit risk recognized in other comprehensive income. Additionally, the amendment will simplify amortization of deferred acquisition costs and other balances amortized in proportion to premiums, gross profits, or gross margins and require those balances be amortized on constant level basis over the expected term of the related contract. Deferred acquisition costs are required to be written off for unexpected contract terminations but are not subject to impairment test. The amendment further requires an insurance entity to add disclosures of disaggregated rollforwards of beginning to ending balances of the liability for future policy benefits, policyholder account balances, market risk benefits, separate account liabilities, and deferred acquisition costs. The insurance entity must also disclose information about significant inputs, judgments, assumptions, and methods used in measurement, including changes in those inputs, judgments, and assumptions, and the effect of those changes on measurement. These updates are originally required to be applied retrospectively to the earliest period presented in the financial statements for periods beginning after December 15, 2020. The FASB recently delayed the effective date of ASU 2018-12 to December 15, 2023 for smaller reporting companies, with early adoption permitted. The Company is currently evaluating the impact of the new guidance on its consolidated financial statements.

Table of Contents

Texas Republic Capital Corporation and Subsidiaries

Notes to Consolidated Financial Statements

March 31, 2020

(Unaudited)

2. Investments

Fixed Maturity Securities Available-For-Sale

Investments in fixed maturity securities available-for-sale as of March 31, 2020 and December 31, 2019 are summarized as follows:

			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
March 31, 2020 (Unaudited)	Cost		Gains		Losses		Value
Fixed maturity securities
Corporate bonds	$	8,780,402	$	350,962	$	503,513	$	8,627,851
Total fixed maturity securities	$	8,780,402	$	350,962	$	503,513	$	8,627,851

			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
December 31, 2019	Cost		Gains		Losses		Value
Fixed maturity securities
Corporate bonds	$	7,673,671	$	456,779	$	40,990	$	8,089,460
Total fixed maturity securities	$	7,673,671	$	456,779	$	40,990	$	8,089,460

Table of Contents

Texas Republic Capital Corporation and Subsidiaries

Notes to Consolidated Financial Statements

March 31, 2020

(Unaudited)

2. Investments (continued)

For securities in an unrealized loss position as of the financial statement dates, the estimated fair value, pre-tax gross unrealized loss and number of securities by length of time that those securities have been continuously in an unrealized loss position as of March 31, 2020 and December 31, 2019 are summarized as follows:

			Unrealized		Number of
March 31, 2020 (Unaudited)	Fair Value		Loss		Securities
Fixed maturity securities
Less than 12 months
Corporate bonds	$	2,716,460	$	424,330		26

Greater than 12 months
Corporate bonds		21,750		79,183		1
Total fixed maturity securities	$	2,738,210	$	503,513		27

			Unrealized		Number of
December 31, 2019	Fair Value		Loss		Securities
Fixed maturity securities
Less than 12 months
Corporate bonds	$	602,772	$	8,050		5

Greater than 12 months
Corporate bonds		366,310		32,940		3
Total fixed maturity securities	$	969,082	$	40,990		8

As of March 31, 2020, the twenty-six fixed maturity securities in a less than 12-month loss position had a fair value to amortized cost ratio of 86%. The fixed maturity security in a loss position greater than 12-months had a fair value to amortized cost ratio of 21.5% as of March 31, 2020. Two securities with a par value of $250,000 were below investment grade as rated by Standard and Poor’s as of March 31, 2020 and December 31, 2019. As of December 31, 2019, seven of the eight fixed maturity securities in a loss position had a fair value to amortized cost ratio greater than 97%. The one fixed security that was below 97% at December 31, 2019 was at 72%. The five securities in a less than 12-month loss position had an average fair value to amortized cost ratio of over 98%. The two of the three securities in a loss position greater than 12-months had a fair value to amortized cost ratio of over 98% of December 31, 2019. The remaining security mentioned just above had a fair value to amortized cost ratio of over 72%.

The Company’s decision to record an impairment loss is primarily based on whether the security’s fair value is likely to remain significantly below its book value based on all of the factors considered. Factors that are considered include the length of time the security’s fair value has been below its carrying amount, the severity of the decline in value, the credit worthiness of the issuer and the coupon and/or dividend payment history of the issuer. The Company also assesses whether it intends to sell or whether it is more likely than not that it may be required to sell the security prior to its recovery in value.

For any fixed maturity securities that are other-than-temporarily impaired, the Company determines the portion of the other-than-temporary impairment that is credit-related and the portion that is related to other factors. The credit-related portion is the difference between the expected future cash flows and the amortized cost basis of the fixed maturity security, that difference is charged to earnings. The non-credit-related portion representing the remaining difference to fair value is recognized in other comprehensive income (loss).

Only in the case of a credit-related impairment where management has the intent to sell the security, or it is more likely than not that it will be required to sell the security before recovery of its cost basis, is a fixed maturity security adjusted to fair value and the resulting losses recognized in realized gains (losses) in the consolidated statements of operations. Any other-than-temporary impairments on equity securities are recorded in the consolidated statements of operations in the periods incurred as the difference between fair value and cost.

Table of Contents

Texas Republic Capital Corporation and Subsidiaries

Notes to Consolidated Financial Statements

March 31, 2020

(Unaudited)

2. Investments (continued)

Based on management’s review, the Company experienced no other-than-temporary impairments during the three months ended March 31, 2020 and the year ended December 31, 2019.

Management believes that the Company will fully recover its cost basis in the securities held as of March 31, 2020, and management does not have the intent to sell nor is it more likely than not that the Company will be required to sell such securities until they recover or mature. The temporary impairments shown herein are primarily the result of the current interest rate environment rather than credit factors that would imply other-than-temporary impairment. These unrealized losses were primarily due to the Coronavirus pandemic impact on the bond market as of March 31, 2020.

Net unrealized gains (losses) included in accumulated other comprehensive income for investments classified as available-for-sale are summarized as follows:

	(Unaudited)
	March 31, 2020			December 31, 2019
Unrealized appreciation (depreciation) on available-for-sale securities	$	(152,551	)	$	415,789
Adjustment to deferred acquisition costs		395			(1,009	)
Deferred taxes		-			(87,104	)
Net unrealized appreciation (depreciation) on available-for-sale securities	$	(152,156	)	$	327,676

The amortized cost and fair value of fixed maturity available-for-sale securities as of March 31, 2020, by contractual maturity, are summarized as follows:

	(Unaudited)
	Amortized Cost		Fair Value
Due after one year through five years	$	3,217,659	$	3,124,870
Due after five years through ten years		3,287,659		3,303,769
Due after ten years		2,275,084		2,199,212
Total fixed maturity securities	$	8,780,402	$	8,627,851

The amortized cost and fair value of other long-term investments as of March 31, 2020, by contractual maturity, are summarized as follows:

	(Unaudited)
	Amortized Cost		Fair Value
Due in one year or less	$	669,776	$	690,072
Due after one year through five years		1,786,873		2,040,303
Due after five years through ten years		359,954		480,552
Due after ten years		22,715		36,784
Total other long-term investments	$	2,839,318	$	3,247,711

Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

Table of Contents

Texas Republic Capital Corporation and Subsidiaries

Notes to Consolidated Financial Statements

March 31, 2020

(Unaudited)

2. Investments (continued)

Other long-term investments by geographic distribution:

	March 31, 2020		%			December 31, 2019		%
California	$	291,056		10.3	%	$	137,888		7.0	%
Indiana		193,358		6.8			209,829		10.7
Massachusetts		1,008,952		35.6			408,037		20.8
New York		662,491		23.3			692,016		35.2
Ohio		165,047		5.8			161,073		8.2
Oregon		142,700		5.0			140,304		7.1
Pennsylvania		375,714		13.2			217,200		11.0
Total	$	2,839,318		100.0	%	$	1,966,347		100.0	%

Mortgage Loan on Real Estate

The Company utilizes the ratio of the carrying value of individual mortgage loans compared to the individual appraisal value to evaluate the credit quality of its mortgage loans on real estate (commonly referred to as the loan-to-value ratio). The Company’s mortgage loans on real estate by credit quality using this ratio as of March 31, 2020 and December 31, 2019 are summarized as follows:

	March 31, 2020		December 31, 2019
Over 90%	$	-	$	96,480
80% to 90%		95,978		145,388
70% to 80%		329,254		184,168
60% to 70%		1,163,598		1,548,486
50% to 60%		723,699		824,354
40% to 50%		152,177		109,665
Total	$	2,464,706	$	2,908,541

Mortgage loans by geographic distribution:

State	March 31, 2020		%			December 31, 2019		%
Alabama	$	145,304		5.9	%	$	145,389		5.0	%
Florida		-		-			228,529		7.9
Illinois		582,424		23.6			782,437		26.9
Indiana		52,722		2.1			53,808		1.9
Missouri		54,622		2.2			55,857		1.9
Tennessee		769,981		31.3			780,840		26.8
Texas		714,174		29.0			715,931		24.6
Wisconsin		145,479		5.9			145,750		5.0
Total	$	2,464,706		100.0	%	$	2,908,541		100.0	%

There were 9 loans with a remaining principal balance of $793,819 that were 90 days or more past due and still accruing interest as of March 31, 2020. There were 8 loans with a remaining principal balance of $698,090 that were 90 days or more past due and still accruing interest as of December 31, 2019.

Table of Contents

Texas Republic Capital Corporation and Subsidiaries

Notes to Consolidated Financial Statements

March 31, 2020

(Unaudited)

2. Investments (continued)

Major categories of net investment income for the three months ended March 31, 2020 and 2019 are summarized as follows:

	For the Three Months Ended March 31,
	2020			2019

Fixed maturity securities	$	82,929		$	74,547
Other long-term assets		54,962			12,075
Mortgage loans		46,856			25,427
Short-term and other investments		38,433			32,577
Gross investment income		223,180			144,626
Investment expenses		(6,204	)		(8,055	)
Net investment income	$	216,976		$	136,571

3. Fair Value Measurements

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) on the measurement date. The Company also considers the impact on fair value of a significant decrease in volume and level of activity for an asset or liability when compared with normal activity.

The Company holds fixed maturity securities that are measured and reported at fair market value on the consolidated statement of financial position. The Company determines the fair market values of its financial instruments based on the fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value, as follows:

Level 1 - Quoted prices in active markets for identical assets or liabilities. The Company has no Level 1 assets that would include securities traded in an active exchange market.

Table of Contents

Texas Republic Capital Corporation and Subsidiaries

Notes to Consolidated Financial Statements

March 31, 2020

(Unaudited)

3. Fair Value Measurements (continued)

Level 2 - Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. The Company’s Level 2 assets and liabilities include fixed maturity securities with quoted prices that are traded less frequently than exchange-traded instruments or assets and liabilities whose value is determined using a pricing model with inputs that are observable in the market or can be derived principally from or corroborated by observable market data. This category generally includes U.S. Government and agency mortgage-backed debt securities and corporate debt securities.

Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. This category generally includes investments where independent pricing information was not able to be obtained for a significant portion of the underlying assets.

The Company has categorized its financial instruments, based on the priority of the inputs to the valuation technique, into the three-level fair value hierarchy. If the inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument. A review of fair value hierarchy classifications is conducted on a quarterly basis. Changes in the valuation inputs, or their ability to be observed, may result in a reclassification for certain financial assets or liabilities. Reclassifications impacting the levels of the fair value hierarchy are reported as transfers in and out of the specific level category as of the beginning of the period in which the reclassifications occur.

The Company’s fair value hierarchy for those financial instruments measured at fair value on a recurring basis as of March 31, 2020 and December 31, 2019 are summarized as follows:

March 31, 2020 (Unaudited)	Level 1		Level 2		Level 3		Total
Fixed maturity securities, available-for-sale
Corporate bonds	$	-	$	8,627,851	$	-	$	8,627,851
Total fixed maturity securities	$	-	$	8,627,851	$	-	$	8,627,851

December 31, 2019	Level 1		Level 2		Level 3		Total
Fixed maturity securities, available-for-sale
Corporate bonds	$	-	$	8,089,460	$	-	$	8,089,460
Total fixed maturity securities	$	-	$	8,089,460	$	-	$	8,089,460

Fair values for Level 2 assets for the Company’s fixed maturity securities available-for-sale are primarily based on prices supplied by a third-party investment service. The third-party investment service provides quoted prices in the market which use observable inputs in developing such rates.

The Company analyzes market valuations received to verify reasonableness and to understand the key assumptions used and the sources. Since the fixed maturity securities owned by the Company do not trade on a daily basis, the third-party investment service prepares estimates of fair value measurements using relevant market data, benchmark curves, sector groupings and matrix pricing. As the fair value estimates of the Company’s fixed maturity securities are based on observable market information rather than market quotes, the estimates of fair value on these fixed maturity securities are included in Level 2 of the hierarchy. The Company’s Level 2 investments includes U.S. Government and agency mortgage-backed debt securities and corporate debt securities.

The Company’s fixed maturity securities available-for-sale portfolio is highly liquid and allows for a high percentage of the portfolio to be priced through pricing services.

Table of Contents

Texas Republic Capital Corporation and Subsidiaries

Notes to Consolidated Financial Statements

March 31, 2020

(Unaudited)

3. Fair Value Measurements (continued)

Fair Value of Financial Instruments

The carrying amount and fair value of the Company’s financial assets and financial liabilities disclosed, but not carried, at fair value as of March 31, 2020 and December 31, 2019 and the level within the fair value hierarchy at which such assets and liabilities are measured on a recurring basis are summarized as follows:

Financial Instruments Disclosed, But Not Carried, at Fair Value:

	March 31, 2020 (Unaudited)
	Carrying		Fair
	Amount		Value		Level 1		Level 2		Level 3
Financial assets
Cash and cash equivalents	$	17,845,572	$	17,845,572	$	17,845,572	$	-	$	-
Mortgages on real estate		2,464,706		2,570,283		-		-		2,570,283
Other long-term investments		2,839,318		3,247,711		-		-		3,247,711
Accrued investment income		139,581		139,581		-		-		139,581
Advances and notes receivable		176,821		176,821		-		-		176,821
Total financial assets	$	23,465,998	$	23,979,968	$	17,845,572	$	-	$	6,134,396

Financial liabilities
Policyholders’ account balances	$	23,497,676	$	21,787,008	$	-	$	-	$	21,787,008
Policy claims		62,114		62,114		-		-		62,114
Total financial liabilities	$	23,559,790	$	21,849,122	$	-	$	-	$	21,849,122

	December 31, 2019
	Carrying		Fair
	Amount		Value		Level 1		Level 2		Level 3
Financial assets
Cash and cash equivalents	$	15,208,477	$	15,208,477	$	15,208,477	$	-	$	-
Mortgages on real estate		2,908,541		2,851,527		-		-		2,851,527
Other long-term investments		1,966,347		2,290,552		-		-		2,290,552
Accrued investment income		111,889		111,889		-		-		111,889
Advances and notes receivable		134,560		134,560		-		-		134,560
Total financial assets	$	20,329,814	$	20,597,005	$	15,208,477	$	-	$	5,388,528

Financial liabilities
Policyholders’ account balances	$	18,440,872	$	15,893,600	$	-	$	-	$	15,893,600
Policy claims		59,693		59,693		-		-		59,693
Total financial liabilities	$	18,500,565	$	15,953,293	$	-	$	-	$	15,953,293

The estimated fair value amounts have been determined using available market information and appropriate valuation methodologies. However, considerable judgment was required to interpret market data to develop these estimates. Accordingly, the estimates are not necessarily indicative of the amounts which could be realized in a current market exchange. The use of different market assumptions or estimation methodologies may have a material effect on the fair value amounts.

Table of Contents

Texas Republic Capital Corporation and Subsidiaries

Notes to Consolidated Financial Statements

March 31, 2020

(Unaudited)

3. Fair Value Measurements (continued)

The following methods and assumptions were used in estimating the fair value disclosures for financial instruments in the accompanying financial statements and notes thereto:

Fixed Maturity Securities

The fair value of fixed maturity securities is based on the principles previously discussed as Level 1, Level 2 and Level 3.

Cash and Cash Equivalents, Accrued Investment Income and Advances and Notes Receivable

The carrying value of these financial instruments approximates their fair values due to the expected short-term nature until the cash settlement of these items. Cash and cash equivalents are included in Level 1 of the fair value hierarchy due to their highly liquid nature. Accrued investment income and advances and notes receivable are included in Level 3 of the fair value hierarchy due to little or no availability of market activity for these types of assets.

Mortgages on Real Estate

The Company’s mortgage loan portfolio is comprised of residential properties with loan to appraised value ratios below 90%. The fair values for mortgage loans are estimated using discounted cash flow analyses. For residential mortgage loans, the discount rate used was indexed to the LIBOR yield curve adjusted for an appropriate credit spread.

Other Long-Term Investments

Other long-term investments are comprised of lottery prize receivables and fair value is derived by using a discounted cash flow approach. Projected cash flows are discounted using the average FTSE Pension Liability Index in effect at the end of each period.

Policyholders’ Account Balances

The fair value for liabilities under investment-type insurance contracts (accumulation annuities) is calculated using a discounted cash flow approach. Cash flows are projected using actuarial assumptions and discounted to the valuation date using risk-free rates adjusted for credit risk and the nonperformance risk of the liabilities.

The fair values for insurance contracts other than investment-type contracts are not required to be disclosed.

Policy Claims

The carrying amounts reported for these liabilities approximate their fair value.

4. Income Taxes

The Company files a consolidated return with its subsidiary TRLS. The Company’s other subsidiary TRLIC files a separate federal return for life insurance companies. TRLIC is taxed as a life insurance company under the provisions of the Internal Revenue Code. Life insurance companies must file separate tax returns until they have been a member of the consolidated filing group for five years. Certain items included in income reported for financial statement purposes are not included in taxable income for the current period, resulting in deferred income taxes.

Table of Contents

Texas Republic Capital Corporation and Subsidiaries

Notes to Consolidated Financial Statements

March 31, 2020

(Unaudited)

4. Income Taxes (continued)

The Company has net operating loss carryforwards of approximately $3.6 million expiring in 2032 through 2037. The company also has $598,288 of loss carryforwards from 2018 through 2020 that will not expire. A valuation allowance of $878,868 has been established for net operating losses arising from 2012 through 2020 since the Company has not demonstrated the ability to generate taxable income. As of March 31, 2020, TRLIC has $2,571,936 in operating loss carryforwards that have originated since 2016. In accordance with the Tax Cuts and Jobs Act of 2017, $588,407 of the operating loss carryforwards were generated prior to January 1, 2018 and will expire in 2031 and 2032. Additionally, TRLIC has loss carryforwards of $1,983,529 from 2018 through 2020 which will not expire. TRLIC’s operating loss carryforwards have a valuation allowance of $540,107 against it at March 31, 2020, as TRLIC has not yet demonstrated the ability to generate taxable income. The utilization of those losses is restricted by the tax laws and some or all the losses may not be available for use.

The Company and its subsidiaries have no known uncertain tax benefits within its provision for income taxes. In addition, the Company does not believe it would be subject to any penalties or interest relative to any open tax years and, therefore, have not accrued any such amounts. The Company files U.S. federal income tax returns and income tax returns in various state jurisdictions. The 2016 through 2018 U.S. federal tax years are subject to income tax examination by tax authorities. The Company classifies any interest and penalties (if applicable) as income tax expense in the financial statements.

5. Concentrations of Credit Risk

The Company maintains cash and cash equivalents at multiple institutions. The Federal Deposit Insurance Corporation insures non-interest-bearing accounts up to $250,000. Uninsured balances aggregate $911,571 as of March 31, 2020. The Company monitors the solvency of all financial institutions in which it has funds to minimize the exposure for loss. The Company has not experienced any losses in these accounts and believes it is not exposed to any significant credit risk on cash and cash equivalents.

6. Stock Incentive Plan

The Company’s Agent Stock Incentive Plan (“ASIP”) was approved in August 2018 by the Texas State Securities Board. The plan awards shares of Texas Republic Capital Corporation common stock to agents based on certain production levels achieved in sales of life and annuity products. Calculation of awards at December 31, 2019 were based on production for the period of January through December 2019. The ASIP will issue 4,120 shares awarded on 2019 production. The ASIP issued 1,490 shares in 2019 based on 2018 production. Also, in 2019 the Company issued 10,000 shares as part of an employment agreement.

7. Lease Commitment

The Company rents office space for certain administrative operations under an agreement that expires in 2022. The lease includes an option to extend or renew the lease term. The operating lease liability includes lease payments related to options to extend or renew the lease term only if the Company is reasonably certain of exercising those options. The exercise of the renewal option is at the Company's discretion; at this time there is uncertainty as to the Company exercising its renewal option so the option is not included in the determination of the present value calculation. In determining the present value of lease payments, the Company uses its incremental borrowing rate obtained from its main commercial bank.

Future payments under operating lease arrangements accounted for under ASC Topic 842 as of March 31, 2020 are as follows:

2020 (remaining)	$	68,993
2021		93,593
2022		95,006
Total operating lease payments, undiscounted	$	257,592
Less: interest		(29,985	)
Lease liability, at present value	$	227,607

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Item 2: Management’s Discussion and Analysis of Financial Condition and Results of Operations

Overview

Texas Republic Capital Corporation (“we” “us”, “our”, “TRCC” or the “Company”) was incorporated in May 2012 as a financial services holding company. Between May 2012 and November 2013, we conducted an organizational offering and three private placements of our common stock. From the organizational offering and private placements, we raised $10,336,500, incurred $1,215,569 of offering costs and issued 12,865,000 shares of our common stock. During 2012, the funds raised, offering costs incurred and shares subscribed from the private placements were $5,051,300, $180,835 and 10,636,840, respectively. During 2013, the funds raised, offering costs incurred and shares subscribed from the private placements were $5,285,200, $1,034,734 and 2,228,160, respectively.

We began an intrastate public offering of our common stock at a price per share of $5.00 on April 2, 2014 and completed that offering on April 2, 2017. The Company raised $10,010,485 and incurred $1,444,127 of offering costs through the issuance of 2,002,097 shares of the Company’s common stock less treasury stock of 3,000 shares from the intrastate public stock offering. During 2014, the funds raised, offering costs incurred and shares subscribed from the offering were $3,143,800, $576,613 and 628,760, respectively. During 2015, the funds raised, offering costs incurred and shares subscribed from the offering were $1,901,925, $326,734 and 380,385, respectively. During 2016 the funds raised, offering costs incurred and shares subscribed from the offering were $3,062,510, $330,516 and 612,502, respectively. During 2017 the funds raised, offering costs incurred and shares subscribed from the offering were $1,902,250, $210,264 and 380,450, respectively.

We are a financial services holding company and have incurred significant net losses since our inception. As of March 31, 2020, we had an accumulated deficit of $7,890,914. These losses have resulted from costs incurred while raising capital and start-up costs related to our insurance operations. We expect to continue to incur operating losses until we achieve a volume of inforce life insurance policies that provides premiums and investment income which are sufficient to cover our operating costs.

Critical Accounting Policies and Significant Judgments and Estimates

Our management’s discussion and analysis of our financial condition and results of operations are based on our consolidated financial statements that have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). The preparation of these consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses. On a continuing basis, we evaluate our estimates and assumptions.

We base our estimates on historical experience and on various other factors that we believe are reasonable under the circumstances. The results of these estimates form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. We believe the following accounting policies, judgments and estimates are the most critical to the preparation of our consolidated financial statements.

Investments

Fixed maturity securities are comprised of bonds that are classified as available-for-sale and are carried at fair value with unrealized gains and losses, net of applicable income taxes, reported in accumulated other comprehensive income. The amortized cost of fixed maturity securities available-for-sale is generally adjusted for amortization of premium and accretion of discount.

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The Company evaluates the difference between the cost or amortized cost and estimated fair value of its investments to determine whether any decline in value is other-than-temporary in nature. This determination involves a degree of uncertainty. If a decline in the fair value of a security is determined to be temporary, the decline is recorded as an unrealized loss in stockholders’ equity. If a decline in a security’s fair value is considered to be other-than-temporary, the Company then determines the proper treatment for the other-than-temporary impairment. For fixed maturity securities available-for-sale, the amount of any other-than-temporary impairment related to a credit loss is recognized in earnings and reflected as a reduction in the cost basis of the security; and the amount of any other-than-temporary impairment related to other factors is recognized in other comprehensive income (loss) with no change to the cost basis of the security.

Purchases and sales of securities are recorded on a trade-date basis. Interest earned on investments is recorded on the accrual basis and is included in net investment income.

The Company’s mortgage loan portfolio is comprised of residential properties with loan to appraised value ratios below 90%. Mortgage loans are carried at current book value. The fair values for mortgage loans are estimated using discounted cash flow analyses. For residential mortgage loans, the discount rate used was indexed to the LIBOR yield curve adjusted for an appropriate credit spread.

Cash and Cash Equivalents

Cash and cash equivalents include cash on hand and money market instruments.

Deferred Policy Acquisition Costs

Costs that relate to and vary with the successful production of new business are deferred over life of the policy. Deferred acquisition costs, (DAC), consist of commissions and policy issuance, underwriting and agency expenses. DAC expenses are amortized primarily over the premium-paying period of life policies and as profits emerge on the annuity products, using the same assumptions as were used in computing liabilities for future policy benefits.

Deferred Sales Inducement Costs

Sales inducement costs (SIC) are related to policy bonuses issued on some of the Company’s annuity products. SIC is deferred at the issuance of the policy and amortized over the bonus period on a straight-line basis. The amount deferred is based on the difference between the fund value with the bonus and the fund value without the bonus.

Policyholders’ Account Balances

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Future Policy Benefits

Income Taxes

We evaluate our deferred income tax assets, which partially offset our deferred tax liabilities, for any necessary valuation allowances. In doing so, we consider our ability and potential for recovering income taxes associated with such assets, which involve significant judgment. Revisions to the assumptions associated with any necessary valuation allowances would be recognized in the financial statements in the period in which such revisions are made.

Results of Operations – Three Months Ended March 31, 2020 and 2019

Revenues

Our revenues are from the initial sales of insurance products and investment income from investments in fixed maturity available-for-sale securities, mortgage loans and other long-term assets. Revenue included $119,145 from sales of life insurance for the three months ended March 31, 2020 compared to $118,392 from sales of life insurance for the three months ended March 31, 2019. The Company also accepted annuity deposits of $4,667,563 in the three months ended March 31, 2020 compared to $2,567,302 in the three months ended March 31, 2019. Annuity deposits will generate revenue on investments but are not classified as revenue for GAAP reporting.

Investment income was $216,976 for the three months ending March 31, 2020 compared to $136,571 for the three months ended March 31, 2019. The Company continues to invest in mortgage loans on real estate, lottery bonds and corporate bonds to increase investment yields to support interest expense on our annuity deposits. The Company also moved all non-operating cash to interest bearing money market accounts. Total revenues were $344,374 for the three months ended March 31, 2020, an increase of $85,878 from $258,496 for the three months ended March 31, 2019.

Expenses

Our expenses relate to operating a financial services holding company, a life insurance company and an insurance agency.

Expenses were $997,623 for the three months ended March 31, 2020, an increase of $362,209 from $635,414 for three months ended March 31, 2019.

Total Benefits and Claims – The increase to policyholder benefits and claims of $177,336 for the three months ended March 31, 2020 is primarily due to the increase in interest credited to policyholders of $180,119.

Commissions – Commission expense increased $71,807 for the three months ended March 31, 2020. The increase is consistent with the increased annuity sales which were $2,100,261 higher than the three months ended March 31, 2019.

Salaries and Wages – Salary expense increased $92,544 for the three months ended March 31, 2020. The increase is due to the addition of staff in the last quarter of 2019. Additionally, increases to existing salaries added to the variance.

Net Loss

The net loss was $653,249, or $(0.04) per common share issued and outstanding for the three months ended March 31, 2020 compared to a net loss of $376,918, or $(0.03) per share, for the three months ended March 31, 2019. The increase in the net loss for the three months ending March 31, 2020, was primarily attributable to the increase in expenses described above. We expect our losses to continue in the near future as we incur increased costs to grow our life insurance business. The weighted average common shares outstanding were 14,764,587 and 14,841,764 for the three months ended March 31, 2020 and 2019, respectively.

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Financial Position – As of March 31, 2020 and December 31, 2019

Total assets of the Company increased from $30,285,566 as of December 31, 2019 to $34,296,159 as of March 31, 2020, an increase of $4,010,593.

Cash increased $2,637,095 due to $4,667,563 in annuity sales during the three months ended March 31, 2020. We are investing to maximize yields to support the insurance operations. Annuity sales in 2019 and the first three months of 2020 significantly outpaced our ability to secure quality investments. All non-operating cash is held in interest bearing accounts.

The Company did invest some annuity deposits in fixed maturity securities and other assets (lottery bonds). The increase in lottery bonds of $872,971 are directly related to annuity deposits in Texas Republic Life Insurance Company. The increase of $538,391 in fixed maturity securities was due to purchases of $1,108,806 but somewhat offset by unrealized losses of $568,340.

Policyholder liabilities include benefit reserves for both life and annuity policies, claim reserves, deposit funds and advance premiums. Policyholder liabilities increased $5,221,226 at March 31, 2020 compared to December 31, 2019. The increase is directly related to the increase of annuity deposits and to a lesser extent the increase of inforce life insurance.

Total shareholders’ equity of the Company decreased from $10,672,815 as of December 31, 2019 to $9,539,734 as of March 31, 2020. The decrease is mainly due to the net loss from operations of $653,249 and the change in unrealized losses on fixed income securities of $568,340.

Liquidity and Capital Resources

Since inception, our operations have been financed primarily through an organizational offering, three private placement offerings and an intrastate public stock offering. Through April 2, 2017, we received $20,346,985 from the sale of 14,867,097 shares and incurred offering costs of $2,659,696. During 2017 and 2016 we paid $5,000 and $10,000 for 1,000 and 2,000 shares of Company’s common stock that is held as treasury stock, respectively. During 2018 the Company’s subsidiary, TRLIC purchased 14,000 shares for distribution under its Stock Incentive Plan. During 2019 TRLIC purchased an additional 97,000 shares for distribution under its Stock Incentive Plan. As of December 31, 2019, TRLIC distributed 11,490 shares under its Stock Incentive Plan. The remaining 99,510 shares held by TRLIC and the 3,000 shares held by TRCC total 102,510 shares. These shares are held as treasury shares in the consolidated financials. Our operations have not been profitable and have generated significant operating losses since we were incorporated in 2012.

We had cash and cash equivalents totaling $17,845,572 and $15,208,477 as of March 31, 2020 and December 31, 2019, respectively. The Company maintains cash and cash equivalents at multiple institutions. The Federal Deposit Insurance Corporation insures interest and non-interest-bearing accounts up to $250,000. Uninsured balances aggregate $911,571 and $2,312,416 as of March 31, 2020 and December 31, 2019 respectively. Other funds are invested in mutual funds that invest in U.S. government securities. We monitor the solvency of all financial institutions in which we have funds to minimize the exposure for loss. The Company has not experienced any losses in such accounts.

Capital provided from the public offering will provide a considerable amount of operating funds for current and future operations. The operations of TRLIC should provide ample cash flows from premium income and investment income to meet operating requirements. Life insurance contract liabilities are generally long term in nature and are generally paid from future cash flows.

We believe that our existing cash and cash equivalents will be sufficient to fund our anticipated operating expenses and capital expenditures. We have based this estimate upon assumptions that may prove to be wrong and we could use our capital resources sooner than we currently expect. The growth of TRLIC and TRLS may require additional capital as they continue to grow. As discussed above, the Company capitalized TRLIC with $3,000,000 cash during the third quarter of 2016 and capitalized TRLS with $50,000 during the second quarter of 2018. During 2018 TRCC made capital contributions of $2,000,000 and $750,000 to TRLIC. During the second quarter of 2019 the Company made an additional capital contribution to TRLIC of mortgage loans valued at $857,133. During the third quarter of 2019 the Company made an additional capital contribution of $1,300,000 in cash to TRLIC bringing the total capitalization of TRLIC to $7,907,133. During 2018 TRCC made a capital contribution of $100,000 to TRLS bringing the total capitalization of TRLS to $150,000.

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Off-Balance Sheet Arrangements

The Company does not have any off-balance sheet arrangements.

SPECIAL NOTE CONCERNING FORWARD-LOOKING STATEMENTS

Certain statements contained herein are forward-looking statements. The forward-looking statements are made pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, and include estimates and assumptions related to economic, competitive and legislative developments. Forward-looking statements may be identified by words such as “expects,” “intends,” “anticipates,” “plans,” “believes,” “estimates,” “will” or words of similar meaning; and include, but are not limited to, statements regarding the outlook of our business and financial performance. These forward-looking statements are subject to change and uncertainty, which are, in many instances, beyond our control and have been made based upon our expectations and beliefs concerning future developments and their potential effect upon us.

There can be no assurance that future developments will be in accordance with our expectations, or that the effect of future developments on us will be as anticipated. These forward-looking statements are not a guarantee of future performance and involve risks and uncertainties. There are certain important factors that could cause actual results to differ, possibly materially, from expectations or estimates reflected in such forward-looking statements.

These factors include among others:

	•		general economic conditions and financial factors, including the performance and fluctuations of fixed income, equity, real estate, credit capital and other financial markets;
	•		differences between actual experience regarding mortality, morbidity, persistency, surrenders, investment returns, and our pricing assumptions establishing liabilities and reserves or for other purposes;
	•		the effect of increased claims activity from natural or man-made catastrophes, pandemic disease, or other events resulting in catastrophic loss of life;
	•		inherent uncertainties in the determination of investment allowances and impairments and in the determination of the valuation allowance on the deferred income tax asset;
	•		investment losses and defaults;
	•		competition in our product lines;
	•		attraction and retention of qualified employees and agents;
	•		ineffectiveness of risk management policies and procedures in identifying, monitoring and managing risks;
	•		the availability, affordability and adequacy of reinsurance protection;
	•		the effects of emerging claim and coverage issues;
	•		the cyclical nature of the insurance business;
	•		interest rate fluctuations;
	•		changes in our experiences related to deferred policy acquisition costs;
	•		the ability and willingness of counterparties to our reinsurance arrangements and derivative instruments to pay balances due to us;
	•		rating agencies’ actions;
	•		domestic or international military actions;
	•		the effects of extensive government regulation of the insurance industry;
	•		changes in tax and securities law;
	•		changes in statutory or U.S. generally accepted accounting principles (“GAAP”), practices or policies;
	•		regulatory or legislative changes or developments;
	•		the effects of unanticipated events on our disaster recovery and business continuity planning;
	•		failures or limitations of our computer, data security and administration systems;
	•		risks of employee error or misconduct;
	•		the introduction of alternative healthcare solutions;
	•		the assimilation of life insurance businesses we acquire and the sound management of these businesses; and
	•		the availability of capital to expand our business and
	•		Coronavirus Disease impact on the economic environment

It is not our corporate policy to make specific projections relating to future earnings, and we do not endorse any projections regarding future performance made by others. In addition, we do not publicly update or revise forward-looking statements based on the outcome of various foreseeable or unforeseeable developments.

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Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Our management, with the participation of our Chief Executive Officer and Chief Financial Officer (“Certifying Officers”), has evaluated the effectiveness of our disclosure controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) of the Securities and Exchange Act of 1934 as amended (“Exchange Act”) as of the end of the fiscal period covered by this Quarterly Report on Form 10-Q. Based upon such evaluation, the Certifying Officers have concluded that the Company’s disclosure controls and procedures were effective to ensure that information required to be disclosed by us in the reports we file or submit under the Exchange Act is made known to management, including our Certifying Officers, as appropriate, to allow timely decisions regarding disclosure and that such information is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

Changes to Internal Control over Financial Reporting

There were no changes in the Company’s internal control over financial reporting during the three months ended March 31, 2020 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

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PART II - OTHER INFORMATION

Item 1. Legal Proceedings.

None

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

The Company sold 4,375,000 common shares at $.02 per share to its organizing shareholders in May of 2012 for total proceeds of $87,500. Subsequently, the Company completed three private placement stock offerings which raised $10,249,000 through the issuance of 8,490,000 shares from the private placement offerings in 2012 and 2013, including a private placement of 2,000,000 shares for $5,000,000 between February and November 2013. All of these shares were sold in reliance on the exemption from the registration requirements of the Securities Act of 1933 (the “1933 Act”) contained in Securities and Exchange Commission (“SEC”) Regulation D, Rule 506. No underwriter was involved in connection with the issuance of our shares, and we paid no finder’s fees in the private placements.

On April 2, 2014, the Company commenced an offering of 5,000,000 shares of common stock at $5.00 per share ($25,000,000 maximum) with a 10% over sale provision, in an intrastate public offering registered with the Texas State Securities Board. This offering was concluded on April 2, 2017 and was sold only to Texas residents pursuant to an exemption from the 1933 Act contained in Section 3(a)(11) of the 1933 Act and Rule 147 promulgated by the SEC. It was sold by issuer agents registered with the Texas State Securities Board. The Company raised $10,010,485 and paid commissions of $999,349 from the sale of 2,002,097 shares in this offering. Through March 31, 2020 the Company paid $133,210 for 114,000 shares of the Company’s common stock (treasury stock). Subsequently, 11,490 shares have been redistributed to agents under our stock incentive plan.

Item 3. Defaults Upon Senior Securities.

None

Item 4. Mine Safety Disclosures

None

Item 5. Other Information

None

Item 6. Exhibits

31.1	Rule 13a-14(a)/15d-14(a) Certification of Principal Executive Officer

31.2	Rule 13a-14(a)/15d-14(a) Certification of Principal Financial Officer

32.1	Section 1350 Certification of Principal Executive Officer

32.2	Section 1350 Certification of Principal Financial Officer

101.INS**	XBRL Instance

101.SCH**	XBRL Taxonomy Extension Schema

101.CAL**	XBRL Taxonomy Extension Calculation

101.DEF**	XBRL Taxonomy Extension Definition

101.LAB**	XBRL Taxonomy Extension Labels

101.PRE**	XBRL Taxonomy Extension Presentation

**XBRL

Information is furnished and not filed as part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of section 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.

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SIGNATURES

In accordance with requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	TEXAS REPUBLIC CAPITAL CORPORATION a Texas corporation

June 24, 2020	By:	/s/ Timothy R. Miller
		Timothy R. Miller, President and Chief Executive Officer


June 24, 2020	By:	/s/ Thomas F. Kopetic
		Thomas F. Kopetic, Chief Financial Officer

EX-31.1 2 ex_185257.htm EXHIBIT 31.1 ex_185257.htm

EXHIBIT NO. 31.1

CERTIFICATION

I, Timothy R. Miller, Chief Executive Officer, certify that:

1. I have reviewed this Quarterly report on Form 10-Q of Texas Republic Capital Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant, and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter, the registrant’s fourth quarter in the case of an annual report, that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: June 24, 2020

By: /s/ Timothy R. Miller

Timothy R. Miller, President and Chief Executive Officer

EX-31.2 3 ex_185258.htm EXHIBIT 31.2 ex_185258.htm

EXHIBIT NO. 31.2

CERTIFICATION

I, Thomas F. Kopetic, Chief Financial Officer, certify that:

1. I have reviewed this Quarterly report on Form 10-Q of Texas Republic Capital Corporation;

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: June 24, 2020

By: /s/ Thomas F. Kopetic

Thomas F. Kopetic, Chief Financial Officer

EX-32.1 4 ex_185259.htm EXHIBIT 32.1 ex_185259.htm

EXHIBIT NO. 32.1

Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

Pursuant to 18 U.S.C. ss. 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned officer of Texas Republic Capital Corporation, a Texas Corporation (the “Company”), hereby certifies that:

To my knowledge, the Quarterly Report on Form 10-Q of the Company for the quarter ended March 31, 2020 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: June 24, 2020

By: /s/ Timothy R. Miller

Timothy R. Miller, President and Chief Executive Officer

EX-32.2 5 ex_185260.htm EXHIBIT 32.2 ex_185260.htm

EXHIBIT NO. 32.2

Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

Date: June 24, 2020

By: /s/ Thomas F. Kopetic

Thomas F. Kopetic, Chief Financial Officer

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<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; "> 2.          Investments Fixed Maturity Securities Available-For-Sale Investments in fixed maturity securities available-for-sale as of March 31, 2020 and December 31, 2019 are summarized as follows: <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px;"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1253" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1254" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1255" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1256" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1257" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-1258" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Gross </td> <td id="new_id-1259" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1260" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-1261" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Gross </td> <td id="new_id-1262" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1263" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1264" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1265" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1266" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1267" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-1268" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Amortized </td> <td id="new_id-1269" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1270" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-1271" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Unrealized </td> <td id="new_id-1272" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1273" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-1274" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Unrealized </td> <td id="new_id-1275" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1276" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-1277" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Fair </td> <td id="new_id-1278" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 40%;"> March 31, 2020 (Unaudited) </td> <td id="new_id-1279" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-1280" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Cost </td> <td id="new_id-1281" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td id="new_id-1282" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-1283" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Gains </td> <td id="new_id-1284" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td id="new_id-1285" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-1286" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Losses </td> <td id="new_id-1287" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td id="new_id-1288" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-1289" style="text-align: center; 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font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1298" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1299" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1300" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1301" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1302" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1303" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1304" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1305" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1306" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom; 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margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1319" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1320" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td id="new_id-1321" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">8,627,851</td> <td id="new_id-1322" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Total fixed maturity securities </td> <td id="new_id-1323" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1324" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td id="new_id-1325" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">8,780,402</td> <td id="new_id-1326" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1327" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1328" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td id="new_id-1329" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">350,962</td> <td id="new_id-1330" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1331" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1332" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td id="new_id-1333" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">503,513</td> <td id="new_id-1334" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1335" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1336" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td id="new_id-1337" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">8,627,851</td> <td id="new_id-1338" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> </tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px;"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1339" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1340" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1341" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1342" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1343" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-1344" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Gross </td> <td id="new_id-1345" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1346" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-1347" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Gross </td> <td id="new_id-1348" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1349" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1350" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1351" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1352" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1353" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-1354" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Amortized </td> <td id="new_id-1355" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1356" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-1357" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Unrealized </td> <td id="new_id-1358" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1359" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-1360" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Unrealized </td> <td id="new_id-1361" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1362" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-1363" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Fair </td> <td id="new_id-1364" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 40%;"> December 31, 2019 </td> <td id="new_id-1365" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-1366" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Cost </td> <td id="new_id-1367" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td id="new_id-1368" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-1369" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Gains </td> <td id="new_id-1370" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td id="new_id-1371" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-1372" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Losses </td> <td id="new_id-1373" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td id="new_id-1374" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-1375" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Value </td> <td id="new_id-1376" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Fixed maturity securities </td> <td id="new_id-1377" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1378" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1379" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1380" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1381" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1382" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1383" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1384" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1385" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1386" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1387" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1388" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1389" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1390" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1391" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1392" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Corporate bonds </td> <td id="new_id-1393" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1394" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td id="new_id-1395" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">7,673,671</td> <td id="new_id-1396" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1397" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1398" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td id="new_id-1399" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">456,779</td> <td id="new_id-1400" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1401" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1402" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td id="new_id-1403" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">40,990</td> <td id="new_id-1404" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1405" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1406" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td id="new_id-1407" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">8,089,460</td> <td id="new_id-1408" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Total fixed maturity securities </td> <td id="new_id-1409" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1410" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td id="new_id-1411" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">7,673,671</td> <td id="new_id-1412" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1413" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1414" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td id="new_id-1415" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">456,779</td> <td id="new_id-1416" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1417" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1418" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td id="new_id-1419" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">40,990</td> <td id="new_id-1420" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1421" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1422" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td id="new_id-1423" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">8,089,460</td> <td id="new_id-1424" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> </tr> </table> For securities in an unrealized loss position as of the financial statement dates, the estimated fair value, pre-tax gross unrealized loss and number of securities by length of time that those securities have been continuously in an unrealized loss position as of March 31, 2020 and December 31, 2019 are summarized as follows: <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px;"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1425" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1426" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1427" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1428" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1429" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-1430" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Unrealized </td> <td id="new_id-1431" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1432" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-1433" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Number of </td> <td id="new_id-1434" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 55%;"> March 31, 2020 (Unaudited) </td> <td id="new_id-1435" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-1436" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Fair Value </td> <td id="new_id-1437" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td id="new_id-1438" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-1439" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Loss </td> <td id="new_id-1440" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td id="new_id-1441" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-1442" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Securities </td> <td id="new_id-1443" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Fixed maturity securities </td> <td id="new_id-1444" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1445" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1446" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1447" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1448" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1449" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1450" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1451" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1452" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1453" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1454" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1455" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Less than 12 months </td> <td id="new_id-1456" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1457" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1458" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1459" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1460" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1461" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1462" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1463" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1464" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1465" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1466" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1467" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Corporate bonds </td> <td id="new_id-1468" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1469" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-1470" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">2,716,460</td> <td id="new_id-1471" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1472" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1473" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-1474" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">424,330</td> <td id="new_id-1475" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1476" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1477" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1478" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">26</td> <td id="new_id-1479" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td> </td> <td id="new_id-1480"> </td> <td id="new_id-1481"> </td> <td id="new_id-1482"> </td> <td id="new_id-1483"> </td> <td id="new_id-1484"> </td> <td id="new_id-1485"> </td> <td id="new_id-1486"> </td> <td id="new_id-1487"> </td> <td id="new_id-1488"> </td> <td id="new_id-1489"> </td> <td id="new_id-1490"> </td> <td id="new_id-1491"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Greater than 12 months </td> <td id="new_id-1492" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1493" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1494" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1495" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1496" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1497" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1498" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1499" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1500" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1501" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1502" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1503" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Corporate bonds </td> <td id="new_id-1504" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1505" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td id="new_id-1506" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">21,750</td> <td id="new_id-1507" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1508" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1509" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td id="new_id-1510" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">79,183</td> <td id="new_id-1511" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1512" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1513" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td id="new_id-1514" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">1</td> <td id="new_id-1515" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Total fixed maturity securities </td> <td id="new_id-1516" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1517" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td id="new_id-1518" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">2,738,210</td> <td id="new_id-1519" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1520" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1521" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td id="new_id-1522" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">503,513</td> <td id="new_id-1523" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1524" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1525" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td id="new_id-1526" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">27</td> <td id="new_id-1527" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> </tr> </table> <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px;"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1528" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1529" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1530" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1531" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1532" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-1533" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Unrealized </td> <td id="new_id-1534" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1535" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-1536" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Number of </td> <td id="new_id-1537" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 55%;"> December 31, 2019 </td> <td id="new_id-1538" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-1539" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Fair Value </td> <td id="new_id-1540" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td id="new_id-1541" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-1542" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Loss </td> <td id="new_id-1543" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td id="new_id-1544" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-1545" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Securities </td> <td id="new_id-1546" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Fixed maturity securities </td> <td id="new_id-1547" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1548" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1549" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1550" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1551" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1552" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1553" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1554" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1555" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1556" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1557" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1558" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Less than 12 months </td> <td id="new_id-1559" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1560" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1561" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1562" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1563" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1564" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1565" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1566" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1567" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1568" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1569" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1570" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Corporate bonds </td> <td id="new_id-1571" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1572" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-1573" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">602,772</td> <td id="new_id-1574" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1575" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1576" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-1577" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">8,050</td> <td id="new_id-1578" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1579" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1580" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1581" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">5</td> <td id="new_id-1582" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td> </td> <td id="new_id-1583"> </td> <td id="new_id-1584"> </td> <td id="new_id-1585"> </td> <td id="new_id-1586"> </td> <td id="new_id-1587"> </td> <td id="new_id-1588"> </td> <td id="new_id-1589"> </td> <td id="new_id-1590"> </td> <td id="new_id-1591"> </td> <td id="new_id-1592"> </td> <td id="new_id-1593"> </td> <td id="new_id-1594"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Greater than 12 months </td> <td id="new_id-1595" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1596" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1597" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1598" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1599" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1600" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1601" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1602" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1603" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1604" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1605" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1606" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Corporate bonds </td> <td id="new_id-1607" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1608" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td id="new_id-1609" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">366,310</td> <td id="new_id-1610" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1611" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1612" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td id="new_id-1613" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">32,940</td> <td id="new_id-1614" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1615" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1616" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td id="new_id-1617" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">3</td> <td id="new_id-1618" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Total fixed maturity securities </td> <td id="new_id-1619" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1620" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td id="new_id-1621" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">969,082</td> <td id="new_id-1622" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1623" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1624" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td id="new_id-1625" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">40,990</td> <td id="new_id-1626" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1627" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1628" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td id="new_id-1629" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">8</td> <td id="new_id-1630" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> </tr> </table> As of March 31, 2020, the twenty-six fixed maturity securities in a less than 12-month loss position had a fair value to amortized cost ratio of 86%.  The fixed maturity security in a loss position greater than 12-months had a fair value to amortized cost ratio of 21.5% as of March 31, 2020.  Two securities with a par value of $250,000 were below investment grade as rated by Standard and Poor’s as of March 31, 2020 and December 31, 2019. As of December 31, 2019, seven of the eight fixed maturity securities in a loss position had a fair value to amortized cost ratio greater than 97%.  The one fixed security that was below 97% at December 31, 2019 was at 72%. The five securities in a less than 12-month loss position had an average fair value to amortized cost ratio of over 98%. The two of the three securities in a loss position greater than 12-months had a fair value to amortized cost ratio of over 98% of December 31, 2019.  The remaining security mentioned just above had a fair value to amortized cost ratio of over 72%. The Company’s decision to record an impairment loss is primarily based on whether the security’s fair value is likely to remain significantly below its book value based on all of the factors considered.  Factors that are considered include the length of time the security’s fair value has been below its carrying amount, the severity of the decline in value, the credit worthiness of the issuer and the coupon and/or dividend payment history of the issuer.  The Company also assesses whether it intends to sell or whether it is more likely than not that it may be required to sell the security prior to its recovery in value. For any fixed maturity securities that are other-than-temporarily impaired, the Company determines the portion of the other-than-temporary impairment that is credit-related and the portion that is related to other factors.  The credit-related portion is the difference between the expected future cash flows and the amortized cost basis of the fixed maturity security, that difference is charged to earnings.  The non-credit-related portion representing the remaining difference to fair value is recognized in other comprehensive income (loss). Only in the case of a credit-related impairment where management has the intent to sell the security, or it is more likely than not that it will be required to sell the security before recovery of its cost basis, is a fixed maturity security adjusted to fair value and the resulting losses recognized in realized gains (losses) in the consolidated statements of operations.  Any other-than-temporary impairments on equity securities are recorded in the consolidated statements of operations in the periods incurred as the difference between fair value and cost. Based on management’s review, the Company experienced no other-than-temporary impairments during the three months ended March 31, 2020 and the year ended December 31, 2019. Management believes that the Company will fully recover its cost basis in the securities held as of March 31, 2020, and management does not have the intent to sell nor is it more likely than not that the Company will be required to sell such securities until they recover or mature.  The temporary impairments shown herein are primarily the result of the current interest rate environment rather than credit factors that would imply other-than-temporary impairment. These unrealized losses were primarily due to the Coronavirus pandemic impact on the bond market as of March 31, 2020.  Net unrealized gains (losses) included in accumulated other comprehensive income for investments classified as available-for-sale are summarized as follows: <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px;"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1631" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-1632" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> (Unaudited) </td> <td id="new_id-1633" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1634" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1635" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1636" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1637" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1638" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-1639" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> March 31, 2020 </td> <td id="new_id-1640" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td id="new_id-1641" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-1642" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> December 31, 2019 </td> <td id="new_id-1643" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 70%;"> Unrealized appreciation (depreciation) on available-for-sale securities </td> <td id="new_id-1644" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1645" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-1646" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">(152,551</td> <td id="new_id-1647" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> ) </td> <td id="new_id-1648" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1649" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-1650" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">415,789</td> <td id="new_id-1651" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Adjustment to deferred acquisition costs </td> <td id="new_id-1652" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1653" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1654" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">395</td> <td id="new_id-1655" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1656" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1657" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1658" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">(1,009</td> <td id="new_id-1659" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> ) </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Deferred taxes </td> <td id="new_id-1660" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1661" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td id="new_id-1662" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">-</td> <td id="new_id-1663" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1664" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1665" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td id="new_id-1666" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(87,104</td> <td id="new_id-1667" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px; white-space: nowrap;"> ) </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Net unrealized appreciation (depreciation) on available-for-sale securities </td> <td id="new_id-1668" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1669" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td id="new_id-1670" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">(152,156</td> <td id="new_id-1671" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px; white-space: nowrap;"> ) </td> <td id="new_id-1672" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1673" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td id="new_id-1674" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">327,676</td> <td id="new_id-1675" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> </tr> </table> The amortized cost and fair value of fixed maturity available-for-sale securities as of March 31, 2020, by contractual maturity, are summarized as follows: <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px;"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1676" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="6" id="new_id-1677" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> (Unaudited) </td> <td id="new_id-1678" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1679" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-1680" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Amortized Cost </td> <td id="new_id-1681" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td id="new_id-1682" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-1683" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Fair Value </td> <td id="new_id-1684" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; width: 70%;"> Due after one year through five years </td> <td id="new_id-1685" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1686" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-1687" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">3,217,659</td> <td id="new_id-1688" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1689" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1690" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-1691" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">3,124,870</td> <td id="new_id-1692" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Due after five years through ten years </td> <td id="new_id-1693" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1694" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1695" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">3,287,659</td> <td id="new_id-1696" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1697" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1698" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1699" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">3,303,769</td> <td id="new_id-1700" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Due after ten years </td> <td id="new_id-1701" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1702" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td id="new_id-1703" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">2,275,084</td> <td id="new_id-1704" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1705" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1706" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td id="new_id-1707" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">2,199,212</td> <td id="new_id-1708" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Total fixed maturity securities </td> <td id="new_id-1709" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1710" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td id="new_id-1711" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">8,780,402</td> <td id="new_id-1712" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1713" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1714" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td id="new_id-1715" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">8,627,851</td> <td id="new_id-1716" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> </tr> </table> The amortized cost and fair value of other long-term investments as of March 31, 2020, by contractual maturity, are summarized as follows: <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px;"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1717" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="6" id="new_id-1718" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> (Unaudited) </td> <td id="new_id-1719" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1720" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-1721" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Amortized Cost </td> <td id="new_id-1722" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td id="new_id-1723" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-1724" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Fair Value </td> <td id="new_id-1725" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 70%;"> Due in one year or less </td> <td id="new_id-1726" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1727" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-1728" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">669,776</td> <td id="new_id-1729" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1730" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1731" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-1732" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">690,072</td> <td id="new_id-1733" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Due after one year through five years </td> <td id="new_id-1734" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1735" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1736" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">1,786,873</td> <td id="new_id-1737" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1738" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1739" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1740" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">2,040,303</td> <td id="new_id-1741" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Due after five years through ten years </td> <td id="new_id-1742" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1743" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1744" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">359,954</td> <td id="new_id-1745" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1746" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1747" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1748" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">480,552</td> <td id="new_id-1749" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Due after ten years </td> <td id="new_id-1750" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1751" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td id="new_id-1752" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">22,715</td> <td id="new_id-1753" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1754" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1755" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td id="new_id-1756" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">36,784</td> <td id="new_id-1757" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Total other long-term investments </td> <td id="new_id-1758" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1759" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td id="new_id-1760" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">2,839,318</td> <td id="new_id-1761" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1762" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1763" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td id="new_id-1764" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">3,247,711</td> <td id="new_id-1765" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> </tr> </table> Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Other long-term investments by geographic distribution: <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px;"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1766" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-1767" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> March 31, 2020 </td> <td id="new_id-1768" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td id="new_id-1769" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-1770" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> % </td> <td id="new_id-1771" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td id="new_id-1772" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-1773" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> December 31, 2019 </td> <td id="new_id-1774" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td id="new_id-1775" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-1776" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> % </td> <td id="new_id-1777" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 40%;"> California </td> <td id="new_id-1778" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1779" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-1780" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">291,056</td> <td id="new_id-1781" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1782" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1783" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1784" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">10.3</td> <td id="new_id-1785" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> % </td> <td id="new_id-1786" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1787" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-1788" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">137,888</td> <td id="new_id-1789" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1790" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1791" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1792" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">7.0</td> <td id="new_id-1793" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> % </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Indiana </td> <td id="new_id-1794" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1795" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1796" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">193,358</td> <td id="new_id-1797" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1798" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1799" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1800" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">6.8</td> <td id="new_id-1801" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1802" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1803" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1804" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">209,829</td> <td id="new_id-1805" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1806" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1807" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1808" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">10.7</td> <td id="new_id-1809" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Massachusetts </td> <td id="new_id-1810" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1811" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1812" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">1,008,952</td> <td id="new_id-1813" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1814" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1815" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1816" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">35.6</td> <td id="new_id-1817" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1818" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1819" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1820" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">408,037</td> <td id="new_id-1821" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1822" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1823" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1824" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">20.8</td> <td id="new_id-1825" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> New York </td> <td id="new_id-1826" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1827" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1828" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">662,491</td> <td id="new_id-1829" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1830" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1831" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1832" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">23.3</td> <td id="new_id-1833" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1834" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1835" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1836" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">692,016</td> <td id="new_id-1837" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1838" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1839" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1840" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">35.2</td> <td id="new_id-1841" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Ohio </td> <td id="new_id-1842" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1843" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1844" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">165,047</td> <td id="new_id-1845" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1846" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1847" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1848" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">5.8</td> <td id="new_id-1849" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1850" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1851" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1852" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">161,073</td> <td id="new_id-1853" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1854" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1855" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1856" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">8.2</td> <td id="new_id-1857" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Oregon </td> <td id="new_id-1858" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1859" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1860" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">142,700</td> <td id="new_id-1861" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1862" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1863" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1864" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">5.0</td> <td id="new_id-1865" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1866" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1867" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1868" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">140,304</td> <td id="new_id-1869" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1870" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1871" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1872" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">7.1</td> <td id="new_id-1873" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Pennsylvania </td> <td id="new_id-1874" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1875" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td id="new_id-1876" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">375,714</td> <td id="new_id-1877" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1878" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1879" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td id="new_id-1880" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">13.2</td> <td id="new_id-1881" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1882" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1883" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td id="new_id-1884" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">217,200</td> <td id="new_id-1885" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1886" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1887" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td id="new_id-1888" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">11.0</td> <td id="new_id-1889" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Total </td> <td id="new_id-1890" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1891" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td id="new_id-1892" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">2,839,318</td> <td id="new_id-1893" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1894" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1895" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td id="new_id-1896" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">100.0</td> <td id="new_id-1897" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px; white-space: nowrap;"> % </td> <td id="new_id-1898" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1899" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td id="new_id-1900" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">1,966,347</td> <td id="new_id-1901" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1902" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1903" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td id="new_id-1904" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">100.0</td> <td id="new_id-1905" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px; white-space: nowrap;"> % </td> </tr> </table> Mortgage Loan on Real Estate The Company utilizes the ratio of the carrying value of individual mortgage loans compared to the individual appraisal value to evaluate the credit quality of its mortgage loans on real estate (commonly referred to as the loan-to-value ratio). The Company’s mortgage loans on real estate by credit quality using this ratio as of March 31, 2020 and December 31, 2019 are summarized as follows: <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="margin-right: 10%; margin-left: 10%; width: 80%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px;"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1906" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-1907" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> March 31, 2020 </td> <td id="new_id-1908" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td id="new_id-1909" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-1910" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> December 31, 2019 </td> <td id="new_id-1911" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 62%;"> Over 90% </td> <td id="new_id-1912" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1913" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-1914" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">-</td> <td id="new_id-1915" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1916" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1917" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-1918" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">96,480</td> <td id="new_id-1919" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> 80% to 90% </td> <td id="new_id-1920" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1921" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1922" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">95,978</td> <td id="new_id-1923" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1924" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1925" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1926" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">145,388</td> <td id="new_id-1927" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> 70% to 80% </td> <td id="new_id-1928" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1929" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1930" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">329,254</td> <td id="new_id-1931" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1932" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1933" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1934" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">184,168</td> <td id="new_id-1935" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> 60% to 70% </td> <td id="new_id-1936" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1937" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1938" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">1,163,598</td> <td id="new_id-1939" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1940" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1941" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1942" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">1,548,486</td> <td id="new_id-1943" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> 50% to 60% </td> <td id="new_id-1944" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1945" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1946" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">723,699</td> <td id="new_id-1947" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1948" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1949" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1950" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">824,354</td> <td id="new_id-1951" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> 40% to 50% </td> <td id="new_id-1952" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1953" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td id="new_id-1954" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">152,177</td> <td id="new_id-1955" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1956" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1957" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td id="new_id-1958" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">109,665</td> <td id="new_id-1959" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Total </td> <td id="new_id-1960" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1961" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td id="new_id-1962" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">2,464,706</td> <td id="new_id-1963" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1964" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1965" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td id="new_id-1966" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">2,908,541</td> <td id="new_id-1967" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> </tr> </table> Mortgage loans by geographic distribution: <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px;"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 40%;"> State </td> <td id="new_id-1968" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-1969" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> March 31, 2020 </td> <td id="new_id-1970" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td id="new_id-1971" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-1972" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> % </td> <td id="new_id-1973" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td id="new_id-1974" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-1975" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> December 31, 2019 </td> <td id="new_id-1976" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td id="new_id-1977" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-1978" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> % </td> <td id="new_id-1979" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Alabama </td> <td id="new_id-1980" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1981" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-1982" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">145,304</td> <td id="new_id-1983" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1984" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1985" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1986" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">5.9</td> <td id="new_id-1987" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> % </td> <td id="new_id-1988" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1989" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-1990" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">145,389</td> <td id="new_id-1991" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1992" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1993" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1994" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">5.0</td> <td id="new_id-1995" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> % </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Florida </td> <td id="new_id-1996" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1997" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1998" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">-</td> <td id="new_id-1999" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2000" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2001" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2002" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">-</td> <td id="new_id-2003" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2004" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2005" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2006" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">228,529</td> <td id="new_id-2007" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2008" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2009" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2010" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">7.9</td> <td id="new_id-2011" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Illinois </td> <td id="new_id-2012" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2013" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2014" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">582,424</td> <td id="new_id-2015" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2016" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2017" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2018" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">23.6</td> <td id="new_id-2019" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2020" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2021" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2022" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">782,437</td> <td id="new_id-2023" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2024" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2025" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2026" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">26.9</td> <td id="new_id-2027" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Indiana </td> <td id="new_id-2028" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2029" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2030" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">52,722</td> <td id="new_id-2031" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2032" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2033" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2034" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">2.1</td> <td id="new_id-2035" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2036" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2037" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2038" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">53,808</td> <td id="new_id-2039" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2040" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2041" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2042" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">1.9</td> <td id="new_id-2043" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Missouri </td> <td id="new_id-2044" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2045" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2046" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">54,622</td> <td id="new_id-2047" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2048" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2049" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2050" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">2.2</td> <td id="new_id-2051" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2052" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2053" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2054" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">55,857</td> <td id="new_id-2055" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2056" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2057" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2058" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">1.9</td> <td id="new_id-2059" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Tennessee </td> <td id="new_id-2060" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2061" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2062" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">769,981</td> <td id="new_id-2063" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2064" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2065" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2066" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">31.3</td> <td id="new_id-2067" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2068" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2069" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2070" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">780,840</td> <td id="new_id-2071" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2072" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2073" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2074" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">26.8</td> <td id="new_id-2075" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Texas </td> <td id="new_id-2076" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2077" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2078" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">714,174</td> <td id="new_id-2079" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2080" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2081" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2082" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">29.0</td> <td id="new_id-2083" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2084" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2085" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2086" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">715,931</td> <td id="new_id-2087" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2088" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2089" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2090" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">24.6</td> <td id="new_id-2091" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Wisconsin </td> <td id="new_id-2092" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2093" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td id="new_id-2094" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">145,479</td> <td id="new_id-2095" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2096" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2097" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td id="new_id-2098" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">5.9</td> <td id="new_id-2099" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2100" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2101" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td id="new_id-2102" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">145,750</td> <td id="new_id-2103" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2104" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2105" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td id="new_id-2106" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">5.0</td> <td id="new_id-2107" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Total </td> <td id="new_id-2108" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2109" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td id="new_id-2110" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">2,464,706</td> <td id="new_id-2111" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2112" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2113" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td id="new_id-2114" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">100.0</td> <td id="new_id-2115" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px; white-space: nowrap;"> % </td> <td id="new_id-2116" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2117" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td id="new_id-2118" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">2,908,541</td> <td id="new_id-2119" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2120" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2121" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td id="new_id-2122" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">100.0</td> <td id="new_id-2123" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px; white-space: nowrap;"> % </td> </tr> </table> There were 9 loans with a remaining principal balance of $793,819 that were 90 days or more past due and still accruing interest as of March 31, 2020. There were 8 loans with a remaining principal balance of $698,090 that were 90 days or more past due and still accruing interest as of December 31, 2019. Major categories of net investment income for the three months ended March 31, 2020 and 2019 are summarized as follows: <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px;"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2124" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="6" id="new_id-2125" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> For the Three Months Ended March 31, </td> <td id="new_id-2126" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2127" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-2128" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> 2020 </td> <td id="new_id-2129" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td id="new_id-2130" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-2131" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> 2019 </td> <td id="new_id-2132" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td id="new_id-2133"> </td> <td id="new_id-2134"> </td> <td id="new_id-2135"> </td> <td id="new_id-2136"> </td> <td id="new_id-2137"> </td> <td id="new_id-2138"> </td> <td id="new_id-2139"> </td> <td id="new_id-2140"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 70%;"> Fixed maturity securities </td> <td id="new_id-2141" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2142" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-2143" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">82,929</td> <td id="new_id-2144" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2145" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2146" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-2147" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">74,547</td> <td id="new_id-2148" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Other long-term assets </td> <td id="new_id-2149" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2150" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2151" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">54,962</td> <td id="new_id-2152" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2153" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2154" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2155" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">12,075</td> <td id="new_id-2156" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Mortgage loans </td> <td id="new_id-2157" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2158" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2159" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">46,856</td> <td id="new_id-2160" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2161" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2162" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2163" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">25,427</td> <td id="new_id-2164" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Short-term and other investments </td> <td id="new_id-2165" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2166" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td id="new_id-2167" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">38,433</td> <td id="new_id-2168" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2169" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2170" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td id="new_id-2171" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">32,577</td> <td id="new_id-2172" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Gross investment income </td> <td id="new_id-2173" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2174" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2175" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">223,180</td> <td id="new_id-2176" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2177" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2178" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2179" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">144,626</td> <td id="new_id-2180" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Investment expenses </td> <td id="new_id-2181" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2182" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td id="new_id-2183" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(6,204</td> <td id="new_id-2184" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px; white-space: nowrap;"> ) </td> <td id="new_id-2185" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2186" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td id="new_id-2187" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(8,055</td> <td id="new_id-2188" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px; white-space: nowrap;"> ) </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Net investment income </td> <td id="new_id-2189" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2190" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td id="new_id-2191" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">216,976</td> <td id="new_id-2192" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2193" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2194" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td id="new_id-2195" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">136,571</td> <td id="new_id-2196" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> </tr> </table> </div>

0.86 0.215 250000 250000 0.97 0.72 0.98 0.72

793819

698090

<div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; "> <div>Investments in fixed maturity securities available-for-sale as of March 31, 2020 and December 31, 2019 are summarized as follows:</div> <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px;"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1253" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1254" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1255" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1256" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1257" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-1258" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Gross </td> <td id="new_id-1259" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1260" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-1261" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Gross </td> <td id="new_id-1262" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1263" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1264" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1265" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1266" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1267" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-1268" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Amortized </td> <td id="new_id-1269" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1270" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-1271" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Unrealized </td> <td id="new_id-1272" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1273" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-1274" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Unrealized </td> <td id="new_id-1275" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1276" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-1277" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Fair </td> <td id="new_id-1278" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 40%;"> March 31, 2020 (Unaudited) </td> <td id="new_id-1279" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-1280" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Cost </td> <td id="new_id-1281" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td id="new_id-1282" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-1283" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Gains </td> <td id="new_id-1284" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td id="new_id-1285" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-1286" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Losses </td> <td id="new_id-1287" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td id="new_id-1288" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-1289" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Value </td> <td id="new_id-1290" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Fixed maturity securities </td> <td id="new_id-1291" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1292" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1293" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1294" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1295" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1296" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1297" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1298" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1299" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1300" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1301" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1302" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1303" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1304" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1305" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1306" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Corporate bonds </td> <td id="new_id-1307" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1308" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td id="new_id-1309" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">8,780,402</td> <td id="new_id-1310" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1311" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1312" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td id="new_id-1313" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">350,962</td> <td id="new_id-1314" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1315" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1316" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td id="new_id-1317" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">503,513</td> <td id="new_id-1318" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1319" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1320" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td id="new_id-1321" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">8,627,851</td> <td id="new_id-1322" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Total fixed maturity securities </td> <td id="new_id-1323" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1324" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td id="new_id-1325" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">8,780,402</td> <td id="new_id-1326" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1327" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1328" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td id="new_id-1329" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">350,962</td> <td id="new_id-1330" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1331" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1332" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td id="new_id-1333" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">503,513</td> <td id="new_id-1334" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1335" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1336" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td id="new_id-1337" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">8,627,851</td> <td id="new_id-1338" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> </tr> </table><table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px;"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1339" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1340" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1341" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1342" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1343" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-1344" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Gross </td> <td id="new_id-1345" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1346" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-1347" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Gross </td> <td id="new_id-1348" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1349" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1350" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1351" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1352" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1353" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-1354" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Amortized </td> <td id="new_id-1355" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1356" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-1357" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Unrealized </td> <td id="new_id-1358" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1359" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-1360" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Unrealized </td> <td id="new_id-1361" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1362" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-1363" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Fair </td> <td id="new_id-1364" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 40%;"> December 31, 2019 </td> <td id="new_id-1365" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-1366" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Cost </td> <td id="new_id-1367" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td id="new_id-1368" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-1369" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Gains </td> <td id="new_id-1370" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td id="new_id-1371" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-1372" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Losses </td> <td id="new_id-1373" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td id="new_id-1374" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-1375" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Value </td> <td id="new_id-1376" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Fixed maturity securities </td> <td id="new_id-1377" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1378" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1379" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1380" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1381" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1382" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1383" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1384" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1385" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1386" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1387" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1388" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1389" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1390" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1391" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1392" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Corporate bonds </td> <td id="new_id-1393" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1394" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td id="new_id-1395" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">7,673,671</td> <td id="new_id-1396" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1397" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1398" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td id="new_id-1399" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">456,779</td> <td id="new_id-1400" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1401" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1402" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td id="new_id-1403" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">40,990</td> <td id="new_id-1404" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1405" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1406" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td id="new_id-1407" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">8,089,460</td> <td id="new_id-1408" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Total fixed maturity securities </td> <td id="new_id-1409" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1410" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td id="new_id-1411" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">7,673,671</td> <td id="new_id-1412" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1413" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1414" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td id="new_id-1415" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">456,779</td> <td id="new_id-1416" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1417" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1418" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td id="new_id-1419" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">40,990</td> <td id="new_id-1420" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1421" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1422" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td id="new_id-1423" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">8,089,460</td> <td id="new_id-1424" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> </tr> </table></div>

8780402

350962

503513

8627851

350962

503513

7673671

456779

40990

8089460

456779

40990

<div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; "> <div>For securities in an unrealized loss position as of the financial statement dates, the estimated fair value, pre-tax gross unrealized loss and number of securities by length of time that those securities have been continuously in an unrealized loss position as of March 31, 2020 and December 31, 2019 are summarized as follows:</div> <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px;"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1425" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1426" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1427" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1428" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1429" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-1430" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Unrealized </td> <td id="new_id-1431" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1432" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-1433" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Number of </td> <td id="new_id-1434" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 55%;"> March 31, 2020 (Unaudited) </td> <td id="new_id-1435" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-1436" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Fair Value </td> <td id="new_id-1437" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td id="new_id-1438" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-1439" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Loss </td> <td id="new_id-1440" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td id="new_id-1441" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-1442" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Securities </td> <td id="new_id-1443" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Fixed maturity securities </td> <td id="new_id-1444" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1445" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1446" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1447" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1448" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1449" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1450" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1451" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1452" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1453" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1454" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1455" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Less than 12 months </td> <td id="new_id-1456" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1457" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1458" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1459" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1460" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1461" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1462" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1463" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1464" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1465" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1466" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1467" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Corporate bonds </td> <td id="new_id-1468" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1469" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-1470" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">2,716,460</td> <td id="new_id-1471" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1472" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1473" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-1474" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">424,330</td> <td id="new_id-1475" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1476" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1477" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1478" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">26</td> <td id="new_id-1479" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td> </td> <td id="new_id-1480"> </td> <td id="new_id-1481"> </td> <td id="new_id-1482"> </td> <td id="new_id-1483"> </td> <td id="new_id-1484"> </td> <td id="new_id-1485"> </td> <td id="new_id-1486"> </td> <td id="new_id-1487"> </td> <td id="new_id-1488"> </td> <td id="new_id-1489"> </td> <td id="new_id-1490"> </td> <td id="new_id-1491"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Greater than 12 months </td> <td id="new_id-1492" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1493" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1494" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1495" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1496" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1497" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1498" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1499" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1500" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1501" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1502" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1503" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Corporate bonds </td> <td id="new_id-1504" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1505" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td id="new_id-1506" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">21,750</td> <td id="new_id-1507" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1508" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1509" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td id="new_id-1510" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">79,183</td> <td id="new_id-1511" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1512" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1513" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td id="new_id-1514" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">1</td> <td id="new_id-1515" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Total fixed maturity securities </td> <td id="new_id-1516" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1517" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td id="new_id-1518" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">2,738,210</td> <td id="new_id-1519" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1520" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1521" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td id="new_id-1522" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">503,513</td> <td id="new_id-1523" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1524" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1525" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td id="new_id-1526" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">27</td> <td id="new_id-1527" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> </tr> </table><table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px;"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1528" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1529" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1530" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1531" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1532" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-1533" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Unrealized </td> <td id="new_id-1534" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1535" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-1536" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Number of </td> <td id="new_id-1537" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 55%;"> December 31, 2019 </td> <td id="new_id-1538" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-1539" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Fair Value </td> <td id="new_id-1540" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td id="new_id-1541" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-1542" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Loss </td> <td id="new_id-1543" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td id="new_id-1544" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-1545" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Securities </td> <td id="new_id-1546" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Fixed maturity securities </td> <td id="new_id-1547" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1548" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1549" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1550" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1551" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1552" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1553" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1554" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1555" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1556" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1557" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1558" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Less than 12 months </td> <td id="new_id-1559" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1560" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1561" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1562" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1563" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1564" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1565" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1566" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1567" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1568" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1569" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1570" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Corporate bonds </td> <td id="new_id-1571" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1572" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-1573" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">602,772</td> <td id="new_id-1574" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1575" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1576" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-1577" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">8,050</td> <td id="new_id-1578" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1579" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1580" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1581" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">5</td> <td id="new_id-1582" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td> </td> <td id="new_id-1583"> </td> <td id="new_id-1584"> </td> <td id="new_id-1585"> </td> <td id="new_id-1586"> </td> <td id="new_id-1587"> </td> <td id="new_id-1588"> </td> <td id="new_id-1589"> </td> <td id="new_id-1590"> </td> <td id="new_id-1591"> </td> <td id="new_id-1592"> </td> <td id="new_id-1593"> </td> <td id="new_id-1594"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Greater than 12 months </td> <td id="new_id-1595" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1596" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1597" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1598" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1599" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1600" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1601" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1602" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1603" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1604" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1605" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1606" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Corporate bonds </td> <td id="new_id-1607" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1608" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td id="new_id-1609" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">366,310</td> <td id="new_id-1610" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1611" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1612" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td id="new_id-1613" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">32,940</td> <td id="new_id-1614" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1615" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1616" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td id="new_id-1617" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">3</td> <td id="new_id-1618" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Total fixed maturity securities </td> <td id="new_id-1619" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1620" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td id="new_id-1621" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">969,082</td> <td id="new_id-1622" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1623" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1624" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td id="new_id-1625" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">40,990</td> <td id="new_id-1626" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1627" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1628" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td id="new_id-1629" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">8</td> <td id="new_id-1630" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> </tr> </table></div>

2716460

424330

21750

79183

2738210

503513

602772

8050

366310

32940

969082

40990

<div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; "> <div>Net unrealized gains (losses) included in accumulated other comprehensive income for investments classified as available-for-sale are summarized as follows:</div> <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px;"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1631" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-1632" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> (Unaudited) </td> <td id="new_id-1633" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1634" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1635" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1636" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1637" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1638" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-1639" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> March 31, 2020 </td> <td id="new_id-1640" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td id="new_id-1641" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-1642" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> December 31, 2019 </td> <td id="new_id-1643" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 70%;"> Unrealized appreciation (depreciation) on available-for-sale securities </td> <td id="new_id-1644" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1645" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-1646" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">(152,551</td> <td id="new_id-1647" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> ) </td> <td id="new_id-1648" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1649" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-1650" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">415,789</td> <td id="new_id-1651" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Adjustment to deferred acquisition costs </td> <td id="new_id-1652" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1653" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1654" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">395</td> <td id="new_id-1655" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1656" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1657" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1658" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">(1,009</td> <td id="new_id-1659" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> ) </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Deferred taxes </td> <td id="new_id-1660" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1661" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td id="new_id-1662" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">-</td> <td id="new_id-1663" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1664" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1665" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td id="new_id-1666" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(87,104</td> <td id="new_id-1667" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px; white-space: nowrap;"> ) </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Net unrealized appreciation (depreciation) on available-for-sale securities </td> <td id="new_id-1668" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1669" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td id="new_id-1670" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">(152,156</td> <td id="new_id-1671" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px; white-space: nowrap;"> ) </td> <td id="new_id-1672" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1673" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td id="new_id-1674" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">327,676</td> <td id="new_id-1675" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> </tr> </table></div>

-152551 415789

395

-1009

87104

-152156

327676

<div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; "> <div>The amortized cost and fair value of fixed maturity available-for-sale securities as of March 31, 2020, by contractual maturity, are summarized as follows:</div> <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px;"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1676" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="6" id="new_id-1677" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> (Unaudited) </td> <td id="new_id-1678" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1679" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-1680" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Amortized Cost </td> <td id="new_id-1681" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td id="new_id-1682" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-1683" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Fair Value </td> <td id="new_id-1684" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; width: 70%;"> Due after one year through five years </td> <td id="new_id-1685" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1686" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-1687" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">3,217,659</td> <td id="new_id-1688" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1689" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1690" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-1691" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">3,124,870</td> <td id="new_id-1692" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Due after five years through ten years </td> <td id="new_id-1693" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1694" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1695" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">3,287,659</td> <td id="new_id-1696" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1697" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1698" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1699" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">3,303,769</td> <td id="new_id-1700" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Due after ten years </td> <td id="new_id-1701" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1702" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td id="new_id-1703" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">2,275,084</td> <td id="new_id-1704" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1705" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1706" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td id="new_id-1707" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">2,199,212</td> <td id="new_id-1708" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Total fixed maturity securities </td> <td id="new_id-1709" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1710" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td id="new_id-1711" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">8,780,402</td> <td id="new_id-1712" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1713" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1714" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td id="new_id-1715" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">8,627,851</td> <td id="new_id-1716" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> </tr> </table><table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px;"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1717" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="6" id="new_id-1718" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> (Unaudited) </td> <td id="new_id-1719" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1720" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-1721" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Amortized Cost </td> <td id="new_id-1722" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td id="new_id-1723" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-1724" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Fair Value </td> <td id="new_id-1725" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 70%;"> Due in one year or less </td> <td id="new_id-1726" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1727" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-1728" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">669,776</td> <td id="new_id-1729" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1730" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1731" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-1732" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">690,072</td> <td id="new_id-1733" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Due after one year through five years </td> <td id="new_id-1734" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1735" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1736" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">1,786,873</td> <td id="new_id-1737" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1738" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1739" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1740" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">2,040,303</td> <td id="new_id-1741" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Due after five years through ten years </td> <td id="new_id-1742" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1743" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1744" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">359,954</td> <td id="new_id-1745" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1746" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1747" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1748" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">480,552</td> <td id="new_id-1749" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Due after ten years </td> <td id="new_id-1750" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1751" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td id="new_id-1752" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">22,715</td> <td id="new_id-1753" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1754" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1755" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td id="new_id-1756" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">36,784</td> <td id="new_id-1757" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Total other long-term investments </td> <td id="new_id-1758" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1759" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td id="new_id-1760" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">2,839,318</td> <td id="new_id-1761" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1762" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1763" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td id="new_id-1764" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">3,247,711</td> <td id="new_id-1765" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> </tr> </table></div>

3217659

3124870

3287659

3303769

2275084

2199212

8780402

8627851

669776

690072

1786873

2040303

359954

480552

22715

36784

2839318

3247711

<div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; "> <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px;"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1766" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-1767" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> March 31, 2020 </td> <td id="new_id-1768" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td id="new_id-1769" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-1770" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> % </td> <td id="new_id-1771" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td id="new_id-1772" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-1773" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> December 31, 2019 </td> <td id="new_id-1774" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td id="new_id-1775" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-1776" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> % </td> <td id="new_id-1777" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 40%;"> California </td> <td id="new_id-1778" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1779" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-1780" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">291,056</td> <td id="new_id-1781" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1782" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1783" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1784" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">10.3</td> <td id="new_id-1785" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> % </td> <td id="new_id-1786" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1787" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-1788" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">137,888</td> <td id="new_id-1789" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1790" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1791" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1792" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">7.0</td> <td id="new_id-1793" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> % </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Indiana </td> <td id="new_id-1794" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1795" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1796" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">193,358</td> <td id="new_id-1797" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1798" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1799" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1800" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">6.8</td> <td id="new_id-1801" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1802" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1803" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1804" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">209,829</td> <td id="new_id-1805" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1806" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1807" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1808" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">10.7</td> <td id="new_id-1809" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Massachusetts </td> <td id="new_id-1810" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1811" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1812" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">1,008,952</td> <td id="new_id-1813" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1814" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1815" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1816" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">35.6</td> <td id="new_id-1817" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1818" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1819" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1820" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">408,037</td> <td id="new_id-1821" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1822" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1823" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1824" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">20.8</td> <td id="new_id-1825" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> New York </td> <td id="new_id-1826" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1827" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1828" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">662,491</td> <td id="new_id-1829" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1830" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1831" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1832" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">23.3</td> <td id="new_id-1833" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1834" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1835" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1836" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">692,016</td> <td id="new_id-1837" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1838" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1839" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1840" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">35.2</td> <td id="new_id-1841" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Ohio </td> <td id="new_id-1842" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1843" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1844" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">165,047</td> <td id="new_id-1845" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1846" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1847" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1848" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">5.8</td> <td id="new_id-1849" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1850" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1851" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1852" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">161,073</td> <td id="new_id-1853" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1854" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1855" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1856" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">8.2</td> <td id="new_id-1857" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Oregon </td> <td id="new_id-1858" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1859" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1860" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">142,700</td> <td id="new_id-1861" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1862" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1863" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1864" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">5.0</td> <td id="new_id-1865" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1866" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1867" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1868" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">140,304</td> <td id="new_id-1869" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1870" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1871" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1872" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">7.1</td> <td id="new_id-1873" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Pennsylvania </td> <td id="new_id-1874" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1875" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td id="new_id-1876" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">375,714</td> <td id="new_id-1877" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1878" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1879" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td id="new_id-1880" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">13.2</td> <td id="new_id-1881" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1882" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1883" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td id="new_id-1884" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">217,200</td> <td id="new_id-1885" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1886" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1887" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td id="new_id-1888" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">11.0</td> <td id="new_id-1889" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Total </td> <td id="new_id-1890" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1891" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td id="new_id-1892" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">2,839,318</td> <td id="new_id-1893" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1894" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1895" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td id="new_id-1896" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">100.0</td> <td id="new_id-1897" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px; white-space: nowrap;"> % </td> <td id="new_id-1898" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1899" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td id="new_id-1900" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">1,966,347</td> <td id="new_id-1901" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1902" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1903" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td id="new_id-1904" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">100.0</td> <td id="new_id-1905" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px; white-space: nowrap;"> % </td> </tr> </table><table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px;"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 40%;"> State </td> <td id="new_id-1968" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-1969" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> March 31, 2020 </td> <td id="new_id-1970" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td id="new_id-1971" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-1972" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> % </td> <td id="new_id-1973" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td id="new_id-1974" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-1975" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> December 31, 2019 </td> <td id="new_id-1976" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td id="new_id-1977" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-1978" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> % </td> <td id="new_id-1979" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Alabama </td> <td id="new_id-1980" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1981" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-1982" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">145,304</td> <td id="new_id-1983" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1984" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1985" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1986" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">5.9</td> <td id="new_id-1987" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> % </td> <td id="new_id-1988" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1989" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-1990" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">145,389</td> <td id="new_id-1991" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1992" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1993" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1994" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">5.0</td> <td id="new_id-1995" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> % </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Florida </td> <td id="new_id-1996" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1997" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1998" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">-</td> <td id="new_id-1999" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2000" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2001" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2002" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">-</td> <td id="new_id-2003" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2004" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2005" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2006" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">228,529</td> <td id="new_id-2007" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2008" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2009" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2010" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">7.9</td> <td id="new_id-2011" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Illinois </td> <td id="new_id-2012" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2013" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2014" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">582,424</td> <td id="new_id-2015" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2016" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2017" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2018" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">23.6</td> <td id="new_id-2019" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2020" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2021" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2022" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">782,437</td> <td id="new_id-2023" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2024" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2025" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2026" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">26.9</td> <td id="new_id-2027" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Indiana </td> <td id="new_id-2028" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2029" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2030" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">52,722</td> <td id="new_id-2031" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2032" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2033" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2034" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">2.1</td> <td id="new_id-2035" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2036" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2037" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2038" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">53,808</td> <td id="new_id-2039" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2040" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2041" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2042" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">1.9</td> <td id="new_id-2043" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Missouri </td> <td id="new_id-2044" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2045" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2046" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">54,622</td> <td id="new_id-2047" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2048" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2049" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2050" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">2.2</td> <td id="new_id-2051" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2052" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2053" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2054" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">55,857</td> <td id="new_id-2055" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2056" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2057" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2058" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">1.9</td> <td id="new_id-2059" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Tennessee </td> <td id="new_id-2060" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2061" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2062" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">769,981</td> <td id="new_id-2063" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2064" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2065" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2066" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">31.3</td> <td id="new_id-2067" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2068" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2069" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2070" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">780,840</td> <td id="new_id-2071" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2072" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2073" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2074" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">26.8</td> <td id="new_id-2075" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Texas </td> <td id="new_id-2076" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2077" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2078" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">714,174</td> <td id="new_id-2079" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2080" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2081" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2082" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">29.0</td> <td id="new_id-2083" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2084" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2085" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2086" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">715,931</td> <td id="new_id-2087" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2088" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2089" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2090" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">24.6</td> <td id="new_id-2091" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Wisconsin </td> <td id="new_id-2092" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2093" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td id="new_id-2094" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">145,479</td> <td id="new_id-2095" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2096" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2097" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td id="new_id-2098" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">5.9</td> <td id="new_id-2099" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2100" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2101" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td id="new_id-2102" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">145,750</td> <td id="new_id-2103" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2104" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2105" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td id="new_id-2106" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">5.0</td> <td id="new_id-2107" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Total </td> <td id="new_id-2108" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2109" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td id="new_id-2110" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">2,464,706</td> <td id="new_id-2111" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2112" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2113" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td id="new_id-2114" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">100.0</td> <td id="new_id-2115" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px; white-space: nowrap;"> % </td> <td id="new_id-2116" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2117" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td id="new_id-2118" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">2,908,541</td> <td id="new_id-2119" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2120" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2121" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td id="new_id-2122" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">100.0</td> <td id="new_id-2123" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px; white-space: nowrap;"> % </td> </tr> </table></div>

291056

0.103

137888

0.070

193358

0.068

209829

0.107

1008952

0.356

408037

0.208

662491

0.233

692016

0.352

165047

0.058

161073

0.082

142700

0.050

140304

0.071

375714

0.132

217200

0.110

1.000

1966347

1.000

145304

0.059

145389

0.050

228529

0.079

582424

0.236

782437

0.269

52722

0.021

53808

0.019

54622

0.022

55857

0.019

769981

0.313

780840

0.268

714174

0.290

715931

0.246

145479

0.059

145750

0.050

2464706

1.000

2908541

1.000

<div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; "> <div>The Company utilizes the ratio of the carrying value of individual mortgage loans compared to the individual appraisal value to evaluate the credit quality of its mortgage loans on real estate (commonly referred to as the loan-to-value ratio). The Company’s mortgage loans on real estate by credit quality using this ratio as of March 31, 2020 and December 31, 2019 are summarized as follows:</div> <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="margin-right: 10%; margin-left: 10%; width: 80%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px;"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1906" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-1907" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> March 31, 2020 </td> <td id="new_id-1908" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td id="new_id-1909" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-1910" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> December 31, 2019 </td> <td id="new_id-1911" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 62%;"> Over 90% </td> <td id="new_id-1912" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1913" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-1914" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">-</td> <td id="new_id-1915" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1916" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1917" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-1918" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">96,480</td> <td id="new_id-1919" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> 80% to 90% </td> <td id="new_id-1920" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1921" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1922" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">95,978</td> <td id="new_id-1923" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1924" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1925" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1926" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">145,388</td> <td id="new_id-1927" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> 70% to 80% </td> <td id="new_id-1928" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1929" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1930" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">329,254</td> <td id="new_id-1931" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1932" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1933" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1934" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">184,168</td> <td id="new_id-1935" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> 60% to 70% </td> <td id="new_id-1936" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1937" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1938" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">1,163,598</td> <td id="new_id-1939" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1940" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1941" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1942" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">1,548,486</td> <td id="new_id-1943" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> 50% to 60% </td> <td id="new_id-1944" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1945" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1946" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">723,699</td> <td id="new_id-1947" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1948" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1949" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1950" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">824,354</td> <td id="new_id-1951" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> 40% to 50% </td> <td id="new_id-1952" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1953" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td id="new_id-1954" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">152,177</td> <td id="new_id-1955" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1956" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1957" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td id="new_id-1958" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">109,665</td> <td id="new_id-1959" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Total </td> <td id="new_id-1960" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1961" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td id="new_id-1962" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">2,464,706</td> <td id="new_id-1963" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-1964" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-1965" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td id="new_id-1966" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">2,908,541</td> <td id="new_id-1967" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> </tr> </table></div>

96480

95978

145388

329254

184168

1163598

1548486

723699

824354

152177

109665

<div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; "> <div>Major categories of net investment income for the three months ended March 31, 2020 and 2019 are summarized as follows:</div> <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px;"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2124" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="6" id="new_id-2125" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> For the Three Months Ended March 31, </td> <td id="new_id-2126" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2127" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-2128" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> 2020 </td> <td id="new_id-2129" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td id="new_id-2130" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-2131" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> 2019 </td> <td id="new_id-2132" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td id="new_id-2133"> </td> <td id="new_id-2134"> </td> <td id="new_id-2135"> </td> <td id="new_id-2136"> </td> <td id="new_id-2137"> </td> <td id="new_id-2138"> </td> <td id="new_id-2139"> </td> <td id="new_id-2140"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 70%;"> Fixed maturity securities </td> <td id="new_id-2141" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2142" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-2143" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">82,929</td> <td id="new_id-2144" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2145" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2146" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-2147" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">74,547</td> <td id="new_id-2148" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Other long-term assets </td> <td id="new_id-2149" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2150" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2151" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">54,962</td> <td id="new_id-2152" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2153" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2154" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2155" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">12,075</td> <td id="new_id-2156" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Mortgage loans </td> <td id="new_id-2157" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2158" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2159" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">46,856</td> <td id="new_id-2160" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2161" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2162" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2163" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">25,427</td> <td id="new_id-2164" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Short-term and other investments </td> <td id="new_id-2165" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2166" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td id="new_id-2167" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">38,433</td> <td id="new_id-2168" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2169" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2170" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td id="new_id-2171" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">32,577</td> <td id="new_id-2172" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Gross investment income </td> <td id="new_id-2173" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2174" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2175" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">223,180</td> <td id="new_id-2176" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2177" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2178" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2179" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">144,626</td> <td id="new_id-2180" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Investment expenses </td> <td id="new_id-2181" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2182" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td id="new_id-2183" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(6,204</td> <td id="new_id-2184" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px; white-space: nowrap;"> ) </td> <td id="new_id-2185" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2186" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td id="new_id-2187" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(8,055</td> <td id="new_id-2188" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px; white-space: nowrap;"> ) </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Net investment income </td> <td id="new_id-2189" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2190" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td id="new_id-2191" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">216,976</td> <td id="new_id-2192" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2193" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2194" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td id="new_id-2195" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">136,571</td> <td id="new_id-2196" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> </tr> </table></div>

82929

74547

54962

12075

46856

25427

38433

32577

223180

144626

6204

8055

<div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; "> <div>The Company’s fair value hierarchy for those financial instruments measured at fair value on a recurring basis as of March 31, 2020 and December 31, 2019 are summarized as follows:</div> <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px;"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 40%;"> March 31, 2020 (Unaudited) </td> <td id="new_id-2197" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-2198" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Level 1 </td> <td id="new_id-2199" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td id="new_id-2200" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-2201" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Level 2 </td> <td id="new_id-2202" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td id="new_id-2203" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-2204" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Level 3 </td> <td id="new_id-2205" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td id="new_id-2206" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-2207" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Total </td> <td id="new_id-2208" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Fixed maturity securities, available-for-sale </td> <td id="new_id-2209" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2210" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2211" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2212" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2213" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2214" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2215" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2216" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2217" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2218" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2219" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2220" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2221" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2222" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2223" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2224" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Corporate bonds </td> <td id="new_id-2225" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2226" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td id="new_id-2227" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">-</td> <td id="new_id-2228" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2229" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2230" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td id="new_id-2231" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">8,627,851</td> <td id="new_id-2232" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2233" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2234" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td id="new_id-2235" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">-</td> <td id="new_id-2236" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2237" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2238" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td id="new_id-2239" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">8,627,851</td> <td id="new_id-2240" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Total fixed maturity securities </td> <td id="new_id-2241" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2242" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td id="new_id-2243" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">-</td> <td id="new_id-2244" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2245" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2246" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td id="new_id-2247" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">8,627,851</td> <td id="new_id-2248" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2249" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2250" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td id="new_id-2251" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">-</td> <td id="new_id-2252" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2253" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2254" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td id="new_id-2255" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">8,627,851</td> <td id="new_id-2256" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> </tr> </table><table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px;"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 40%;"> December 31, 2019 </td> <td id="new_id-2257" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-2258" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Level 1 </td> <td id="new_id-2259" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td id="new_id-2260" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-2261" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Level 2 </td> <td id="new_id-2262" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td id="new_id-2263" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-2264" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Level 3 </td> <td id="new_id-2265" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td id="new_id-2266" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-2267" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Total </td> <td id="new_id-2268" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Fixed maturity securities, available-for-sale </td> <td id="new_id-2269" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2270" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2271" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2272" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2273" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2274" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2275" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2276" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2277" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2278" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2279" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2280" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2281" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2282" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2283" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2284" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Corporate bonds </td> <td id="new_id-2285" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2286" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td id="new_id-2287" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">-</td> <td id="new_id-2288" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2289" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2290" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td id="new_id-2291" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">8,089,460</td> <td id="new_id-2292" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2293" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2294" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td id="new_id-2295" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">-</td> <td id="new_id-2296" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2297" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2298" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td id="new_id-2299" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">8,089,460</td> <td id="new_id-2300" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Total fixed maturity securities </td> <td id="new_id-2301" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2302" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td id="new_id-2303" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">-</td> <td id="new_id-2304" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2305" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2306" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td id="new_id-2307" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">8,089,460</td> <td id="new_id-2308" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2309" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2310" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td id="new_id-2311" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">-</td> <td id="new_id-2312" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2313" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2314" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td id="new_id-2315" style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">8,089,460</td> <td id="new_id-2316" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> </tr> </table></div>

8627851

8089460

<div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; "> <div>Financial Instruments Disclosed, But Not Carried, at Fair Value:</div> <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px;"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2317" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="18" id="new_id-2318" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> March 31, 2020 (Unaudited) </td> <td id="new_id-2319" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2320" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-2321" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Carrying </td> <td id="new_id-2322" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2323" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-2324" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Fair </td> <td id="new_id-2325" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2326" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2327" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2328" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2329" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2330" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2331" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2332" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2333" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2334" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2335" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2336" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2337" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2338" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-2339" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Amount </td> <td id="new_id-2340" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td id="new_id-2341" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-2342" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Value </td> <td id="new_id-2343" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td id="new_id-2344" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-2345" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Level 1 </td> <td id="new_id-2346" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td id="new_id-2347" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-2348" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Level 2 </td> <td id="new_id-2349" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td id="new_id-2350" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-2351" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Level 3 </td> <td id="new_id-2352" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 40%;"> Financial assets </td> <td id="new_id-2353" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2354" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2355" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2356" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2357" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2358" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2359" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2360" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2361" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2362" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2363" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2364" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2365" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2366" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2367" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2368" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2369" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2370" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2371" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2372" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Cash and cash equivalents </td> <td id="new_id-2373" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2374" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-2375" style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">17,845,572</td> <td id="new_id-2376" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2377" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2378" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-2379" style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">17,845,572</td> <td id="new_id-2380" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2381" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2382" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-2383" style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">17,845,572</td> <td id="new_id-2384" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2385" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2386" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-2387" style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">-</td> <td id="new_id-2388" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2389" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2390" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-2391" style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">-</td> <td id="new_id-2392" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Mortgages on real estate </td> <td id="new_id-2393" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2394" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2395" style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">2,464,706</td> <td id="new_id-2396" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2397" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2398" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2399" style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">2,570,283</td> <td id="new_id-2400" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2401" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2402" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2403" style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">-</td> <td id="new_id-2404" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2405" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2406" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2407" style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">-</td> <td id="new_id-2408" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2409" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2410" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2411" style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">2,570,283</td> <td id="new_id-2412" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Other long-term investments </td> <td id="new_id-2413" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2414" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2415" style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">2,839,318</td> <td id="new_id-2416" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2417" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2418" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2419" style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">3,247,711</td> <td id="new_id-2420" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2421" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2422" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2423" style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">-</td> <td id="new_id-2424" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2425" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2426" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2427" style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">-</td> <td id="new_id-2428" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2429" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2430" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2431" style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">3,247,711</td> <td id="new_id-2432" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Accrued investment income </td> <td id="new_id-2433" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2434" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2435" style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">139,581</td> <td id="new_id-2436" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2437" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2438" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2439" style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">139,581</td> <td id="new_id-2440" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2441" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2442" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2443" style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">-</td> <td id="new_id-2444" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2445" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2446" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2447" style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">-</td> <td id="new_id-2448" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2449" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2450" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2451" style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">139,581</td> <td id="new_id-2452" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Advances and notes receivable </td> <td id="new_id-2453" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2454" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td id="new_id-2455" style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">176,821</td> <td id="new_id-2456" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2457" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2458" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td id="new_id-2459" style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">176,821</td> <td id="new_id-2460" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2461" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2462" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td id="new_id-2463" style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">-</td> <td id="new_id-2464" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2465" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2466" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td id="new_id-2467" style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">-</td> <td id="new_id-2468" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2469" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2470" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td id="new_id-2471" style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">176,821</td> <td id="new_id-2472" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Total financial assets </td> <td id="new_id-2473" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2474" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td id="new_id-2475" style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">23,465,998</td> <td id="new_id-2476" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2477" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2478" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td id="new_id-2479" style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">23,979,968</td> <td id="new_id-2480" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2481" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2482" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td id="new_id-2483" style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">17,845,572</td> <td id="new_id-2484" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2485" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2486" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td id="new_id-2487" style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">-</td> <td id="new_id-2488" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2489" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2490" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td id="new_id-2491" style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">6,134,396</td> <td id="new_id-2492" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td> </td> <td id="new_id-2493"> </td> <td id="new_id-2494"> </td> <td id="new_id-2495"> </td> <td id="new_id-2496"> </td> <td id="new_id-2497"> </td> <td id="new_id-2498"> </td> <td id="new_id-2499"> </td> <td id="new_id-2500"> </td> <td id="new_id-2501"> </td> <td id="new_id-2502"> </td> <td id="new_id-2503"> </td> <td id="new_id-2504"> </td> <td id="new_id-2505"> </td> <td id="new_id-2506"> </td> <td id="new_id-2507"> </td> <td id="new_id-2508"> </td> <td id="new_id-2509"> </td> <td id="new_id-2510"> </td> <td id="new_id-2511"> </td> <td id="new_id-2512"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Financial liabilities </td> <td id="new_id-2513" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2514" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2515" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2516" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2517" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2518" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2519" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2520" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2521" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2522" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2523" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2524" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2525" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2526" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2527" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2528" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2529" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2530" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2531" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2532" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Policyholders’ account balances </td> <td id="new_id-2533" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2534" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-2535" style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">23,497,676</td> <td id="new_id-2536" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2537" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2538" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;">$</td> <td id="new_id-2539" style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">21,787,008</td> <td id="new_id-2540" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2541" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2542" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-2543" style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">-</td> <td id="new_id-2544" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2545" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2546" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-2547" style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">-</td> <td id="new_id-2548" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2549" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2550" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;">$</td> <td id="new_id-2551" style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">21,787,008</td> <td id="new_id-2552" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Policy claims </td> <td id="new_id-2553" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2554" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td id="new_id-2555" style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">62,114</td> <td id="new_id-2556" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2557" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2558" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td id="new_id-2559" style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">62,114</td> <td id="new_id-2560" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2561" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2562" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td id="new_id-2563" style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">-</td> <td id="new_id-2564" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2565" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2566" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td id="new_id-2567" style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">-</td> <td id="new_id-2568" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2569" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2570" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td id="new_id-2571" style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">62,114</td> <td id="new_id-2572" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Total financial liabilities </td> <td id="new_id-2573" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2574" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td id="new_id-2575" style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">23,559,790</td> <td id="new_id-2576" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2577" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2578" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td id="new_id-2579" style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">21,849,122</td> <td id="new_id-2580" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2581" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2582" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td id="new_id-2583" style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">-</td> <td id="new_id-2584" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2585" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2586" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td id="new_id-2587" style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">-</td> <td id="new_id-2588" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2589" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2590" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td id="new_id-2591" style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">21,849,122</td> <td id="new_id-2592" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> </tr> </table><table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px;"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2593" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="18" id="new_id-2594" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> December 31, 2019 </td> <td id="new_id-2595" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2596" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-2597" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Carrying </td> <td id="new_id-2598" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2599" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-2600" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> Fair </td> <td id="new_id-2601" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2602" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2603" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2604" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2605" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2606" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2607" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2608" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2609" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2610" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2611" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2612" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2613" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2614" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-2615" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Amount </td> <td id="new_id-2616" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td id="new_id-2617" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-2618" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Value </td> <td id="new_id-2619" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td id="new_id-2620" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-2621" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Level 1 </td> <td id="new_id-2622" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td id="new_id-2623" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-2624" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Level 2 </td> <td id="new_id-2625" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td id="new_id-2626" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" id="new_id-2627" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> Level 3 </td> <td id="new_id-2628" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 40%;"> Financial assets </td> <td id="new_id-2629" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2630" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2631" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2632" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2633" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2634" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2635" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2636" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2637" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2638" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2639" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2640" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2641" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2642" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2643" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2644" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2645" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2646" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2647" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2648" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Cash and cash equivalents </td> <td id="new_id-2649" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2650" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-2651" style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">15,208,477</td> <td id="new_id-2652" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2653" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2654" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-2655" style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">15,208,477</td> <td id="new_id-2656" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2657" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2658" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-2659" style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">15,208,477</td> <td id="new_id-2660" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2661" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2662" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-2663" style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">-</td> <td id="new_id-2664" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2665" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2666" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-2667" style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">-</td> <td id="new_id-2668" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Mortgages on real estate </td> <td id="new_id-2669" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2670" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2671" style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">2,908,541</td> <td id="new_id-2672" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2673" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2674" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2675" style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">2,851,527</td> <td id="new_id-2676" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2677" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2678" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2679" style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">-</td> <td id="new_id-2680" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2681" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2682" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2683" style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">-</td> <td id="new_id-2684" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2685" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2686" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2687" style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">2,851,527</td> <td id="new_id-2688" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Other long-term investments </td> <td id="new_id-2689" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2690" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2691" style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">1,966,347</td> <td id="new_id-2692" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2693" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2694" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2695" style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">2,290,552</td> <td id="new_id-2696" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2697" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2698" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2699" style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">-</td> <td id="new_id-2700" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2701" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2702" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2703" style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">-</td> <td id="new_id-2704" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2705" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2706" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2707" style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">2,290,552</td> <td id="new_id-2708" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Accrued investment income </td> <td id="new_id-2709" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2710" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2711" style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">111,889</td> <td id="new_id-2712" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2713" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2714" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2715" style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">111,889</td> <td id="new_id-2716" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2717" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2718" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2719" style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">-</td> <td id="new_id-2720" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2721" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2722" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2723" style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">-</td> <td id="new_id-2724" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2725" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2726" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2727" style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">111,889</td> <td id="new_id-2728" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Advances and notes receivable </td> <td id="new_id-2729" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2730" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td id="new_id-2731" style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">134,560</td> <td id="new_id-2732" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2733" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2734" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td id="new_id-2735" style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">134,560</td> <td id="new_id-2736" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2737" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2738" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td id="new_id-2739" style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">-</td> <td id="new_id-2740" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2741" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2742" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td id="new_id-2743" style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">-</td> <td id="new_id-2744" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2745" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2746" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td id="new_id-2747" style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">134,560</td> <td id="new_id-2748" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Total financial assets </td> <td id="new_id-2749" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2750" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td id="new_id-2751" style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">20,329,814</td> <td id="new_id-2752" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2753" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2754" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td id="new_id-2755" style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">20,597,005</td> <td id="new_id-2756" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2757" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2758" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td id="new_id-2759" style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">15,208,477</td> <td id="new_id-2760" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2761" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2762" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td id="new_id-2763" style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">-</td> <td id="new_id-2764" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2765" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2766" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td id="new_id-2767" style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">5,388,528</td> <td id="new_id-2768" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td> </td> <td id="new_id-2769"> </td> <td id="new_id-2770"> </td> <td id="new_id-2771"> </td> <td id="new_id-2772"> </td> <td id="new_id-2773"> </td> <td id="new_id-2774"> </td> <td id="new_id-2775"> </td> <td id="new_id-2776"> </td> <td id="new_id-2777"> </td> <td id="new_id-2778"> </td> <td id="new_id-2779"> </td> <td id="new_id-2780"> </td> <td id="new_id-2781"> </td> <td id="new_id-2782"> </td> <td id="new_id-2783"> </td> <td id="new_id-2784"> </td> <td id="new_id-2785"> </td> <td id="new_id-2786"> </td> <td id="new_id-2787"> </td> <td id="new_id-2788"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Financial liabilities </td> <td id="new_id-2789" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2790" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2791" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2792" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2793" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2794" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2795" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2796" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2797" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2798" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2799" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2800" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2801" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2802" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2803" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2804" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2805" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2806" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2807" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2808" style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Policyholders’ account balances </td> <td id="new_id-2809" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2810" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-2811" style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">18,440,872</td> <td id="new_id-2812" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2813" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2814" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-2815" style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">15,893,600</td> <td id="new_id-2816" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2817" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2818" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-2819" style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">-</td> <td id="new_id-2820" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2821" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2822" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-2823" style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">-</td> <td id="new_id-2824" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2825" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2826" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-2827" style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">15,893,600</td> <td id="new_id-2828" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Policy claims </td> <td id="new_id-2829" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2830" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td id="new_id-2831" style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">59,693</td> <td id="new_id-2832" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2833" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2834" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td id="new_id-2835" style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">59,693</td> <td id="new_id-2836" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2837" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2838" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td id="new_id-2839" style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">-</td> <td id="new_id-2840" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2841" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2842" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td id="new_id-2843" style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">-</td> <td id="new_id-2844" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2845" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2846" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td id="new_id-2847" style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">59,693</td> <td id="new_id-2848" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Total financial liabilities </td> <td id="new_id-2849" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2850" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td id="new_id-2851" style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">18,500,565</td> <td id="new_id-2852" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2853" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2854" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td id="new_id-2855" style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">15,953,293</td> <td id="new_id-2856" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2857" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2858" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td id="new_id-2859" style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">-</td> <td id="new_id-2860" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2861" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2862" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td id="new_id-2863" style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">-</td> <td id="new_id-2864" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> <td id="new_id-2865" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2866" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td id="new_id-2867" style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">15,953,293</td> <td id="new_id-2868" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> </tr> </table></div>

17845572

2570283 0 0 2570283

3247711

139581

176821

23465998

23979968

17845572

6134396

21787008 0 0 21787008 62114 0 0 62114 23559790

21849122

15208477

2851527 0 0 2851527

2290552

111889

134560

20329814

20597005

15208477

5388528

15893600 0 0 15893600 59693 0 0 59693 18500565

15953293

3600000

2032 2037

598288

878868

2571936

588407

1983529

540107

250000

911571

4120

1490

10000

<div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; "> <div>Future payments under operating lease arrangements accounted for under ASC Topic 842 as of March 31, 2020 are as follows:</div> <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="margin-right: 10%; margin-left: 10%; width: 80%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px;"> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 81%;"> 2020 (remaining) </td> <td id="new_id-2869" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2870" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;">$</td> <td id="new_id-2871" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">68,993</td> <td id="new_id-2872" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> 2021 </td> <td id="new_id-2873" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2874" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2875" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">93,593</td> <td id="new_id-2876" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> 2022 </td> <td id="new_id-2877" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2878" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td id="new_id-2879" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">95,006</td> <td id="new_id-2880" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Total operating lease payments, undiscounted </td> <td id="new_id-2881" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2882" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td id="new_id-2883" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">257,592</td> <td id="new_id-2884" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Less: interest </td> <td id="new_id-2885" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2886" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td id="new_id-2887" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(29,985</td> <td id="new_id-2888" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px; white-space: nowrap;"> ) </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> Lease liability, at present value </td> <td id="new_id-2889" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td id="new_id-2890" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td id="new_id-2891" style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">227,607</td> <td id="new_id-2892" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td> </tr> </table></div>

68993

93593

95006

257592

29985

227607

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Investments (Details) - Schedule of Available-for-Sale Securities - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Investments (Details) - Schedule of Available-for-Sale Securities [Line Items]
Fixed Maturity Securities, Amortized Cost	$ 8,780,402	$ 7,673,671
Fixed Maturity Securities, Gross Unrealized Gains	350,962	456,779
Fixed Maturity Securities, Gross Unrealized Losses	503,513	40,990
Fixed Maturity Securities, Fair Value	8,627,851	8,089,460
Corporate Bond Securities [Member]
Investments (Details) - Schedule of Available-for-Sale Securities [Line Items]
Fixed Maturity Securities, Amortized Cost	8,780,402	7,673,671
Fixed Maturity Securities, Gross Unrealized Gains	350,962	456,779
Fixed Maturity Securities, Gross Unrealized Losses	503,513	40,990
Fixed Maturity Securities, Fair Value	$ 8,627,851	$ 8,089,460

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Investments (Details) - Investment Holdings, Schedule of Investments - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Other Long-term Investments [Member]
Summary of Investment Holdings [Line Items]
Long-term Investment	$ 2,839,318	$ 1,966,347
Investment, Percentage	100.00%	100.00%
Other Long-term Investments [Member] \| CALIFORNIA
Summary of Investment Holdings [Line Items]
Long-term Investment	$ 291,056	$ 137,888
Investment, Percentage	10.30%	7.00%
Other Long-term Investments [Member] \| INDIANA
Summary of Investment Holdings [Line Items]
Long-term Investment	$ 193,358	$ 209,829
Investment, Percentage	6.80%	10.70%
Other Long-term Investments [Member] \| MASSACHUSETTS
Summary of Investment Holdings [Line Items]
Long-term Investment	$ 1,008,952	$ 408,037
Investment, Percentage	35.60%	20.80%
Other Long-term Investments [Member] \| NEW YORK
Summary of Investment Holdings [Line Items]
Long-term Investment	$ 662,491	$ 692,016
Investment, Percentage	23.30%	35.20%
Other Long-term Investments [Member] \| OHIO
Summary of Investment Holdings [Line Items]
Long-term Investment	$ 165,047	$ 161,073
Investment, Percentage	5.80%	8.20%
Other Long-term Investments [Member] \| OREGON
Summary of Investment Holdings [Line Items]
Long-term Investment	$ 142,700	$ 140,304
Investment, Percentage	5.00%	7.10%
Other Long-term Investments [Member] \| PENNSYLVANIA
Summary of Investment Holdings [Line Items]
Long-term Investment	$ 375,714	$ 217,200
Investment, Percentage	13.20%	11.00%
Mortgages [Member]
Summary of Investment Holdings [Line Items]
Investment, Percentage	100.00%	100.00%
Mortgage assets	$ 2,464,706	$ 2,908,541
Mortgages [Member] \| INDIANA
Summary of Investment Holdings [Line Items]
Investment, Percentage	2.10%	1.90%
Mortgage assets	$ 52,722	$ 53,808
Mortgages [Member] \| ALABAMA
Summary of Investment Holdings [Line Items]
Investment, Percentage	5.90%	5.00%
Mortgage assets	$ 145,304	$ 145,389
Mortgages [Member] \| FLORIDA
Summary of Investment Holdings [Line Items]
Investment, Percentage	0.00%	7.90%
Mortgage assets	$ 0	$ 228,529
Mortgages [Member] \| ILLINOIS
Summary of Investment Holdings [Line Items]
Investment, Percentage	23.60%	26.90%
Mortgage assets	$ 582,424	$ 782,437
Mortgages [Member] \| MISSOURI
Summary of Investment Holdings [Line Items]
Investment, Percentage	2.20%	1.90%
Mortgage assets	$ 54,622	$ 55,857
Mortgages [Member] \| TENNESSEE
Summary of Investment Holdings [Line Items]
Investment, Percentage	31.30%	26.80%
Mortgage assets	$ 769,981	$ 780,840
Mortgages [Member] \| TEXAS
Summary of Investment Holdings [Line Items]
Investment, Percentage	29.00%	24.60%
Mortgage assets	$ 714,174	$ 715,931
Mortgages [Member] \| WISCONSIN
Summary of Investment Holdings [Line Items]
Investment, Percentage	5.90%	5.00%
Mortgage assets	$ 145,479	$ 145,750

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Fair Value Measurements (Details) - Schedule of Fair Value, Assets and Liabilities Measure on Recurring Basis - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Fair Value Measurements (Details) - Schedule of Fair Value, Assets and Liabilities Measure on Recurring Basis [Line Items]
Fixed Maturity Securities	$ 8,627,851	$ 8,089,460
Corporate Debt Securities [Member]
Fair Value Measurements (Details) - Schedule of Fair Value, Assets and Liabilities Measure on Recurring Basis [Line Items]
Fixed Maturity Securities	8,627,851	8,089,460
Fair Value, Inputs, Level 1 [Member]
Fair Value Measurements (Details) - Schedule of Fair Value, Assets and Liabilities Measure on Recurring Basis [Line Items]
Fixed Maturity Securities	0	0
Fair Value, Inputs, Level 1 [Member] \| Corporate Debt Securities [Member]
Fair Value Measurements (Details) - Schedule of Fair Value, Assets and Liabilities Measure on Recurring Basis [Line Items]
Fixed Maturity Securities	0	0
Fair Value, Inputs, Level 2 [Member]
Fair Value Measurements (Details) - Schedule of Fair Value, Assets and Liabilities Measure on Recurring Basis [Line Items]
Fixed Maturity Securities	8,627,851	8,089,460
Fair Value, Inputs, Level 2 [Member] \| Corporate Debt Securities [Member]
Fair Value Measurements (Details) - Schedule of Fair Value, Assets and Liabilities Measure on Recurring Basis [Line Items]
Fixed Maturity Securities	8,627,851	8,089,460
Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements (Details) - Schedule of Fair Value, Assets and Liabilities Measure on Recurring Basis [Line Items]
Fixed Maturity Securities	0	0
Fair Value, Inputs, Level 3 [Member] \| Corporate Debt Securities [Member]
Fair Value Measurements (Details) - Schedule of Fair Value, Assets and Liabilities Measure on Recurring Basis [Line Items]
Fixed Maturity Securities	$ 0	$ 0

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Consolidated Statements of Operations - USD ($)	3 Months Ended
Consolidated Statements of Operations - USD ($)	Mar. 31, 2020	Mar. 31, 2019
Revenues
Premiums income	$ 119,145	$ 118,392
Net investment income	216,976	136,571
Commission income	8,253	3,533
Total revenues	344,374	258,496
Benefits, claims and expenses
Increase in future policy benefits	56,384	59,349
Death and other benefits	2,421	2,239
Interest credited to policyholders	206,151	26,032
Total benefits and claims	264,956	87,620
Policy acquisition costs deferred	(135,177)	(91,949)
Policy acquisition costs amortized	25,371	21,009
Commissions	171,086	99,279
Salaries and wages	350,404	257,860
Employee benefits	43,088	23,091
Taxes, licenses and fees	30,970	24,350
Office rent	22,759	20,486
Director fees	6,000	14,250
Third-party administration fees	69,704	44,309
Service and transfer agent fees	15,164	9,827
Travel, meals and entertainment	11,451	25,380
Professional fees	55,091	43,618
Furniture, equipment and software	6,284	8,891
Office and other expenses	60,472	47,393
Total benefits, claims and expenses	997,623	635,414
Net loss	$ (653,249)	$ (376,918)
Net loss per common share outstanding (in Dollars per share)	$ (0.04)	$ (0.03)

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Organization and Significant Accounting Policies	3 Months Ended
Organization and Significant Accounting Policies	Mar. 31, 2020
Accounting Policies [Abstract]
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block]	1. Organization and Significant Accounting Policies Nature of Operations Texas Republic Capital Corporation (the “Company”) is the parent holding company of Texas Republic Life Insurance Company (“TRLIC”) and Texas Republic Life Solutions, Inc. (“TRLS”). The Company was incorporated in Texas on May 15, 2012, for the primary purpose of forming and capitalizing a life insurance company subsidiary. The Texas Department of Insurance approved TRLIC’s life insurance charter on August 1, 2016. The Company capitalized TRLIC with $3,000,000 and owns 100% of TRLIC. TRLIC began insurance operations on April 3, 2017 and is currently selling life and annuity products in the state of Texas. During 2018 the Company made capital contributions of $2,000,000 and $750,000 to TRLIC. During the second quarter of 2019 the Company made an additional capital contribution to TRLIC of mortgage loans valued at $857,133. During the third quarter of 2019 the Company made an additional capital contribution of $1,300,000 in cash to TRLIC bringing the total capitalization of TRLIC to $7,907,133. TRLS, an insurance agency, was incorporated February 1, 2017. The Company capitalized TRLS with $50,000 and owns 100% of TRLS. During 2018 the Company made an additional capital contribution of $100,000 bringing the total capitalization of TRLS to $150,000. From incorporation through April 2, 2017, the Company was involved in the sale of common stock to provide working capital. During this time the Company completed an organizational offering, three private placement stock offerings and an intrastate public stock offering in the state of Texas. The Company raised $10,336,500 and incurred $1,215,569 of offering costs through the issuance of 12,865,000 shares from the organizational offering and three private placement offerings. The intrastate public stock offering was registered to raise $25,000,000 by offering 5,000,000 shares of its common stock and was ended on April 2, 2017. This offering raised $10,010,485 and incurred $1,444,127 of offering costs through the sale of 2,002,097 shares of the common stock. Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting primarily of normal recurring accruals) considered necessary for a fair presentation of the results for the interim periods have been included. The results of operations for the three months ended March 31, 2020 are not necessarily indicative of the results to be expected for the year ended December 31, 2020 or for any other interim period or for any other future year. Certain financial information which is normally included in notes to consolidated financial statements prepared in accordance with U.S. GAAP, but which is not required for interim reporting purposes, has been condensed or omitted. The accompanying consolidated financial statements and notes thereto should be read in conjunction with the financial statements and notes thereto included in the Company’s report on Form 10-K for the year ended December 31, 2019. As a result of Coronavirus Disease 2019, which was declared a pandemic on March 11, 2020, the United States Federal, State and Local Governments, and other countries around the world have taken measures that have suddenly limited economic output. Due to the decline in economic activity, the Company is faced with a sudden uncertainty as of the date of this report on its operations when considering its revenue sources and potential future liquidity needs. Management is actively monitoring the situation and the impact to the Company’s operations. As the pandemic continues, should liquidity conditions worsen in the short-term, management will work with its financial institutions to assist with liquidity needs. Principles of Consolidation The consolidated financial statements include the accounts and operations of the Company and its subsidiaries. All intercompany accounts and transactions are eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Although these estimates are based on management’s knowledge of current events and actions it may undertake in the future, they may ultimately differ from actual results. Reclassifications Certain reclassifications have been made in the prior year financial statements to conform to current year classifications. These reclassifications had no effect on the previously reported net loss or shareholders equity. Investments Fixed maturity securities are comprised of bonds that are classified as available-for-sale and are carried at fair value with unrealized gains and losses, net of applicable income taxes, reported in accumulated other comprehensive income (loss). The amortized cost of fixed maturity securities available-for-sale is generally adjusted for amortization of premium and accretion of discount. Interest income, as well as the related amortization of premium and accretion of discount, is included in net investment income under the effective yield method. The amortized cost of fixed maturity securities available-for-sale is written down to fair value when a decline in value is considered to be other-than-temporary. The Company evaluates the difference between the cost or amortized cost and estimated fair value of its investments to determine whether any decline in value is other-than-temporary in nature. This determination involves a degree of uncertainty. If a decline in the fair value of a security is determined to be temporary, the decline is recorded as an unrealized loss in shareholders’ equity. If a decline in a security’s fair value is considered to be other-than-temporary, the Company then determines the proper treatment for the other-than-temporary impairment. For fixed maturity securities, available-for-sale, the amount of any other-than-temporary impairment related to a credit loss is recognized in earnings and reflected as a reduction in the cost basis of the security; and the amount of any other-than-temporary impairment related to other factors is recognized in other comprehensive income (loss) with no change to the cost basis of the security. The assessment of whether a decline in fair value is considered temporary or other-than-temporary includes management’s judgment as to the financial position and future prospects of the entity issuing the security. It is not possible to accurately predict when it may be determined that a specific security will become impaired. Future adverse changes in market conditions, poor operating results of underlying investments and defaults on mortgage loan payments could result in losses or an inability to recover the current carrying value of the investments, thereby possibly requiring an impairment charge in the future. Likewise, if a change occurs in the Company’s intent to sell temporarily impaired securities prior to maturity or recovery in value, or if it becomes more likely than not that the Company will be required to sell such securities prior to recovery in value or maturity, a future impairment charge could result. If an other-than-temporary impairment related to a credit loss occurs with respect to a bond, the Company amortizes the reduced book value back to the security’s expected recovery value over the remaining term of the bond. The Company continues to review the security for further impairment that would prompt another write-down in the value. Purchases and sales of securities are recorded on a trade-date basis. Interest earned on investments is recorded on the accrual basis and is included in net investment income. The Company’s mortgage loan portfolio is comprised of residential properties with loan to appraised value ratios below 90%. Mortgage loans are carried at current book value. The Company’s other long-term investments are comprised of lottery prize cash flows holdings held at amortized cost. They are categorized as other long-term investments in the statement of financial position and are assignments of the future rights from lottery winners purchased at a discounted price. Payments on these investments are made by state run lotteries. Cash and Cash Equivalents Cash and cash equivalents include cash on hand and money market instruments. Deferred Policy Acquisition Costs Costs that relate to and vary with the successful production of new business are deferred over the life of the policy. Deferred acquisition costs (“DAC”) consist of commissions and policy issuance, underwriting and agency expenses. DAC expenses are amortized primarily over the premium-paying period of life policies and as profits emerge on annuity products. Amortization uses the same assumptions as were used in computing liabilities for future policy benefits. There was $135,177 of DAC deferred for the three months ended March 31, 2020 and $25,371 of DAC amortized for the three months ended March 31, 2020. There was $91,949 of DAC deferred for the three months ended March 31, 2019 and $21,009 of DAC amortized for the three months ended March 31, 2019. Deferred Sales Inducement Costs Sales inducement costs (“SIC”) are related to policy bonuses issued on some of the Company’s annuity products. SIC is deferred at the issuance of the policy and amortized over the bonus period on a straight-line basis. The amount deferred is based on the difference between the fund value with the bonus and the fund value without the bonus. The deferred SIC asset was $953,361 and $770,177 at March 31, 2020 and December 31, 2019, respectively. For the three months ended March 31, 2020 there was $230,124 of SIC deferred and $46,940 of SIC amortized. There was $126,159 of SIC deferred and $4,849 of SIC amortized for the three months ended March 31, 2019. Advances and Notes Receivable Advances and notes receivable are recorded at unpaid principal balances. Management evaluates the collectability of advances and notes receivable on the specific identification basis. Uncollectible amounts are reported in the results of operations in the year the determination is made. Leased Property – Right to Use Asset In February 2016, the FASB issued ASU 2016-02, Lease Accounting (Topic 842) (“ASU 2016-02”). Under ASU 2016-02, a lessee is required to recognize assets and liabilities for leases with lease terms of more than twelve months. The Company’s home office lease has a term greater than one year, and the Company recognizes on the balance sheet a right of use (“ROU”) operating lease asset and a lease liability, initially measured at the present value of the lease payments. Lease costs are recognized in the income statement over the lease term on a straight-line basis. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. The Company has a lease asset and liability of $227,607 as of March 31, 2020 compared to $248,298 as of December 31, 2019. Furniture and Equipment Furniture and equipment are carried at cost less accumulated depreciation or amortization. Office furniture, equipment and EDP equipment is recorded at cost or fair value at acquisition less accumulated depreciation or amortization using the straight-line method over the estimated useful life of the respective assets of three to seven years. Policyholders’ Account Balances The Company’s liability for policyholders’ account balances represents the contract value that has accrued to the benefit of the policyholder as of the financial statement date. This liability is generally equal to the accumulated account deposits plus applicable bonus and interest credited less policyholders’ withdrawals and other charges assessed against the account balance. Interest crediting rates for individual annuities range from 2.54% to 5.00%. Future Policy Benefits Future policy benefit reserves have been computed by the net level premium method with assumptions as to investment yields, mortality and withdrawals based upon the Company’s experience. The preparation of financial statements requires management to make estimates and assumptions that affect the reported amount of policy liabilities and the increase in future policy benefit reserves. Management’s judgments and estimates for future policy benefit reserves provide for possible unfavorable deviation. Common Stock Common stock is fully paid, non-assessable and has a par value of $.01 per share. Treasury Stock Treasury stock, representing shares of the Company’s common stock that have been reacquired after having been issued and fully paid, are recorded at cost. Federal Income Taxes The Company uses the asset and liability method of accounting for income taxes. Deferred income taxes are provided for cumulative temporary differences between balances of assets and liabilities determined under GAAP and balances determined using tax bases. The Company has a valuation allowance to fully offset the net deferred tax asset. Net Loss Per Common Share Outstanding Net loss per common share is calculated using the weighted average number of common shares outstanding during the year. The weighted average common shares outstanding were 14,764,587 and 14,841,764 for the three months ended March 31, 2020 and 2019, respectively. Related Party Transactions The Company entered into an agreement with First Trinity Financial Corporation (“FTFC”) where FTFC will use its resources to source mortgages on real estate and lottery bonds. FTFC will present to the Company investments based on criteria the Company has established. The Company has the option to purchase the presented investment assets directly from the seller or to decline the purchase based on the Company’s analysis of the investment. All mortgages and lottery bonds that were purchased by the Company in 2020 and 2019 were obtained through this agreement. The Chairman of the Company is also the Chairman, President and Chief Executive Officer of FTFC. Subsequent Events Management has evaluated subsequent events for recognition and disclosure in the financial statements through the date the financial statements were available to be issued. Recent Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, “Leases” (“ASU 2016-02”). ASU 2016-02 requires all lessees to recognize a lease liability and a right-of-use asset (“ROU”), measured at the present value of the future minimum lease payments, at the lease commencement date. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim reporting periods within that fiscal year, with early adoption permitted. ASU 2016-02 requires the application of a modified retrospective approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. In July 2018, the FASB issued updated guidance (Accounting Standards Update 2018-11) that provides entities with an additional (and optional) transition method to adopt the new standard on leases. Under this new transition method, an entity initially applies the new standard on leases at the adoption date and recognizes a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. Consequently, an entity’s reporting for the comparative periods presented in the financial statements in which it adopts the new standard on leases will continue to be in accordance with current GAAP (Topic 840, Leases). An entity that elects this additional (and optional) transition method must provide the required Topic 840 disclosures for all periods that continue to be in accordance with Topic 840. The Company adopted ASU 2016-02, as of January 1, 2019. The Company elected to utilize the cumulative-effect adjustment to the opening balance of retained earnings for the year of adoption. Accordingly, the Company’s reporting for the comparative periods prior to adoption continue to be presented in the financial statements in accordance with previous lease accounting guidance. The Company also elected to apply all practical expedients applicable to the Company in the updated guidance for transition for the lease in effect at adoption, including using hindsight to determine the lease term of the existing leases, the option to not reassess whether an existing contract is a lease or contains a lease and whether the lease is an operating or finance lease. The Company increased assets and liabilities by $331,065 at the adoption date. In September 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”). ASU 2016-13 will change the way entities recognize impairment of financial assets by requiring immediate recognition of estimated credit losses expected to occur over the remaining life of many financial assets, including, among others, held-to-maturity debt securities, mortgage loans, lottery prize receivables, trade receivables, and reinsurance recoverables. ASU 2016-13 requires a valuation allowance to be calculated on these financial assets and that they be presented on the financial statements net of the valuation allowance. This methodology is referred to as the current expected credit loss model. ASU 2016-13 had an original effective date for fiscal years beginning after December 15, 2019, including interim periods within those annual periods. The FASB recently delayed the effective date of ASU 2016-13 to fiscal years beginning after December 15, 2022 for smaller reporting companies, with early adoption permitted. The Company is currently evaluating the impact of this guidance on the Company’s financial condition and results of operations. However, currently the Company does not expect a material impact on the Company’s financial condition or results of operations from the adoption of this guidance. In January 2017, the FASB issued ASU 2017-04, “Intangibles — Goodwill and Other” (“ASU 2017-04”). ASU 2017-04 amends and simplifies current goodwill impairment testing to eliminate Step 2 from the current provisions. Under the new guidance, an entity should perform the goodwill impairment test by comparing the fair value of a reporting unit with its carrying value and recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. An entity still has the option to perform the quantitative assessment for a reporting unit to determine if a quantitative impairment test is necessary. ASU 2017-04 is effective for annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. The Company adopted ASU 2017-04 as of January 1, 2020. The adoption of this guidance did not have a material effect on the Company’s results of operations, financial position or liquidity. In March 2017, the FASB issued ASU 2017-08, “Receivables-Nonrefundable Fees and Other Costs: Premium Amortization on Purchased Callable Debt Securities” (“ASU 2017-08”). ASU 2017-08 revises the amortization period for certain callable debt securities held at a premium, requiring the premium to be amortized to the earliest call date. Under current GAAP, entities generally amortize the premium as an adjustment of yield over the contractual life of the instrument. ASU 2017-08 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019 with early adoption permitted. The Company adopted ASU 2017-08 as of January 1, 2020. The adoption of this guidance did not have a material effect on the Company’s results of operations, financial position or liquidity. In February 2018, the FASB issued ASU 2018-02, “Income Statement — Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income” (“ASU 2018-02”). ASU 2018-02 was issued to address the income tax accounting treatment of the stranded tax effects within other comprehensive income from the prohibition of backward tracing due to an income tax rate change that was initially recorded in other comprehensive income. This issue came about from the enactment of the Tax Cuts and Jobs Act on December 22, 2017 that changed the Company’s income tax rate from 35% to 21%. The ASU changed current accounting whereby an entity may elect to reclassify the stranded tax effect from accumulated other comprehensive income to retained earnings. The ASU is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. The Company adopted ASU 2018-02 as of January 1, 2019. The adoption of this guidance did not have a material effect on the Company’s results of operations, financial position or liquidity. In August 2018, the FASB issued ASU No. 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement” (“ASU No. 2018-13”). This ASU eliminates, adds and modifies certain disclosure requirements for fair value measurements. Among the changes, entities will no longer be required to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, but will be required to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. ASU No. 2018-13 is effective for interim and annual reporting periods beginning after December 15, 2019; early adoption is permitted. Entities may early adopt any eliminated or modified disclosure requirements and delay adoption of the additional disclosure requirements until their effective date. The Company adopted ASU 2018-13 as of January 1, 2020. The adoption of this guidance did not have a material effect on the Company’s results of operations, financial position or liquidity. In August 2018, the FASB issued ASU 2018-12 Financial Services-Insurance (Topic 944) - Targeted Improvements to the Accounting for Long-Duration Contracts. This update is aimed at improving the Codification related to long-duration contracts which will improve the timeliness of recognizing changes in the liability for future policy benefits, simplify accounting for certain market-based options, simplify the amortization of deferred acquisition costs, and improve the effectiveness of required disclosures. The amendments require an insurance entity to review and update assumptions used to measure cash flows at least annually and to update discount rate assumption at each reporting date. The amendment requires an insurance entity to measure all market risk benefits associated with deposit contracts at fair value, with change in fair value attributable to change in instrument-specific credit risk recognized in other comprehensive income. Additionally, the amendment will simplify amortization of deferred acquisition costs and other balances amortized in proportion to premiums, gross profits, or gross margins and require those balances be amortized on constant level basis over the expected term of the related contract. Deferred acquisition costs are required to be written off for unexpected contract terminations but are not subject to impairment test. The amendment further requires an insurance entity to add disclosures of disaggregated rollforwards of beginning to ending balances of the liability for future policy benefits, policyholder account balances, market risk benefits, separate account liabilities, and deferred acquisition costs. The insurance entity must also disclose information about significant inputs, judgments, assumptions, and methods used in measurement, including changes in those inputs, judgments, and assumptions, and the effect of those changes on measurement. These updates are originally required to be applied retrospectively to the earliest period presented in the financial statements for periods beginning after December 15, 2020. The FASB recently delayed the effective date of ASU 2018-12 to December 15, 2023 for smaller reporting companies, with early adoption permitted. The Company is currently evaluating the impact of the new guidance on its consolidated financial statements.

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Stock Incentive Plan
3 Months Ended

Mar. 31, 2020

Share-based Payment Arrangement [Abstract]

Share-based Payment Arrangement [Text Block]

6. Stock Incentive Plan

The Company’s Agent Stock Incentive Plan (“ASIP”) was approved in August 2018 by the Texas State Securities Board. The plan awards shares of Texas Republic Capital Corporation common stock to agents based on certain production levels achieved in sales of life and annuity products. Calculation of awards at December 31, 2019 were based on production for the period of January through December 2019. The ASIP will issue 4,120 shares awarded on 2019 production. The ASIP issued 1,490 shares in 2019 based on 2018 production. Also, in 2019 the Company issued 10,000 shares as part of an employment agreement.

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Fair Value Measurements (Tables)
3 Months Ended

Mar. 31, 2020

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

The Company’s fair value hierarchy for those financial instruments measured at fair value on a recurring basis as of March 31, 2020 and December 31, 2019 are summarized as follows:

March 31, 2020 (Unaudited)

Level 1

Level 2

Level 3

Total

Fixed maturity securities, available-for-sale

Corporate bonds
$ - $ 8,627,851 $ - $ 8,627,851

Total fixed maturity securities
$ - $ 8,627,851 $ - $ 8,627,851

December 31, 2019

Level 1

Level 2

Level 3

Total

Fixed maturity securities, available-for-sale

Corporate bonds
$ - $ 8,089,460 $ - $ 8,089,460

Total fixed maturity securities
$ - $ 8,089,460 $ - $ 8,089,460

Fair Value, by Balance Sheet Grouping [Table Text Block]

Financial Instruments Disclosed, But Not Carried, at Fair Value:

March 31, 2020 (Unaudited)

Carrying

Fair

Amount

Value

Level 1

Level 2

Level 3

Financial assets

Cash and cash equivalents
$ 17,845,572 $ 17,845,572 $ 17,845,572 $ - $ -

Mortgages on real estate
2,464,706 2,570,283 - - 2,570,283

Other long-term investments
2,839,318 3,247,711 - - 3,247,711

Accrued investment income
139,581 139,581 - - 139,581

Advances and notes receivable
176,821 176,821 - - 176,821

Total financial assets
$ 23,465,998 $ 23,979,968 $ 17,845,572 $ - $ 6,134,396

Financial liabilities

Policyholders’ account balances
$ 23,497,676 $ 21,787,008 $ - $ - $ 21,787,008

Policy claims
62,114 62,114 - - 62,114

Total financial liabilities
$ 23,559,790 $ 21,849,122 $ - $ - $ 21,849,122

December 31, 2019

Carrying

Fair

Amount

Value

Level 1

Level 2

Level 3

Financial assets

Cash and cash equivalents
$ 15,208,477 $ 15,208,477 $ 15,208,477 $ - $ -

Mortgages on real estate
2,908,541 2,851,527 - - 2,851,527

Other long-term investments
1,966,347 2,290,552 - - 2,290,552

Accrued investment income
111,889 111,889 - - 111,889

Advances and notes receivable
134,560 134,560 - - 134,560

Total financial assets
$ 20,329,814 $ 20,597,005 $ 15,208,477 $ - $ 5,388,528

Financial liabilities

Policyholders’ account balances
$ 18,440,872 $ 15,893,600 $ - $ - $ 15,893,600

Policy claims
59,693 59,693 - - 59,693

Total financial liabilities
$ 18,500,565 $ 15,953,293 $ - $ - $ 15,953,293

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Lease Commitment (Details) - Schedule of Future Minimum Rental Payments for Operating Leases

Mar. 31, 2020

USD ($)

Schedule of Future Minimum Rental Payments for Operating Leases [Abstract]

2020 (remaining) $ 68,993

2021 93,593

2022 95,006

Total operating lease payments, undiscounted 257,592

Less: interest (29,985)

Lease liability, at present value $ 227,607

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Fair Value Measurements (Details) - Fair Value, by Balance Sheet Grouping - USD ($)

Mar. 31, 2020

Dec. 31, 2019

Mar. 31, 2019

Dec. 31, 2018

Financial assets

Cash and cash equivalents $ 17,845,572 $ 15,208,477 $ 8,397,380 $ 6,511,652

Cash and cash equivalents 17,845,572 15,208,477

Mortgages on real estate 2,464,706 2,908,541

Mortgages on real estate 2,570,283 2,851,527

Other long-term assets 2,839,318 1,966,347

Other long-term assets 3,247,711 2,290,552

Accrued investment income 139,581 111,889

Accrued investment income 139,581 111,889

Notes receivable 176,821 134,560

Notes receivable 176,821 134,560

Total financial assets 23,465,998 20,329,814

Total financial assets 23,979,968 20,597,005

Financial liabilities

Policyholders’ account balances 23,497,676 18,440,872

Policyholders’ account balances 21,787,008 15,893,600

Policy claims 62,114 59,693

Policy claims 62,114 59,693

Total financial liabilities 23,559,790 18,500,565

Total financial liabilities 21,849,122 15,953,293

Fair Value, Inputs, Level 1 [Member]

Financial assets

Cash and cash equivalents 17,845,572 15,208,477

Mortgages on real estate 0 0

Other long-term assets 0 0

Accrued investment income 0 0

Notes receivable 0 0

Total financial assets 17,845,572 15,208,477

Financial liabilities

Policyholders’ account balances 0 0

Policy claims 0 0

Total financial liabilities 0 0

Fair Value, Inputs, Level 2 [Member]

Financial assets

Cash and cash equivalents 0 0

Mortgages on real estate 0 0

Other long-term assets 0 0

Accrued investment income 0 0

Notes receivable 0 0

Total financial assets 0 0

Financial liabilities

Policyholders’ account balances 0 0

Policy claims 0 0

Total financial liabilities 0 0

Fair Value, Inputs, Level 3 [Member]

Financial assets

Cash and cash equivalents 0 0

Mortgages on real estate 2,570,283 2,851,527

Other long-term assets 3,247,711 2,290,552

Accrued investment income 139,581 111,889

Notes receivable 176,821 134,560

Total financial assets 6,134,396 5,388,528

Financial liabilities

Policyholders’ account balances 21,787,008 15,893,600

Policy claims 62,114 59,693

Total financial liabilities $ 21,849,122 $ 15,953,293

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Concentrations of Credit Risk
3 Months Ended

Mar. 31, 2020

Risks and Uncertainties [Abstract]

Concentration Risk Disclosure [Text Block]

5. Concentrations of Credit Risk

The Company maintains cash and cash equivalents at multiple institutions. The Federal Deposit Insurance Corporation insures non-interest-bearing accounts up to $250,000. Uninsured balances aggregate $911,571 as of March 31, 2020. The Company monitors the solvency of all financial institutions in which it has funds to minimize the exposure for loss. The Company has not experienced any losses in these accounts and believes it is not exposed to any significant credit risk on cash and cash equivalents.

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Investments (Tables)
3 Months Ended

Mar. 31, 2020

Disclosure Text Block Supplement [Abstract]

Available-for-sale Securities [Table Text Block]

Investments in fixed maturity securities available-for-sale as of March 31, 2020 and December 31, 2019 are summarized as follows:

Gross

Gross

Amortized

Unrealized

Unrealized

Fair

March 31, 2020 (Unaudited)

Cost

Gains

Losses

Value

Fixed maturity securities

Corporate bonds
$ 8,780,402 $ 350,962 $ 503,513 $ 8,627,851

Total fixed maturity securities
$ 8,780,402 $ 350,962 $ 503,513 $ 8,627,851

Gross

Gross

Amortized

Unrealized

Unrealized

Fair

December 31, 2019

Cost

Gains

Losses

Value

Fixed maturity securities

Corporate bonds
$ 7,673,671 $ 456,779 $ 40,990 $ 8,089,460

Total fixed maturity securities
$ 7,673,671 $ 456,779 $ 40,990 $ 8,089,460

Schedule of Unrealized Loss on Investments [Table Text Block]

For securities in an unrealized loss position as of the financial statement dates, the estimated fair value, pre-tax gross unrealized loss and number of securities by length of time that those securities have been continuously in an unrealized loss position as of March 31, 2020 and December 31, 2019 are summarized as follows:

Unrealized

Number of

March 31, 2020 (Unaudited)

Fair Value

Loss

Securities

Fixed maturity securities

Less than 12 months

Corporate bonds
$ 2,716,460 $ 424,330 26

Greater than 12 months

Corporate bonds
21,750 79,183 1

Total fixed maturity securities
$ 2,738,210 $ 503,513 27

Unrealized

Number of

December 31, 2019

Fair Value

Loss

Securities

Fixed maturity securities

Less than 12 months

Corporate bonds
$ 602,772 $ 8,050 5

Greater than 12 months

Corporate bonds
366,310 32,940 3

Total fixed maturity securities
$ 969,082 $ 40,990 8

Unrealized Gain (Loss) on Investments [Table Text Block]

Net unrealized gains (losses) included in accumulated other comprehensive income for investments classified as available-for-sale are summarized as follows:

(Unaudited)

March 31,

2020

December 31,

2019

Unrealized appreciation (depreciation) on available-for-sale securities
$ (152,551
)
$ 415,789

Adjustment to deferred acquisition costs
395 (1,009
)

Deferred taxes
- (87,104
)

Net unrealized appreciation (depreciation) on available-for-sale securities
$ (152,156
)
$ 327,676

Investments Classified by Contractual Maturity Date [Table Text Block]

The amortized cost and fair value of fixed maturity available-for-sale securities as of March 31, 2020, by contractual maturity, are summarized as follows:

(Unaudited)

Amortized Cost

Fair Value

Due after one year through five years
$ 3,217,659 $ 3,124,870

Due after five years through ten years
3,287,659 3,303,769

Due after ten years
2,275,084 2,199,212

Total fixed maturity securities
$ 8,780,402 $ 8,627,851

(Unaudited)

Amortized Cost

Fair Value

Due in one year or less
$ 669,776 $ 690,072

Due after one year through five years
1,786,873 2,040,303

Due after five years through ten years
359,954 480,552

Due after ten years
22,715 36,784

Total other long-term investments
$ 2,839,318 $ 3,247,711

Investment Holdings, Schedule of Investments [Table Text Block]

March 31, 2020

%

December 31, 2019

%

California
$ 291,056 10.3
%
$ 137,888 7.0
%

Indiana
193,358 6.8 209,829 10.7

Massachusetts
1,008,952 35.6 408,037 20.8

New York
662,491 23.3 692,016 35.2

Ohio
165,047 5.8 161,073 8.2

Oregon
142,700 5.0 140,304 7.1

Pennsylvania
375,714 13.2 217,200 11.0

Total
$ 2,839,318 100.0
%
$ 1,966,347 100.0
%

State

March 31, 2020

%

December 31, 2019

%

Alabama
$ 145,304 5.9
%
$ 145,389 5.0
%

Florida
- - 228,529 7.9

Illinois
582,424 23.6 782,437 26.9

Indiana
52,722 2.1 53,808 1.9

Missouri
54,622 2.2 55,857 1.9

Tennessee
769,981 31.3 780,840 26.8

Texas
714,174 29.0 715,931 24.6

Wisconsin
145,479 5.9 145,750 5.0

Total
$ 2,464,706 100.0
%
$ 2,908,541 100.0
%

Mortgage Loan on Real Estate [Table Text Block]

The Company utilizes the ratio of the carrying value of individual mortgage loans compared to the individual appraisal value to evaluate the credit quality of its mortgage loans on real estate (commonly referred to as the loan-to-value ratio). The Company’s mortgage loans on real estate by credit quality using this ratio as of March 31, 2020 and December 31, 2019 are summarized as follows:

March 31, 2020

December 31, 2019

Over 90%
$ - $ 96,480

80% to 90%
95,978 145,388

70% to 80%
329,254 184,168

60% to 70%
1,163,598 1,548,486

50% to 60%
723,699 824,354

40% to 50%
152,177 109,665

Total
$ 2,464,706 $ 2,908,541

Investment Income [Table Text Block]

Major categories of net investment income for the three months ended March 31, 2020 and 2019 are summarized as follows:

For the Three Months Ended March 31,

2020

2019

Fixed maturity securities
$ 82,929 $ 74,547

Other long-term assets
54,962 12,075

Mortgage loans
46,856 25,427

Short-term and other investments
38,433 32,577

Gross investment income
223,180 144,626

Investment expenses
(6,204
)
(8,055
)

Net investment income
$ 216,976 $ 136,571

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Income Taxes (Details) - USD ($)
3 Months Ended

Mar. 31, 2020

Dec. 31, 2017

Income Taxes (Details) [Line Items]

Operating Loss Carryforwards $ 3,600,000 $ 588,407

Deferred Tax Assets, Operating Loss Carryforwards, Not Subject to Expiration 598,288

Operating Loss Carryforwards, Valuation Allowance $ 878,868

Minimum [Member]

Income Taxes (Details) [Line Items]

Operating Loss Carryforwards, Expiration Date 1 2032

Maximum [Member]

Income Taxes (Details) [Line Items]

Operating Loss Carryforwards, Expiration Date 1 2037

Texas Republic Life Insurance Company [Member]

Income Taxes (Details) [Line Items]

Operating Loss Carryforwards $ 2,571,936

Deferred Tax Assets, Operating Loss Carryforwards, Not Subject to Expiration 1,983,529

Operating Loss Carryforwards, Valuation Allowance $ 540,107

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Investments (Details) - Investments Classified by Contractual Maturity Date - USD ($)

Mar. 31, 2020

Dec. 31, 2019

Fixed Maturities [Member]

Investments (Details) - Investments Classified by Contractual Maturity Date [Line Items]

Due after one year through five years, Amortized Cost $ 3,217,659

Due after one year through five years, Fair Value 3,124,870

Due after five years through ten years, Amortized Cost 3,287,659

Due after five years through ten years, Fair Value 3,303,769

Due after ten years, Amortized Cost 2,275,084

Due after ten years, Fair Value 2,199,212

Total, Amortized Cost 8,780,402

Total, Fair Value 8,627,851

Other Long-term Investments [Member]

Investments (Details) - Investments Classified by Contractual Maturity Date [Line Items]

Due after one year through five years, Amortized Cost 1,786,873

Due after one year through five years, Fair Value 2,040,303

Due after five years through ten years, Amortized Cost 359,954

Due after five years through ten years, Fair Value 480,552

Due after ten years, Amortized Cost 22,715

Due after ten years, Fair Value 36,784

Total, Amortized Cost 2,839,318 $ 1,966,347

Total, Fair Value 3,247,711

Due in one year or less, Amortized Cost 669,776

Due in one year or less, Fair Value $ 690,072

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Investments
3 Months Ended

Mar. 31, 2020

Disclosure Text Block Supplement [Abstract]

Investment [Text Block]

2. Investments

Fixed Maturity Securities Available-For-Sale

Investments in fixed maturity securities available-for-sale as of March 31, 2020 and December 31, 2019 are summarized as follows:

Gross

Gross

Amortized

Unrealized

Unrealized

Fair

March 31, 2020 (Unaudited)

Cost

Gains

Losses

Value

Fixed maturity securities

Corporate bonds
$ 8,780,402 $ 350,962 $ 503,513 $ 8,627,851

Total fixed maturity securities
$ 8,780,402 $ 350,962 $ 503,513 $ 8,627,851

Gross

Gross

Amortized

Unrealized

Unrealized

Fair

December 31, 2019

Cost

Gains

Losses

Value

Fixed maturity securities

Corporate bonds
$ 7,673,671 $ 456,779 $ 40,990 $ 8,089,460

Total fixed maturity securities
$ 7,673,671 $ 456,779 $ 40,990 $ 8,089,460

For securities in an unrealized loss position as of the financial statement dates, the estimated fair value, pre-tax gross unrealized loss and number of securities by length of time that those securities have been continuously in an unrealized loss position as of March 31, 2020 and December 31, 2019 are summarized as follows:

Unrealized

Number of

March 31, 2020 (Unaudited)

Fair Value

Loss

Securities

Fixed maturity securities

Less than 12 months

Corporate bonds
$ 2,716,460 $ 424,330 26

Greater than 12 months

Corporate bonds
21,750 79,183 1

Total fixed maturity securities
$ 2,738,210 $ 503,513 27

Unrealized

Number of

December 31, 2019

Fair Value

Loss

Securities

Fixed maturity securities

Less than 12 months

Corporate bonds
$ 602,772 $ 8,050 5

Greater than 12 months

Corporate bonds
366,310 32,940 3

Total fixed maturity securities
$ 969,082 $ 40,990 8

As of March 31, 2020, the twenty-six fixed maturity securities in a less than 12-month loss position had a fair value to amortized cost ratio of 86%. The fixed maturity security in a loss position greater than 12-months had a fair value to amortized cost ratio of 21.5% as of March 31, 2020. Two securities with a par value of $250,000 were below investment grade as rated by Standard and Poor’s as of March 31, 2020 and December 31, 2019. As of December 31, 2019, seven of the eight fixed maturity securities in a loss position had a fair value to amortized cost ratio greater than 97%. The one fixed security that was below 97% at December 31, 2019 was at 72%. The five securities in a less than 12-month loss position had an average fair value to amortized cost ratio of over 98%. The two of the three securities in a loss position greater than 12-months had a fair value to amortized cost ratio of over 98% of December 31, 2019. The remaining security mentioned just above had a fair value to amortized cost ratio of over 72%.

The Company’s decision to record an impairment loss is primarily based on whether the security’s fair value is likely to remain significantly below its book value based on all of the factors considered. Factors that are considered include the length of time the security’s fair value has been below its carrying amount, the severity of the decline in value, the credit worthiness of the issuer and the coupon and/or dividend payment history of the issuer. The Company also assesses whether it intends to sell or whether it is more likely than not that it may be required to sell the security prior to its recovery in value.

For any fixed maturity securities that are other-than-temporarily impaired, the Company determines the portion of the other-than-temporary impairment that is credit-related and the portion that is related to other factors. The credit-related portion is the difference between the expected future cash flows and the amortized cost basis of the fixed maturity security, that difference is charged to earnings. The non-credit-related portion representing the remaining difference to fair value is recognized in other comprehensive income (loss).

Only in the case of a credit-related impairment where management has the intent to sell the security, or it is more likely than not that it will be required to sell the security before recovery of its cost basis, is a fixed maturity security adjusted to fair value and the resulting losses recognized in realized gains (losses) in the consolidated statements of operations. Any other-than-temporary impairments on equity securities are recorded in the consolidated statements of operations in the periods incurred as the difference between fair value and cost.

Based on management’s review, the Company experienced no other-than-temporary impairments during the three months ended March 31, 2020 and the year ended December 31, 2019.

Management believes that the Company will fully recover its cost basis in the securities held as of March 31, 2020, and management does not have the intent to sell nor is it more likely than not that the Company will be required to sell such securities until they recover or mature. The temporary impairments shown herein are primarily the result of the current interest rate environment rather than credit factors that would imply other-than-temporary impairment. These unrealized losses were primarily due to the Coronavirus pandemic impact on the bond market as of March 31, 2020.

Net unrealized gains (losses) included in accumulated other comprehensive income for investments classified as available-for-sale are summarized as follows:

(Unaudited)

March 31,

2020

December 31,

2019

Unrealized appreciation (depreciation) on available-for-sale securities
$ (152,551
)
$ 415,789

Adjustment to deferred acquisition costs
395 (1,009
)

Deferred taxes
- (87,104
)

Net unrealized appreciation (depreciation) on available-for-sale securities
$ (152,156
)
$ 327,676

The amortized cost and fair value of fixed maturity available-for-sale securities as of March 31, 2020, by contractual maturity, are summarized as follows:

(Unaudited)

Amortized Cost

Fair Value

Due after one year through five years
$ 3,217,659 $ 3,124,870

Due after five years through ten years
3,287,659 3,303,769

Due after ten years
2,275,084 2,199,212

Total fixed maturity securities
$ 8,780,402 $ 8,627,851

The amortized cost and fair value of other long-term investments as of March 31, 2020, by contractual maturity, are summarized as follows:

(Unaudited)

Amortized Cost

Fair Value

Due in one year or less
$ 669,776 $ 690,072

Due after one year through five years
1,786,873 2,040,303

Due after five years through ten years
359,954 480,552

Due after ten years
22,715 36,784

Total other long-term investments
$ 2,839,318 $ 3,247,711

Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

Other long-term investments by geographic distribution:

March 31, 2020

%

December 31, 2019

%

California
$ 291,056 10.3
%
$ 137,888 7.0
%

Indiana
193,358 6.8 209,829 10.7

Massachusetts
1,008,952 35.6 408,037 20.8

New York
662,491 23.3 692,016 35.2

Ohio
165,047 5.8 161,073 8.2

Oregon
142,700 5.0 140,304 7.1

Pennsylvania
375,714 13.2 217,200 11.0

Total
$ 2,839,318 100.0
%
$ 1,966,347 100.0
%

Mortgage Loan on Real Estate

The Company utilizes the ratio of the carrying value of individual mortgage loans compared to the individual appraisal value to evaluate the credit quality of its mortgage loans on real estate (commonly referred to as the loan-to-value ratio). The Company’s mortgage loans on real estate by credit quality using this ratio as of March 31, 2020 and December 31, 2019 are summarized as follows:

March 31, 2020

December 31, 2019

Over 90%
$ - $ 96,480

80% to 90%
95,978 145,388

70% to 80%
329,254 184,168

60% to 70%
1,163,598 1,548,486

50% to 60%
723,699 824,354

40% to 50%
152,177 109,665

Total
$ 2,464,706 $ 2,908,541

Mortgage loans by geographic distribution:

State

March 31, 2020

%

December 31, 2019

%

Alabama
$ 145,304 5.9
%
$ 145,389 5.0
%

Florida
- - 228,529 7.9

Illinois
582,424 23.6 782,437 26.9

Indiana
52,722 2.1 53,808 1.9

Missouri
54,622 2.2 55,857 1.9

Tennessee
769,981 31.3 780,840 26.8

Texas
714,174 29.0 715,931 24.6

Wisconsin
145,479 5.9 145,750 5.0

Total
$ 2,464,706 100.0
%
$ 2,908,541 100.0
%

There were 9 loans with a remaining principal balance of $793,819 that were 90 days or more past due and still accruing interest as of March 31, 2020. There were 8 loans with a remaining principal balance of $698,090 that were 90 days or more past due and still accruing interest as of December 31, 2019.

Major categories of net investment income for the three months ended March 31, 2020 and 2019 are summarized as follows:

For the Three Months Ended March 31,

2020

2019

Fixed maturity securities
$ 82,929 $ 74,547

Other long-term assets
54,962 12,075

Mortgage loans
46,856 25,427

Short-term and other investments
38,433 32,577

Gross investment income
223,180 144,626

Investment expenses
(6,204
)
(8,055
)

Net investment income
$ 216,976 $ 136,571

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3 Months Ended

Mar. 31, 2020

Jun. 24, 2020

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Consolidated Statements of Comprehensive Loss - USD ($)
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Fair Value Measurements
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3. Fair Value Measurements

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) on the measurement date. The Company also considers the impact on fair value of a significant decrease in volume and level of activity for an asset or liability when compared with normal activity.

The Company holds fixed maturity securities that are measured and reported at fair market value on the consolidated statement of financial position. The Company determines the fair market values of its financial instruments based on the fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value, as follows:

Level 1 - Quoted prices in active markets for identical assets or liabilities. The Company has no Level 1 assets that would include securities traded in an active exchange market.

Level 2 - Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. The Company’s Level 2 assets and liabilities include fixed maturity securities with quoted prices that are traded less frequently than exchange-traded instruments or assets and liabilities whose value is determined using a pricing model with inputs that are observable in the market or can be derived principally from or corroborated by observable market data. This category generally includes U.S. Government and agency mortgage-backed debt securities and corporate debt securities.

Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. This category generally includes investments where independent pricing information was not able to be obtained for a significant portion of the underlying assets.

The Company has categorized its financial instruments, based on the priority of the inputs to the valuation technique, into the three-level fair value hierarchy. If the inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument. A review of fair value hierarchy classifications is conducted on a quarterly basis. Changes in the valuation inputs, or their ability to be observed, may result in a reclassification for certain financial assets or liabilities. Reclassifications impacting the levels of the fair value hierarchy are reported as transfers in and out of the specific level category as of the beginning of the period in which the reclassifications occur.

The Company’s fair value hierarchy for those financial instruments measured at fair value on a recurring basis as of March 31, 2020 and December 31, 2019 are summarized as follows:

March 31, 2020 (Unaudited)

Level 1

Level 2

Level 3

Total

Fixed maturity securities, available-for-sale

Corporate bonds
$ - $ 8,627,851 $ - $ 8,627,851

Total fixed maturity securities
$ - $ 8,627,851 $ - $ 8,627,851

December 31, 2019

Level 1

Level 2

Level 3

Total

Fixed maturity securities, available-for-sale

Corporate bonds
$ - $ 8,089,460 $ - $ 8,089,460

Total fixed maturity securities
$ - $ 8,089,460 $ - $ 8,089,460

Fair values for Level 2 assets for the Company’s fixed maturity securities available-for-sale are primarily based on prices supplied by a third-party investment service. The third-party investment service provides quoted prices in the market which use observable inputs in developing such rates.

The Company analyzes market valuations received to verify reasonableness and to understand the key assumptions used and the sources. Since the fixed maturity securities owned by the Company do not trade on a daily basis, the third-party investment service prepares estimates of fair value measurements using relevant market data, benchmark curves, sector groupings and matrix pricing. As the fair value estimates of the Company’s fixed maturity securities are based on observable market information rather than market quotes, the estimates of fair value on these fixed maturity securities are included in Level 2 of the hierarchy. The Company’s Level 2 investments includes U.S. Government and agency mortgage-backed debt securities and corporate debt securities.

The Company’s fixed maturity securities available-for-sale portfolio is highly liquid and allows for a high percentage of the portfolio to be priced through pricing services.

Fair Value of Financial Instruments

The carrying amount and fair value of the Company’s financial assets and financial liabilities disclosed, but not carried, at fair value as of March 31, 2020 and December 31, 2019 and the level within the fair value hierarchy at which such assets and liabilities are measured on a recurring basis are summarized as follows:

Financial Instruments Disclosed, But Not Carried, at Fair Value:

March 31, 2020 (Unaudited)

Carrying

Fair

Amount

Value

Level 1

Level 2

Level 3

Financial assets

Cash and cash equivalents
$ 17,845,572 $ 17,845,572 $ 17,845,572 $ - $ -

Mortgages on real estate
2,464,706 2,570,283 - - 2,570,283

Other long-term investments
2,839,318 3,247,711 - - 3,247,711

Accrued investment income
139,581 139,581 - - 139,581

Advances and notes receivable
176,821 176,821 - - 176,821

Total financial assets
$ 23,465,998 $ 23,979,968 $ 17,845,572 $ - $ 6,134,396

Financial liabilities

Policyholders’ account balances
$ 23,497,676 $ 21,787,008 $ - $ - $ 21,787,008

Policy claims
62,114 62,114 - - 62,114

Total financial liabilities
$ 23,559,790 $ 21,849,122 $ - $ - $ 21,849,122

December 31, 2019

Carrying

Fair

Amount

Value

Level 1

Level 2

Level 3

Financial assets

Cash and cash equivalents
$ 15,208,477 $ 15,208,477 $ 15,208,477 $ - $ -

Mortgages on real estate
2,908,541 2,851,527 - - 2,851,527

Other long-term investments
1,966,347 2,290,552 - - 2,290,552

Accrued investment income
111,889 111,889 - - 111,889

Advances and notes receivable
134,560 134,560 - - 134,560

Total financial assets
$ 20,329,814 $ 20,597,005 $ 15,208,477 $ - $ 5,388,528

Financial liabilities

Policyholders’ account balances
$ 18,440,872 $ 15,893,600 $ - $ - $ 15,893,600

Policy claims
59,693 59,693 - - 59,693

Total financial liabilities
$ 18,500,565 $ 15,953,293 $ - $ - $ 15,953,293

The estimated fair value amounts have been determined using available market information and appropriate valuation methodologies. However, considerable judgment was required to interpret market data to develop these estimates. Accordingly, the estimates are not necessarily indicative of the amounts which could be realized in a current market exchange. The use of different market assumptions or estimation methodologies may have a material effect on the fair value amounts.

The following methods and assumptions were used in estimating the fair value disclosures for financial instruments in the accompanying financial statements and notes thereto:

Fixed Maturity Securities

The fair value of fixed maturity securities is based on the principles previously discussed as Level 1, Level 2 and Level 3.

Cash and Cash Equivalents, Accrued Investment Income and Advances and Notes Receivable

The carrying value of these financial instruments approximates their fair values due to the expected short-term nature until the cash settlement of these items. Cash and cash equivalents are included in Level 1 of the fair value hierarchy due to their highly liquid nature. Accrued investment income and advances and notes receivable are included in Level 3 of the fair value hierarchy due to little or no availability of market activity for these types of assets.

Mortgages on Real Estate

The Company’s mortgage loan portfolio is comprised of residential properties with loan to appraised value ratios below 90%. The fair values for mortgage loans are estimated using discounted cash flow analyses. For residential mortgage loans, the discount rate used was indexed to the LIBOR yield curve adjusted for an appropriate credit spread.

Other Long-Term Investments

Other long-term investments are comprised of lottery prize receivables and fair value is derived by using a discounted cash flow approach. Projected cash flows are discounted using the average FTSE Pension Liability Index in effect at the end of each period.

Policyholders’ Account Balances

The fair value for liabilities under investment-type insurance contracts (accumulation annuities) is calculated using a discounted cash flow approach. Cash flows are projected using actuarial assumptions and discounted to the valuation date using risk-free rates adjusted for credit risk and the nonperformance risk of the liabilities.

The fair values for insurance contracts other than investment-type contracts are not required to be disclosed.

Policy Claims

The carrying amounts reported for these liabilities approximate their fair value.

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Lease Commitment
3 Months Ended

Mar. 31, 2020

Disclosure Text Block Supplement [Abstract]

Commitments Disclosure [Text Block]

7. Lease Commitment

The Company rents office space for certain administrative operations under an agreement that expires in 2022. The lease includes an option to extend or renew the lease term. The operating lease liability includes lease payments related to options to extend or renew the lease term only if the Company is reasonably certain of exercising those options. The exercise of the renewal option is at the Company's discretion; at this time there is uncertainty as to the Company exercising its renewal option so the option is not included in the determination of the present value calculation. In determining the present value of lease payments, the Company uses its incremental borrowing rate obtained from its main commercial bank.

Future payments under operating lease arrangements accounted for under ASC Topic 842 as of March 31, 2020 are as follows:

2020 (remaining)
$ 68,993

2021
93,593

2022
95,006

Total operating lease payments, undiscounted
$ 257,592

Less: interest
(29,985
)

Lease liability, at present value
$ 227,607

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Lease Commitment (Tables)
3 Months Ended

Mar. 31, 2020

Disclosure Text Block Supplement [Abstract]

Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]

Future payments under operating lease arrangements accounted for under ASC Topic 842 as of March 31, 2020 are as follows:

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$ 68,993

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93,593

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95,006

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Investments (Details) - Schedule of Unrealized Loss on Investments

Mar. 31, 2020

USD ($)

Dec. 31, 2019

USD ($)

Investments (Details) - Schedule of Unrealized Loss on Investments [Line Items]

Corporate bonds greater than 12 months, fair value $ 366,310

Corporate bonds greater than 12 months, unrealized loss $ 32,940

Corporate bonds greater than 12 months, number of securities 3

Total fixed maturity securities, fair value $ 2,738,210 $ 969,082

Total fixed maturity securities, unrealized loss $ 503,513 $ 40,990

Total fixed maturity securities, number of securities 27 8

Corporate Bond Securities [Member]

Investments (Details) - Schedule of Unrealized Loss on Investments [Line Items]

Corporate bonds less than than 12 months, fair value $ 2,716,460 $ 602,772

Corporate bonds less than 12 months, unrealized loss $ 424,330 $ 8,050

Corporate bonds less than 12 months, number of securities 26 5

Corporate bonds greater than 12 months, fair value $ 21,750

Corporate bonds greater than 12 months, unrealized loss $ 79,183

Corporate bonds greater than 12 months, number of securities 1

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Investments (Details) - Mortgage Loan on Real Estate - USD ($)

Mar. 31, 2020

Dec. 31, 2019

Investments (Details) - Mortgage Loan on Real Estate [Line Items]

Mortgage loans on real estate $ 2,464,706 $ 2,908,541

Debt-to-Value Ratio, 90 Percent or Higher [Member]

Investments (Details) - Mortgage Loan on Real Estate [Line Items]

Mortgage loans on real estate 0 96,480

Debt-to-Value Ratio, 70 to 80 Percent [Member]

Investments (Details) - Mortgage Loan on Real Estate [Line Items]

Mortgage loans on real estate 95,978 145,388

Debt-to-Value Ratio, 70 to 80 Percent [Member]

Investments (Details) - Mortgage Loan on Real Estate [Line Items]

Mortgage loans on real estate 329,254 184,168

Debt-to-Value Ratio, 60 to 70 Percent [Member]

Investments (Details) - Mortgage Loan on Real Estate [Line Items]

Mortgage loans on real estate 1,163,598 1,548,486

Debt-to-Value Ratio, 50 to 60 Percent [Member]

Investments (Details) - Mortgage Loan on Real Estate [Line Items]

Mortgage loans on real estate 723,699 824,354

Debt-to-Value Ratio, 40 to 50 Percent [Member]

Investments (Details) - Mortgage Loan on Real Estate [Line Items]

Mortgage loans on real estate $ 152,177 $ 109,665

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Consolidated Statements of Financial Position (Parentheticals) - USD ($)

Mar. 31, 2020

Dec. 31, 2019

Statement of Financial Position [Abstract]

Available-for-sale fixed maturity securities Amortized cost (in Dollars) $ 8,780,402 $ 7,673,671

Common stock, par value (in Dollars per share) $ 0.01 $ 0.01

Common stock, shares authorized 25,000,000 25,000,000

Common stock, shares issued 14,867,097 14,867,097

Common stock, shares outstanding 14,764,587 14,764,587

Treasury stock, shares 102,510 102,510

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Consolidated Statements of Cash Flows - USD ($)
3 Months Ended

Mar. 31, 2020

Mar. 31, 2019

Operating activities

Net loss $ (653,249) $ (376,918)

Adjustments to reconcile net loss to net cash used in operating activities:

Accretion of discount on investments (53,710) (12,038)

Provision for depreciation 2,917 2,951

Policy acquisition costs deferred (135,177) (91,949)

Policy acquisition costs amortized 25,371 21,009

Amortization of mortgage loan origination fees 8,270 250

Interest credited to policyholders 206,151 26,032

Change in assets and liabilities:

Accrued investment income (27,692) (12,791)

Due premium (13,450) (5,050)

Advances and notes receivable (42,261) (32,666)

Federal and state income taxes recoverable (18,043) (71,839)

Prepaid and other assets (33,739) 82,077

Future policy benefits 56,377 59,358

Policy claims 2,421 2,239

Other policy liabilities 110,656 333,625

Accounts payable 30,243 8,810

Net cash used in operating activities (534,915) (66,900)

Investing activities

Purchase of furniture and equipment 0 (3,365)

Purchase of fixed maturity securities (1,108,806) (202,726)

Payments on mortgage loans 436,387 10,130

Purchase of other long-term investments (882,909) (297,998)

Payments on other long-term investments 64,900 0

Net cash used in investing activities (1,490,428) (493,959)

Financing activities

Purchase of treasury stock 0 (50,000)

Policyholder deposits 4,667,563 2,567,302

Policyholder withdrawals 0 (65,590)

Deposit-type contracts - withdrawals (5,125) (5,125)

Net cash provided by financing activities 4,662,438 2,446,587

Increase in cash and cash equivalents 2,637,095 1,885,728

Cash and cash equivalents, beginning of period 15,208,477 6,511,652

Cash and cash equivalents, end of period $ 17,845,572 $ 8,397,380

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Mar. 31, 2020

Mar. 31, 2019

Dec. 31, 2019

Unrealized Gain (Loss) on Investments [Abstract]

Unrealized appreciation (depreciation) on available-for-sale securities $ (152,551) $ 415,789

Adjustment to deferred acquisition costs 395 (1,009)

Deferred taxes 87,104 $ (4,958) (87,104)

Net unrealized appreciation (depreciation) on available-for-sale securities $ (152,156) $ 327,676

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Investments (Details) - Investment Income - USD ($)
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Mar. 31, 2019

Net Investment Income [Line Items]

Gross investment income $ 223,180 $ 144,626

Investment expenses (6,204) (8,055)

Net investment income 216,976 136,571

Fixed Maturities [Member]

Net Investment Income [Line Items]

Gross investment income 82,929 74,547

Other Long-term Investments [Member]

Net Investment Income [Line Items]

Gross investment income 54,962 12,075

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Consolidated Statements of Financial Position - USD ($)

Mar. 31, 2020

Dec. 31, 2019

Statement of Financial Position [Abstract]

Available-for-sale fixed maturity securities at fair value (Amortized cost: $8,780,402 and $7,673,671 as of March 31, 2020 and December 31, 2019, respectively) $ 8,627,851 $ 8,089,460

Mortgage loans 2,464,706 2,908,541

Other long-term investments 2,839,318 1,966,347

Total investments 13,931,875 12,964,348

Cash and cash equivalents 17,845,572 15,208,477

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Due premium 18,525 5,075

Deferred policy acquisition costs 779,664 668,454

Deferred sales inducement costs 953,361 770,177

Advances and notes receivable 176,821 134,560

Leased property - right to use 227,607 248,298

Federal and state income taxes recoverable 89,882 71,839

Security deposit 7,109 7,109

Prepaid and other assets 102,239 68,500

Furniture and equipment, net 23,923 26,840

Total assets 34,296,159 30,285,566

Policy liabilities

Policyholders’ account balances 23,497,676 18,440,872

Future policy benefits 573,247 516,870

Policy claims and other benefits 62,114 59,693

Liability for deposit-type contracts 9,838 14,870

Other policyholder liabilities 270,656 160,000

Total policy liabilities 24,413,531 19,192,305

Lease liability 227,607 248,298

Deferred taxes 0 87,104

Accounts payable 115,287 85,044

Total liabilities 24,756,425 19,612,751

Shareholders’ equity

Common stock, par value $.01 per share, 25,000,000 shares authorized, 14,867,097 issued as of March 31, 2020 and December 31, 2019, 14,764,587 outstanding as of March 31, 2020 and December 31, 2019. 148,671 148,671

Additional paid-in capital 17,538,618 17,538,618

Treasury stock, at cost (102,510 shares as of March 31, 2020 and December 31, 2019) (104,485) (104,485)

Accumulated other comprehensive income (loss) (152,156) 327,676

Accumulated deficit (7,890,914) (7,237,665)

Total shareholders’ equity 9,539,734 10,672,815

Total liabilities and shareholders’ equity $ 34,296,159 $ 30,285,566

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Common Stock [Member]

Additional Paid-in Capital [Member]

Treasury Stock [Member]

AOCI Attributable to Parent [Member]

Retained Earnings [Member]

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Purchase of common stock (50,000) (50,000)

Other comprehensive income (loss) 272,910 272,910

Net loss (376,918) (376,918)

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Balance at Dec. 31, 2019 148,671 17,538,618 (104,485) 327,676 (7,237,665) 10,672,815

Other comprehensive income (loss) (479,832) (479,832)

Net loss (653,249) (653,249)

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Concentrations of Credit Risk (Details)

Mar. 31, 2020

USD ($)

Risks and Uncertainties [Abstract]

Cash, FDIC Insured Amount $ 250,000

Cash, Uninsured Amount $ 911,571

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Organization and Significant Accounting Policies (Details)
3 Months Ended 9 Months Ended 12 Months Ended 59 Months Ended

Feb. 01, 2017

USD ($)

Aug. 01, 2016

USD ($)

Mar. 31, 2020

USD ($)

shares

Sep. 30, 2019

USD ($)

Jun. 30, 2019

USD ($)

Mar. 31, 2019

USD ($)

shares

Sep. 30, 2018

USD ($)

Dec. 31, 2018

USD ($)

Dec. 31, 2017

Apr. 02, 2017

USD ($)

shares

Dec. 31, 2019

USD ($)

Jan. 01, 2019

USD ($)

Organization and Significant Accounting Policies (Details) [Line Items]

Investments $ 13,931,875 $ 12,964,348

Public Stock Offering, Maximum $ 25,000,000

Deferred Policy Acquisition Cost, Capitalization 135,177 $ 91,949

Deferred Policy Acquisition Costs, Amortization Expense 25,371 21,009

Deferred Sale Inducement Cost 953,361 770,177 770,177

Deferred Sale Inducement Cost, Capitalization 230,124 126,159

Deferred Sales Inducement Cost, Amortization Expense 46,940 $ 4,849

Operating Lease, Liability $ 227,607 248,298

Weighted Average Number of Shares Outstanding, Basic (in Shares) | shares 14,764,587 14,841,764

Operating Lease, Right-of-Use Asset $ 227,607 248,298 $ 331,065

Effective Income Tax Rate Reconciliation, Percent 21.00% 35.00%

Minimum [Member]

Organization and Significant Accounting Policies (Details) [Line Items]

Property, Plant and Equipment, Useful Life 3 years

Liability for Policyholder Contract Deposits, Interest Rate 2.54%

Maximum [Member]

Organization and Significant Accounting Policies (Details) [Line Items]

Property, Plant and Equipment, Useful Life 7 years

Liability for Policyholder Contract Deposits, Interest Rate 5.00%

Mortgages [Member]

Organization and Significant Accounting Policies (Details) [Line Items]

Fixed Maturity Securities, Fair Value to Amortized Cost Ratio 90.00%

Common Class A [Member]

Organization and Significant Accounting Policies (Details) [Line Items]

Public Stock Offering, Shares (in Shares) | shares 5,000,000

Texas Republic Life Insurance Company [Member]

Organization and Significant Accounting Policies (Details) [Line Items]

Payments to Acquire Businesses, Gross $ 3,000,000 $ 1,300,000 $ 857,133 $ 750,000 $ 2,000,000

Equity Method Investment, Ownership Percentage 100.00%

Investments $ 7,907,133

Texas Republic Life Solutions [Member]

Organization and Significant Accounting Policies (Details) [Line Items]

Payments to Acquire Businesses, Gross $ 50,000 100,000

Equity Method Investment, Ownership Percentage 100.00%

Investments $ 150,000

Private Placement [Member]

Organization and Significant Accounting Policies (Details) [Line Items]

Number of Private Placement Stock Offerings 3

Proceeds from Issuance or Sale of Equity $ 10,010,485

Stock Issued During Period, Shares, New Issues (in Shares) | shares 2,002,097

Payments of Stock Issuance Costs $ 1,444,127

Intrastate Public Offering [Member]

Organization and Significant Accounting Policies (Details) [Line Items]

Number of Private Placement Stock Offerings 3

Proceeds from Issuance or Sale of Equity $ 10,336,500

Stock Issued During Period, Shares, New Issues (in Shares) | shares 1,215,569

Payments of Stock Issuance Costs $ 12,865,000

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Income Taxes
3 Months Ended

Mar. 31, 2020

Income Tax Disclosure [Abstract]

Income Tax Disclosure [Text Block]

4. Income Taxes

The Company files a consolidated return with its subsidiary TRLS. The Company’s other subsidiary TRLIC files a separate federal return for life insurance companies. TRLIC is taxed as a life insurance company under the provisions of the Internal Revenue Code. Life insurance companies must file separate tax returns until they have been a member of the consolidated filing group for five years. Certain items included in income reported for financial statement purposes are not included in taxable income for the current period, resulting in deferred income taxes.

The Company has net operating loss carryforwards of approximately $3.6 million expiring in 2032 through 2037. The company also has $598,288 of loss carryforwards from 2018 through 2020 that will not expire. A valuation allowance of $878,868 has been established for net operating losses arising from 2012 through 2020 since the Company has not demonstrated the ability to generate taxable income. As of March 31, 2020, TRLIC has $2,571,936 in operating loss carryforwards that have originated since 2016. In accordance with the Tax Cuts and Jobs Act of 2017, $588,407 of the operating loss carryforwards were generated prior to January 1, 2018 and will expire in 2031 and 2032. Additionally, TRLIC has loss carryforwards of $1,983,529 from 2018 through 2020 which will not expire. TRLIC’s operating loss carryforwards have a valuation allowance of $540,107 against it at March 31, 2020, as TRLIC has not yet demonstrated the ability to generate taxable income. The utilization of those losses is restricted by the tax laws and some or all the losses may not be available for use.

The Company and its subsidiaries have no known uncertain tax benefits within its provision for income taxes. In addition, the Company does not believe it would be subject to any penalties or interest relative to any open tax years and, therefore, have not accrued any such amounts. The Company files U.S. federal income tax returns and income tax returns in various state jurisdictions. The 2016 through 2018 U.S. federal tax years are subject to income tax examination by tax authorities. The Company classifies any interest and penalties (if applicable) as income tax expense in the financial statements.

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Accounting Policies, by Policy (Policies)
3 Months Ended

Mar. 31, 2020

Accounting Policies [Abstract]

Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block]

Basis of Presentation

The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting primarily of normal recurring accruals) considered necessary for a fair presentation of the results for the interim periods have been included.

The results of operations for the three months ended March 31, 2020 are not necessarily indicative of the results to be expected for the year ended December 31, 2020 or for any other interim period or for any other future year. Certain financial information which is normally included in notes to consolidated financial statements prepared in accordance with U.S. GAAP, but which is not required for interim reporting purposes, has been condensed or omitted. The accompanying consolidated financial statements and notes thereto should be read in conjunction with the financial statements and notes thereto included in the Company’s report on Form 10-K for the year ended December 31, 2019.

Consolidation, Policy [Policy Text Block]

Principles of Consolidation

The consolidated financial statements include the accounts and operations of the Company and its subsidiaries. All intercompany accounts and transactions are eliminated in consolidation.

Use of Estimates, Policy [Policy Text Block]

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Although these estimates are based on management’s knowledge of current events and actions it may undertake in the future, they may ultimately differ from actual results.

Reclassification, Comparability Adjustment [Policy Text Block]

Reclassifications

Certain reclassifications have been made in the prior year financial statements to conform to current year classifications. These reclassifications had no effect on the previously reported net loss or shareholders equity.

Investment, Policy [Policy Text Block]

Investments

Fixed maturity securities are comprised of bonds that are classified as available-for-sale and are carried at fair value with unrealized gains and losses, net of applicable income taxes, reported in accumulated other comprehensive income (loss). The amortized cost of fixed maturity securities available-for-sale is generally adjusted for amortization of premium and accretion of discount.

Interest income, as well as the related amortization of premium and accretion of discount, is included in net investment income under the effective yield method. The amortized cost of fixed maturity securities available-for-sale is written down to fair value when a decline in value is considered to be other-than-temporary.

The Company evaluates the difference between the cost or amortized cost and estimated fair value of its investments to determine whether any decline in value is other-than-temporary in nature. This determination involves a degree of uncertainty. If a decline in the fair value of a security is determined to be temporary, the decline is recorded as an unrealized loss in shareholders’ equity. If a decline in a security’s fair value is considered to be other-than-temporary, the Company then determines the proper treatment for the other-than-temporary impairment. For fixed maturity securities, available-for-sale, the amount of any other-than-temporary impairment related to a credit loss is recognized in earnings and reflected as a reduction in the cost basis of the security; and the amount of any other-than-temporary impairment related to other factors is recognized in other comprehensive income (loss) with no change to the cost basis of the security.

The assessment of whether a decline in fair value is considered temporary or other-than-temporary includes management’s judgment as to the financial position and future prospects of the entity issuing the security. It is not possible to accurately predict when it may be determined that a specific security will become impaired. Future adverse changes in market conditions, poor operating results of underlying investments and defaults on mortgage loan payments could result in losses or an inability to recover the current carrying value of the investments, thereby possibly requiring an impairment charge in the future.

Likewise, if a change occurs in the Company’s intent to sell temporarily impaired securities prior to maturity or recovery in value, or if it becomes more likely than not that the Company will be required to sell such securities prior to recovery in value or maturity, a future impairment charge could result. If an other-than-temporary impairment related to a credit loss occurs with respect to a bond, the Company amortizes the reduced book value back to the security’s expected recovery value over the remaining term of the bond. The Company continues to review the security for further impairment that would prompt another write-down in the value.

Purchases and sales of securities are recorded on a trade-date basis. Interest earned on investments is recorded on the accrual basis and is included in net investment income.

The Company’s mortgage loan portfolio is comprised of residential properties with loan to appraised value ratios below 90%. Mortgage loans are carried at current book value.

The Company’s other long-term investments are comprised of lottery prize cash flows holdings held at amortized cost. They are categorized as other long-term investments in the statement of financial position and are assignments of the future rights from lottery winners purchased at a discounted price. Payments on these investments are made by state run lotteries.

Cash and Cash Equivalents, Policy [Policy Text Block]

Cash and Cash Equivalents

Cash and cash equivalents include cash on hand and money market instruments

Deferred Policy Acquisition Costs, Policy [Policy Text Block]

Deferred Policy Acquisition Costs

Costs that relate to and vary with the successful production of new business are deferred over the life of the policy. Deferred acquisition costs (“DAC”) consist of commissions and policy issuance, underwriting and agency expenses. DAC expenses are amortized primarily over the premium-paying period of life policies and as profits emerge on annuity products. Amortization uses the same assumptions as were used in computing liabilities for future policy benefits. There was $135,177 of DAC deferred for the three months ended March 31, 2020 and $25,371 of DAC amortized for the three months ended March 31, 2020. There was $91,949 of DAC deferred for the three months ended March 31, 2019 and $21,009 of DAC amortized for the three months ended March 31, 2019.

Deferred Charges, Policy [Policy Text Block]

Deferred Sales Inducement Costs

Sales inducement costs (“SIC”) are related to policy bonuses issued on some of the Company’s annuity products. SIC is deferred at the issuance of the policy and amortized over the bonus period on a straight-line basis. The amount deferred is based on the difference between the fund value with the bonus and the fund value without the bonus. The deferred SIC asset was $953,361 and $770,177 at March 31, 2020 and December 31, 2019, respectively. For the three months ended March 31, 2020 there was $230,124 of SIC deferred and $46,940 of SIC amortized. There was $126,159 of SIC deferred and $4,849 of SIC amortized for the three months ended March 31, 2019.

Receivable [Policy Text Block]

Advances and Notes Receivable

Advances and notes receivable are recorded at unpaid principal balances. Management evaluates the collectability of advances and notes receivable on the specific identification basis. Uncollectible amounts are reported in the results of operations in the year the determination is made.

Lessee, Leases [Policy Text Block]

Leased Property – Right to Use Asset

In February 2016, the FASB issued ASU 2016-02, Lease Accounting (Topic 842) (“ASU 2016-02”). Under ASU 2016-02, a lessee is required to recognize assets and liabilities for leases with lease terms of more than twelve months. The Company’s home office lease has a term greater than one year, and the Company recognizes on the balance sheet a right of use (“ROU”) operating lease asset and a lease liability, initially measured at the present value of the lease payments. Lease costs are recognized in the income statement over the lease term on a straight-line basis. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. The Company has a lease asset and liability of $227,607 as of March 31, 2020 compared to $248,298 as of December 31, 2019

Property, Plant and Equipment, Policy [Policy Text Block]

Furniture and Equipment

Furniture and equipment are carried at cost less accumulated depreciation or amortization. Office furniture, equipment and EDP equipment is recorded at cost or fair value at acquisition less accumulated depreciation or amortization using the straight-line method over the estimated useful life of the respective assets of three to seven years.

Policyholder Accounts, Policy [Policy Text Block]

Policyholders’ Account Balances

The Company’s liability for policyholders’ account balances represents the contract value that has accrued to the benefit of the policyholder as of the financial statement date. This liability is generally equal to the accumulated account deposits plus applicable bonus and interest credited less policyholders’ withdrawals and other charges assessed against the account balance. Interest crediting rates for individual annuities range from 2.54% to 5.00%.

Liability for Future Policy Benefit [Policy Text Block]

Future Policy Benefits

Future policy benefit reserves have been computed by the net level premium method with assumptions as to investment yields, mortality and withdrawals based upon the Company’s experience. The preparation of financial statements requires management to make estimates and assumptions that affect the reported amount of policy liabilities and the increase in future policy benefit reserves. Management’s judgments and estimates for future policy benefit reserves provide for possible unfavorable deviation

Stockholders' Equity, Policy [Policy Text Block]

Common Stock

Common stock is fully paid, non-assessable and has a par value of $.01 per share.

Treasure Stock [Policy Text Block]

Treasury Stock

Treasury stock, representing shares of the Company’s common stock that have been reacquired after having been issued and fully paid, are recorded at cost.

Income Tax, Policy [Policy Text Block]

Federal Income Taxes

The Company uses the asset and liability method of accounting for income taxes. Deferred income taxes are provided for cumulative temporary differences between balances of assets and liabilities determined under GAAP and balances determined using tax bases.

Earnings Per Share, Policy [Policy Text Block]

Net Loss Per Common Share Outstanding

Net loss per common share is calculated using the weighted average number of common shares outstanding during the year. The weighted average common shares outstanding were 14,764,587 and 14,841,764 for the three months ended March 31, 2020 and 2019, respectively.

Related Party Transactions, Policy [Policy Text Block]

Related Party Transactions

The Company entered into an agreement with First Trinity Financial Corporation (“FTFC”) where FTFC will use its resources to source mortgages on real estate and lottery bonds. FTFC will present to the Company investments based on criteria the Company has established. The Company has the option to purchase the presented investment assets directly from the seller or to decline the purchase based on the Company’s analysis of the investment. All mortgages and lottery bonds that were purchased by the Company in 2020 and 2019 were obtained through this agreement. The Chairman of the Company is also the Chairman, President and Chief Executive Officer of FTFC.

Subsequent Events, Policy [Policy Text Block]

Subsequent Events

Management has evaluated subsequent events for recognition and disclosure in the financial statements through the date the financial statements were available to be issued.

New Accounting Pronouncements, Policy [Policy Text Block]

Recent Accounting Pronouncements

In February 2016, the FASB issued ASU 2016-02, “Leases” (“ASU 2016-02”). ASU 2016-02 requires all lessees to recognize a lease liability and a right-of-use asset (“ROU”), measured at the present value of the future minimum lease payments, at the lease commencement date. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim reporting periods within that fiscal year, with early adoption permitted. ASU 2016-02 requires the application of a modified retrospective approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements.

In July 2018, the FASB issued updated guidance (Accounting Standards Update 2018-11) that provides entities with an additional (and optional) transition method to adopt the new standard on leases. Under this new transition method, an entity initially applies the new standard on leases at the adoption date and recognizes a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. Consequently, an entity’s reporting for the comparative periods presented in the financial statements in which it adopts the new standard on leases will continue to be in accordance with current GAAP (Topic 840, Leases). An entity that elects this additional (and optional) transition method must provide the required Topic 840 disclosures for all periods that continue to be in accordance with Topic 840.

The Company adopted ASU 2016-02, as of January 1, 2019. The Company elected to utilize the cumulative-effect adjustment to the opening balance of retained earnings for the year of adoption. Accordingly, the Company’s reporting for the comparative periods prior to adoption continue to be presented in the financial statements in accordance with previous lease accounting guidance. The Company also elected to apply all practical expedients applicable to the Company in the updated guidance for transition for the lease in effect at adoption, including using hindsight to determine the lease term of the existing leases, the option to not reassess whether an existing contract is a lease or contains a lease and whether the lease is an operating or finance lease. The Company increased assets and liabilities by $331,065 at the adoption date.

In September 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”). ASU 2016-13 will change the way entities recognize impairment of financial assets by requiring immediate recognition of estimated credit losses expected to occur over the remaining life of many financial assets, including, among others, held-to-maturity debt securities, mortgage loans, lottery prize receivables, trade receivables, and reinsurance recoverables. ASU 2016-13 requires a valuation allowance to be calculated on these financial assets and that they be presented on the financial statements net of the valuation allowance. This methodology is referred to as the current expected credit loss model. ASU 2016-13 had an original effective date for fiscal years beginning after December 15, 2019, including interim periods within those annual periods. The FASB recently delayed the effective date of ASU 2016-13 to fiscal years beginning after December 15, 2022 for smaller reporting companies, with early adoption permitted. The Company is currently evaluating the impact of this guidance on the Company’s financial condition and results of operations. However, currently the Company does not expect a material impact on the Company’s financial condition or results of operations from the adoption of this guidance.

In January 2017, the FASB issued ASU 2017-04, “Intangibles — Goodwill and Other” (“ASU 2017-04”). ASU 2017-04 amends and simplifies current goodwill impairment testing to eliminate Step 2 from the current provisions. Under the new guidance, an entity should perform the goodwill impairment test by comparing the fair value of a reporting unit with its carrying value and recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. An entity still has the option to perform the quantitative assessment for a reporting unit to determine if a quantitative impairment test is necessary. ASU 2017-04 is effective for annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. The Company adopted ASU 2017-04 as of January 1, 2020. The adoption of this guidance did not have a material effect on the Company’s results of operations, financial position or liquidity.

In March 2017, the FASB issued ASU 2017-08, “Receivables-Nonrefundable Fees and Other Costs: Premium Amortization on Purchased Callable Debt Securities” (“ASU 2017-08”). ASU 2017-08 revises the amortization period for certain callable debt securities held at a premium, requiring the premium to be amortized to the earliest call date. Under current GAAP, entities generally amortize the premium as an adjustment of yield over the contractual life of the instrument. ASU 2017-08 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019 with early adoption permitted. The Company adopted ASU 2017-08 as of January 1, 2020. The adoption of this guidance did not have a material effect on the Company’s results of operations, financial position or liquidity.

In February 2018, the FASB issued ASU 2018-02, “Income Statement — Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income” (“ASU 2018-02”). ASU 2018-02 was issued to address the income tax accounting treatment of the stranded tax effects within other comprehensive income from the prohibition of backward tracing due to an income tax rate change that was initially recorded in other comprehensive income. This issue came about from the enactment of the Tax Cuts and Jobs Act on December 22, 2017 that changed the Company’s income tax rate from 35% to 21%. The ASU changed current accounting whereby an entity may elect to reclassify the stranded tax effect from accumulated other comprehensive income to retained earnings. The ASU is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. The Company adopted ASU 2018-02 as of January 1, 2019. The adoption of this guidance did not have a material effect on the Company’s results of operations, financial position or liquidity.

In August 2018, the FASB issued ASU No. 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement” (“ASU No. 2018-13”). This ASU eliminates, adds and modifies certain disclosure requirements for fair value measurements. Among the changes, entities will no longer be required to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, but will be required to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. ASU No. 2018-13 is effective for interim and annual reporting periods beginning after December 15, 2019; early adoption is permitted. Entities may early adopt any eliminated or modified disclosure requirements and delay adoption of the additional disclosure requirements until their effective date. The Company adopted ASU 2018-13 as of January 1, 2020. The adoption of this guidance did not have a material effect on the Company’s results of operations, financial position or liquidity.

In August 2018, the FASB issued ASU 2018-12 Financial Services-Insurance (Topic 944) - Targeted Improvements to the Accounting for Long-Duration Contracts. This update is aimed at improving the Codification related to long-duration contracts which will improve the timeliness of recognizing changes in the liability for future policy benefits, simplify accounting for certain market-based options, simplify the amortization of deferred acquisition costs, and improve the effectiveness of required disclosures. The amendments require an insurance entity to review and update assumptions used to measure cash flows at least annually and to update discount rate assumption at each reporting date. The amendment requires an insurance entity to measure all market risk benefits associated with deposit contracts at fair value, with change in fair value attributable to change in instrument-specific credit risk recognized in other comprehensive income. Additionally, the amendment will simplify amortization of deferred acquisition costs and other balances amortized in proportion to premiums, gross profits, or gross margins and require those balances be amortized on constant level basis over the expected term of the related contract. Deferred acquisition costs are required to be written off for unexpected contract terminations but are not subject to impairment test. The amendment further requires an insurance entity to add disclosures of disaggregated rollforwards of beginning to ending balances of the liability for future policy benefits, policyholder account balances, market risk benefits, separate account liabilities, and deferred acquisition costs. The insurance entity must also disclose information about significant inputs, judgments, assumptions, and methods used in measurement, including changes in those inputs, judgments, and assumptions, and the effect of those changes on measurement. These updates are originally required to be applied retrospectively to the earliest period presented in the financial statements for periods beginning after December 15, 2020. The FASB recently delayed the effective date of ASU 2018-12 to December 15, 2023 for smaller reporting companies, with early adoption permitted. The Company is currently evaluating the impact of the new guidance on its consolidated financial statements.

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Stock Incentive Plan	3 Months Ended
Stock Incentive Plan	Mar. 31, 2020
Share-based Payment Arrangement [Abstract]
Share-based Payment Arrangement [Text Block]	6. Stock Incentive Plan The Company’s Agent Stock Incentive Plan (“ASIP”) was approved in August 2018 by the Texas State Securities Board. The plan awards shares of Texas Republic Capital Corporation common stock to agents based on certain production levels achieved in sales of life and annuity products. Calculation of awards at December 31, 2019 were based on production for the period of January through December 2019. The ASIP will issue 4,120 shares awarded on 2019 production. The ASIP issued 1,490 shares in 2019 based on 2018 production. Also, in 2019 the Company issued 10,000 shares as part of an employment agreement.

Lease Commitment (Details) - Schedule of Future Minimum Rental Payments for Operating Leases	Mar. 31, 2020 USD ($)
Schedule of Future Minimum Rental Payments for Operating Leases [Abstract]
2020 (remaining)	$ 68,993
2021	93,593
2022	95,006
Total operating lease payments, undiscounted	257,592
Less: interest	(29,985)
Lease liability, at present value	$ 227,607

Fair Value Measurements (Details) - Fair Value, by Balance Sheet Grouping - USD ($)	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Financial assets
Cash and cash equivalents	$ 17,845,572	$ 15,208,477	$ 8,397,380	$ 6,511,652
Cash and cash equivalents	17,845,572	15,208,477
Mortgages on real estate	2,464,706	2,908,541
Mortgages on real estate	2,570,283	2,851,527
Other long-term assets	2,839,318	1,966,347
Other long-term assets	3,247,711	2,290,552
Accrued investment income	139,581	111,889
Accrued investment income	139,581	111,889
Notes receivable	176,821	134,560
Notes receivable	176,821	134,560
Total financial assets	23,465,998	20,329,814
Total financial assets	23,979,968	20,597,005
Financial liabilities
Policyholders’ account balances	23,497,676	18,440,872
Policyholders’ account balances	21,787,008	15,893,600
Policy claims	62,114	59,693
Policy claims	62,114	59,693
Total financial liabilities	23,559,790	18,500,565
Total financial liabilities	21,849,122	15,953,293
Fair Value, Inputs, Level 1 [Member]
Financial assets
Cash and cash equivalents	17,845,572	15,208,477
Mortgages on real estate	0	0
Other long-term assets	0	0
Accrued investment income	0	0
Notes receivable	0	0
Total financial assets	17,845,572	15,208,477
Financial liabilities
Policyholders’ account balances	0	0
Policy claims	0	0
Total financial liabilities	0	0
Fair Value, Inputs, Level 2 [Member]
Financial assets
Cash and cash equivalents	0	0
Mortgages on real estate	0	0
Other long-term assets	0	0
Accrued investment income	0	0
Notes receivable	0	0
Total financial assets	0	0
Financial liabilities
Policyholders’ account balances	0	0
Policy claims	0	0
Total financial liabilities	0	0
Fair Value, Inputs, Level 3 [Member]
Financial assets
Cash and cash equivalents	0	0
Mortgages on real estate	2,570,283	2,851,527
Other long-term assets	3,247,711	2,290,552
Accrued investment income	139,581	111,889
Notes receivable	176,821	134,560
Total financial assets	6,134,396	5,388,528
Financial liabilities
Policyholders’ account balances	21,787,008	15,893,600
Policy claims	62,114	59,693
Total financial liabilities	$ 21,849,122	$ 15,953,293

Concentrations of Credit Risk	3 Months Ended
Concentrations of Credit Risk	Mar. 31, 2020
Risks and Uncertainties [Abstract]
Concentration Risk Disclosure [Text Block]	5. Concentrations of Credit Risk The Company maintains cash and cash equivalents at multiple institutions. The Federal Deposit Insurance Corporation insures non-interest-bearing accounts up to $250,000. Uninsured balances aggregate $911,571 as of March 31, 2020. The Company monitors the solvency of all financial institutions in which it has funds to minimize the exposure for loss. The Company has not experienced any losses in these accounts and believes it is not exposed to any significant credit risk on cash and cash equivalents.

Income Taxes (Details) - USD ($)	3 Months Ended
Income Taxes (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2017
Income Taxes (Details) [Line Items]
Operating Loss Carryforwards	$ 3,600,000	$ 588,407
Deferred Tax Assets, Operating Loss Carryforwards, Not Subject to Expiration	598,288
Operating Loss Carryforwards, Valuation Allowance	$ 878,868
Minimum [Member]
Income Taxes (Details) [Line Items]
Operating Loss Carryforwards, Expiration Date 1	2032
Maximum [Member]
Income Taxes (Details) [Line Items]
Operating Loss Carryforwards, Expiration Date 1	2037
Texas Republic Life Insurance Company [Member]
Income Taxes (Details) [Line Items]
Operating Loss Carryforwards	$ 2,571,936
Deferred Tax Assets, Operating Loss Carryforwards, Not Subject to Expiration	1,983,529
Operating Loss Carryforwards, Valuation Allowance	$ 540,107

Fair Value Measurements (Details)	Mar. 31, 2020
Mortgages [Member]
Fair Value Measurements (Details) [Line Items]
Fixed Maturity Securities, Fair Value to Amortized Cost Ratio	90.00%

Investments (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Investments (Details) [Line Items]
Financing Receivable, Past Due (in Dollars)	$ 793,819	$ 698,090
Corporate Bond Securities [Member]
Investments (Details) [Line Items]
Fixed Maturity Securities Below Investment Grade, Par Value (in Dollars)	$ 250,000	$ 250,000
Twenty-Six Fixed Maturity Securities [Member] \| Corporate Bond Securities [Member]
Investments (Details) [Line Items]
Fixed Maturity Securities, Fair Value to Amortized Cost Ratio	86.00%
One Fixed Security [Member] \| Corporate Bond Securities [Member]
Investments (Details) [Line Items]
Fixed Maturity Securities, Fair Value to Amortized Cost Ratio	21.50%
One Fixed Security [Member] \| Corporate Bond Securities [Member] \| Ratio Below 97% [Member]
Investments (Details) [Line Items]
Fixed Maturity Securities, Fair Value to Amortized Cost Ratio		72.00%
One Fixed Security [Member] \| Corporate Bond Securities [Member] \| Ratio Over 72% [Member]
Investments (Details) [Line Items]
Fixed Maturity Securities, Fair Value to Amortized Cost Ratio		72.00%
Seven Fixed Maturity Securities [Member] \| Corporate Bond Securities [Member] \| Ratio Equal to or Greater Than 97% [Member]
Investments (Details) [Line Items]
Fixed Maturity Securities, Fair Value to Amortized Cost Ratio		97.00%
Five Securities [Member] \| Corporate Bond Securities [Member] \| Ratio Over 98% [Member]
Investments (Details) [Line Items]
Fixed Maturity Securities, Fair Value to Amortized Cost Ratio		98.00%

Investments (Details) - Investments Classified by Contractual Maturity Date - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Fixed Maturities [Member]
Investments (Details) - Investments Classified by Contractual Maturity Date [Line Items]
Due after one year through five years, Amortized Cost	$ 3,217,659
Due after one year through five years, Fair Value	3,124,870
Due after five years through ten years, Amortized Cost	3,287,659
Due after five years through ten years, Fair Value	3,303,769
Due after ten years, Amortized Cost	2,275,084
Due after ten years, Fair Value	2,199,212
Total, Amortized Cost	8,780,402
Total, Fair Value	8,627,851
Other Long-term Investments [Member]
Investments (Details) - Investments Classified by Contractual Maturity Date [Line Items]
Due after one year through five years, Amortized Cost	1,786,873
Due after one year through five years, Fair Value	2,040,303
Due after five years through ten years, Amortized Cost	359,954
Due after five years through ten years, Fair Value	480,552
Due after ten years, Amortized Cost	22,715
Due after ten years, Fair Value	36,784
Total, Amortized Cost	2,839,318	$ 1,966,347
Total, Fair Value	3,247,711
Due in one year or less, Amortized Cost	669,776
Due in one year or less, Fair Value	$ 690,072

Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	Mar. 31, 2020	Jun. 24, 2020
Document Information Line Items
Entity Registrant Name	Texas Republic Capital Corp
Document Type	10-Q
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		14,768,707
Amendment Flag	false
Entity Central Index Key	0001560452
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Document Period End Date	Mar. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Interactive Data Current	Yes

Stock Incentive Plan (Details) - shares	3 Months Ended	12 Months Ended
Stock Incentive Plan (Details) - shares	Mar. 31, 2020	Dec. 31, 2019
Stock Incentive Plan (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period	4,120	1,490
Employment Contracts [Member]
Stock Incentive Plan (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period		10,000

Investments (Details) - Schedule of Unrealized Loss on Investments	Mar. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Investments (Details) - Schedule of Unrealized Loss on Investments [Line Items]
Corporate bonds greater than 12 months, fair value		$ 366,310
Corporate bonds greater than 12 months, unrealized loss		$ 32,940
Corporate bonds greater than 12 months, number of securities		3
Total fixed maturity securities, fair value	$ 2,738,210	$ 969,082
Total fixed maturity securities, unrealized loss	$ 503,513	$ 40,990
Total fixed maturity securities, number of securities	27	8
Corporate Bond Securities [Member]
Investments (Details) - Schedule of Unrealized Loss on Investments [Line Items]
Corporate bonds less than than 12 months, fair value	$ 2,716,460	$ 602,772
Corporate bonds less than 12 months, unrealized loss	$ 424,330	$ 8,050
Corporate bonds less than 12 months, number of securities	26	5
Corporate bonds greater than 12 months, fair value	$ 21,750
Corporate bonds greater than 12 months, unrealized loss	$ 79,183
Corporate bonds greater than 12 months, number of securities	1

Investments (Details) - Mortgage Loan on Real Estate - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Investments (Details) - Mortgage Loan on Real Estate [Line Items]
Mortgage loans on real estate	$ 2,464,706	$ 2,908,541
Debt-to-Value Ratio, 90 Percent or Higher [Member]
Investments (Details) - Mortgage Loan on Real Estate [Line Items]
Mortgage loans on real estate	0	96,480
Debt-to-Value Ratio, 70 to 80 Percent [Member]
Investments (Details) - Mortgage Loan on Real Estate [Line Items]
Mortgage loans on real estate	95,978	145,388
Debt-to-Value Ratio, 70 to 80 Percent [Member]
Investments (Details) - Mortgage Loan on Real Estate [Line Items]
Mortgage loans on real estate	329,254	184,168
Debt-to-Value Ratio, 60 to 70 Percent [Member]
Investments (Details) - Mortgage Loan on Real Estate [Line Items]
Mortgage loans on real estate	1,163,598	1,548,486
Debt-to-Value Ratio, 50 to 60 Percent [Member]
Investments (Details) - Mortgage Loan on Real Estate [Line Items]
Mortgage loans on real estate	723,699	824,354
Debt-to-Value Ratio, 40 to 50 Percent [Member]
Investments (Details) - Mortgage Loan on Real Estate [Line Items]
Mortgage loans on real estate	$ 152,177	$ 109,665

Consolidated Statements of Financial Position (Parentheticals) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Available-for-sale fixed maturity securities Amortized cost (in Dollars)	$ 8,780,402	$ 7,673,671
Common stock, par value (in Dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	25,000,000	25,000,000
Common stock, shares issued	14,867,097	14,867,097
Common stock, shares outstanding	14,764,587	14,764,587
Treasury stock, shares	102,510	102,510

Consolidated Statements of Cash Flows - USD ($)	3 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Mar. 31, 2020	Mar. 31, 2019
Operating activities
Net loss	$ (653,249)	$ (376,918)
Adjustments to reconcile net loss to net cash used in operating activities:
Accretion of discount on investments	(53,710)	(12,038)
Provision for depreciation	2,917	2,951
Policy acquisition costs deferred	(135,177)	(91,949)
Policy acquisition costs amortized	25,371	21,009
Amortization of mortgage loan origination fees	8,270	250
Interest credited to policyholders	206,151	26,032
Change in assets and liabilities:
Accrued investment income	(27,692)	(12,791)
Due premium	(13,450)	(5,050)
Advances and notes receivable	(42,261)	(32,666)
Federal and state income taxes recoverable	(18,043)	(71,839)
Prepaid and other assets	(33,739)	82,077
Future policy benefits	56,377	59,358
Policy claims	2,421	2,239
Other policy liabilities	110,656	333,625
Accounts payable	30,243	8,810
Net cash used in operating activities	(534,915)	(66,900)
Investing activities
Purchase of furniture and equipment	0	(3,365)
Purchase of fixed maturity securities	(1,108,806)	(202,726)
Payments on mortgage loans	436,387	10,130
Purchase of other long-term investments	(882,909)	(297,998)
Payments on other long-term investments	64,900	0
Net cash used in investing activities	(1,490,428)	(493,959)
Financing activities
Purchase of treasury stock	0	(50,000)
Policyholder deposits	4,667,563	2,567,302
Policyholder withdrawals	0	(65,590)
Deposit-type contracts - withdrawals	(5,125)	(5,125)
Net cash provided by financing activities	4,662,438	2,446,587
Increase in cash and cash equivalents	2,637,095	1,885,728
Cash and cash equivalents, beginning of period	15,208,477	6,511,652
Cash and cash equivalents, end of period	$ 17,845,572	$ 8,397,380

Investments (Details) - Investment Income - USD ($)	3 Months Ended
Investments (Details) - Investment Income - USD ($)	Mar. 31, 2020	Mar. 31, 2019
Net Investment Income [Line Items]
Gross investment income	$ 223,180	$ 144,626
Investment expenses	(6,204)	(8,055)
Net investment income	216,976	136,571
Fixed Maturities [Member]
Net Investment Income [Line Items]
Gross investment income	82,929	74,547
Other Long-term Investments [Member]
Net Investment Income [Line Items]
Gross investment income	54,962	12,075
Mortgages [Member]
Net Investment Income [Line Items]
Gross investment income	46,856	25,427
Short-term Investments [Member]
Net Investment Income [Line Items]
Gross investment income	$ 38,433	$ 32,577

Consolidated Statements of Changes in Shareholders’ Equity - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Treasury Stock [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Total
Balance at Dec. 31, 2018	$ 148,671	$ 17,538,618	$ (50,000)	$ (162,781)	$ (5,445,635)	$ 12,028,873
Purchase of common stock			(50,000)			(50,000)
Other comprehensive income (loss)				272,910		272,910
Net loss					(376,918)	(376,918)
Balance at Mar. 31, 2019	148,671	17,538,618	(100,000)	110,129	(5,822,553)	11,874,865
Balance at Dec. 31, 2019	148,671	17,538,618	(104,485)	327,676	(7,237,665)	10,672,815
Other comprehensive income (loss)				(479,832)		(479,832)
Net loss					(653,249)	(653,249)
Balance at Mar. 31, 2020	$ 148,671	$ 17,538,618	$ (104,485)	$ (152,156)	$ (7,890,914)	$ 9,539,734

Concentrations of Credit Risk (Details)	Mar. 31, 2020 USD ($)
Risks and Uncertainties [Abstract]
Cash, FDIC Insured Amount	$ 250,000
Cash, Uninsured Amount	$ 911,571

Organization and Significant Accounting Policies (Details)			3 Months Ended				9 Months Ended	12 Months Ended		59 Months Ended
	Feb. 01, 2017 USD ($)	Aug. 01, 2016 USD ($)	Mar. 31, 2020 USD ($) shares	Sep. 30, 2019 USD ($)	Jun. 30, 2019 USD ($)	Mar. 31, 2019 USD ($) shares	Sep. 30, 2018 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017	Apr. 02, 2017 USD ($) shares	Dec. 31, 2019 USD ($)	Jan. 01, 2019 USD ($)
Organization and Significant Accounting Policies (Details) [Line Items]
Investments			$ 13,931,875								$ 12,964,348
Public Stock Offering, Maximum										$ 25,000,000
Deferred Policy Acquisition Cost, Capitalization			135,177			$ 91,949
Deferred Policy Acquisition Costs, Amortization Expense			25,371			21,009
Deferred Sale Inducement Cost			953,361			770,177					770,177
Deferred Sale Inducement Cost, Capitalization			230,124			126,159
Deferred Sales Inducement Cost, Amortization Expense			46,940			$ 4,849
Operating Lease, Liability			$ 227,607								248,298
Weighted Average Number of Shares Outstanding, Basic (in Shares) \| shares			14,764,587			14,841,764
Operating Lease, Right-of-Use Asset			$ 227,607								248,298	$ 331,065
Effective Income Tax Rate Reconciliation, Percent								21.00%	35.00%
Minimum [Member]
Organization and Significant Accounting Policies (Details) [Line Items]
Property, Plant and Equipment, Useful Life			3 years
Liability for Policyholder Contract Deposits, Interest Rate			2.54%
Maximum [Member]
Organization and Significant Accounting Policies (Details) [Line Items]
Property, Plant and Equipment, Useful Life			7 years
Liability for Policyholder Contract Deposits, Interest Rate			5.00%
Mortgages [Member]
Organization and Significant Accounting Policies (Details) [Line Items]
Fixed Maturity Securities, Fair Value to Amortized Cost Ratio			90.00%
Common Class A [Member]
Organization and Significant Accounting Policies (Details) [Line Items]
Public Stock Offering, Shares (in Shares) \| shares										5,000,000
Texas Republic Life Insurance Company [Member]
Organization and Significant Accounting Policies (Details) [Line Items]
Payments to Acquire Businesses, Gross		$ 3,000,000		$ 1,300,000	$ 857,133		$ 750,000	$ 2,000,000
Equity Method Investment, Ownership Percentage		100.00%
Investments											$ 7,907,133
Texas Republic Life Solutions [Member]
Organization and Significant Accounting Policies (Details) [Line Items]
Payments to Acquire Businesses, Gross	$ 50,000							100,000
Equity Method Investment, Ownership Percentage	100.00%
Investments								$ 150,000
Private Placement [Member]
Organization and Significant Accounting Policies (Details) [Line Items]
Number of Private Placement Stock Offerings										3
Proceeds from Issuance or Sale of Equity										$ 10,010,485
Stock Issued During Period, Shares, New Issues (in Shares) \| shares										2,002,097
Payments of Stock Issuance Costs										$ 1,444,127
Intrastate Public Offering [Member]
Organization and Significant Accounting Policies (Details) [Line Items]
Number of Private Placement Stock Offerings										3
Proceeds from Issuance or Sale of Equity										$ 10,336,500
Stock Issued During Period, Shares, New Issues (in Shares) \| shares										1,215,569
Payments of Stock Issuance Costs										$ 12,865,000

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Income Tax Disclosure [Text Block]	4. Income Taxes The Company files a consolidated return with its subsidiary TRLS. The Company’s other subsidiary TRLIC files a separate federal return for life insurance companies. TRLIC is taxed as a life insurance company under the provisions of the Internal Revenue Code. Life insurance companies must file separate tax returns until they have been a member of the consolidated filing group for five years. Certain items included in income reported for financial statement purposes are not included in taxable income for the current period, resulting in deferred income taxes. The Company has net operating loss carryforwards of approximately $3.6 million expiring in 2032 through 2037. The company also has $598,288 of loss carryforwards from 2018 through 2020 that will not expire. A valuation allowance of $878,868 has been established for net operating losses arising from 2012 through 2020 since the Company has not demonstrated the ability to generate taxable income. As of March 31, 2020, TRLIC has $2,571,936 in operating loss carryforwards that have originated since 2016. In accordance with the Tax Cuts and Jobs Act of 2017, $588,407 of the operating loss carryforwards were generated prior to January 1, 2018 and will expire in 2031 and 2032. Additionally, TRLIC has loss carryforwards of $1,983,529 from 2018 through 2020 which will not expire. TRLIC’s operating loss carryforwards have a valuation allowance of $540,107 against it at March 31, 2020, as TRLIC has not yet demonstrated the ability to generate taxable income. The utilization of those losses is restricted by the tax laws and some or all the losses may not be available for use. The Company and its subsidiaries have no known uncertain tax benefits within its provision for income taxes. In addition, the Company does not believe it would be subject to any penalties or interest relative to any open tax years and, therefore, have not accrued any such amounts. The Company files U.S. federal income tax returns and income tax returns in various state jurisdictions. The 2016 through 2018 U.S. federal tax years are subject to income tax examination by tax authorities. The Company classifies any interest and penalties (if applicable) as income tax expense in the financial statements.