STATUTORY ACCOUNTING

12 Months Ended

Dec. 31, 2014

SHAREHOLDERS DIVIDEND RESTRICTION AND MINIMUM STATUTORY CAPITAL [Abstract]

SHAREHOLDERS DIVIDEND RESTRICTION AND MINIMUM STATUTORY CAPITAL

Note 10 - Statutory Accounting

The insurance subsidiary prepares its statutory-based financial statements in accordance with accounting practices prescribed or permitted by the Ohio Department of Insurance.  These principles differ significantly from accounting principles generally accepted in the United States of America.  "Prescribed" statutory accounting practices include state laws, regulations, and general administrative rules, as well as a variety of publications of the National Association of Insurance Commissioners (NAIC).  "Permitted" statutory accounting practices encompass all accounting practices that are not prescribed; such practices may differ from state to state, from company to company within a state, and may change in the future.

The following table reflects UG's statutory basis net income and capital and surplus (shareholders' equity) as of December 31:

	2014		2013
Net income	$	12,200,025	$	4,842,879
Capital and surplus		41,146,686		34,897,819