XML 50 R27.htm IDEA: XBRL DOCUMENT v3.25.1
Investments (Tables)
 12 Months Ended
Dec. 31, 2024
Investments [Abstract]  
Investments in Fixed Maturity Securities
Investments in fixed maturity securities are summarized by type as follows for the years ended December 31:

2024
  
Original or Amortized
Cost
    
Gross
Unrealized
Gains
    
Gross
Unrealized
Losses
    
Estimated
Fair
Value
  
Fixed maturities, at fair value
                        
U.S. Government and govt. agencies and authorities
  
$
21,354,053
    
$
1,484
    
$
(473,243
)
  
$
20,882,294
  
U.S. special revenue and assessments
    
7,522,751
      
0
      
(288,560
)
    
7,234,191
  
All other corporate bonds
    
51,327,728
      
47,632
      
(3,011,759
)
    
48,363,601
  
Total fixed maturities, at fair value
  
$
80,204,532
    
$
49,116
    
$
(3,773,562
)
  
$
76,480,086
  
                                 
Held to maturity redeemable preferred stock, at amortized cost
  
$
2,500,000
    
$
0
    
$
0
    
$
2,500,000
  


2023
  
Original or Amortized
Cost
    
Gross
Unrealized
Gains
    
Gross
Unrealized
Losses
    
Estimated
Fair
Value
  
Fixed maturities, at fair value
                        
U.S. Government and govt. agencies and authorities
  
$
14,316,976
    
$
0
    
$
(729,197
)
  
$
13,587,779
  
U.S. special revenue and assessments
    
7,528,985
      
0
      
(220,527
)
    
7,308,458
  
All other corporate bonds
    
60,647,114
      
89,002
      
(2,547,808
)
    
58,188,308
  
Total fixed maturities, at fair value
  
$
82,493,075
    
$
89,002
    
$
(3,497,532
)
  
$
79,084,545
  
                                 
Held to maturity redeemable preferred stock, at amortized cost
  
$
2,500,000
    
$
0
    
$
0
    
$
2,500,000
  
Fixed Maturity Securities by Contractual Maturity
The amortized cost and estimated fair value of fixed maturity securities at December 31, 2024, by contractual maturity date, is shown below.

Fixed Maturity Securities
December 31, 2024
  
Amortized
Cost
    
Estimated
Fair Value
  
Due in one year or less
  
$
10,019,145
    
$
9,957,350
  
Due after one year through five years
    
45,640,691
      
44,544,266
  
Due after five years through ten years
    
4,371,713
      
4,227,940
  
Due after ten years
    
20,172,983
      
17,750,530
  
Total
  
$
80,204,532
    
$
76,480,086
  
Estimated Fair Value and Gross Unrealized Losses of Fixed Maturity Securities in Unrealized Loss Position
The following table presents the estimated fair value and gross unrealized losses of fixed maturity securities in an unrealized loss position as of December 31:

2024
  
Less than 12 months
    
12 months or longer
    
Total
  
   
Estimated
fair value
    
Unrealized losses
    
Estimated
fair value
    
Unrealized losses
    
Estimated
fair value
    
Unrealized losses
  
U.S. Government and govt. agencies and authorities
  
$
10,022,087
      
(19,341
)
  
$
10,360,047
      
(453,902
)
  
$
20,382,134
      
(473,243
)
U.S. special revenue and assessments
    
0
      
0
      
7,234,191
      
(288,560
)
    
7,234,191
      
(288,560
)
All other corporate bonds
    
6,457,282
      
(38,492
)
    
38,176,295
      
(2,973,267
)
    
44,633,577
      
(3,011,759
)
Total fixed maturities
  
$
16,479,369
      
(57,833
)
  
$
55,770,533
      
(3,715,729
)
  
$
72,249,902
      
(3,773,562
)

2023
  
Less than 12 months
    
12 months or longer
    
Total
  
   
Estimated
fair value
    
Unrealized losses
    
Estimated
fair value
    
Unrealized losses
    
Estimated
fair value
    
Unrealized losses
  
U.S. Government and govt. agencies and authorities
  
$
1,497,390
      
(3,696
)
  
$
12,090,389
      
(725,501
)
  
$
13,587,779
      
(729,197
)
U.S. special revenue and assessments
    
0
      
0
      
7,308,458
      
(220,527
)
    
7,308,458
      
(220,527
)
All other corporate bonds
    
544,610
      
(2,319
)
    
49,353,275
      
(2,545,489
)
    
49,897,885
      
(2,547,808
)
Total fixed maturities
  
$
2,042,000
      
(6,015
)
  
$
68,752,122
      
(3,491,517
)
  
$
70,794,122
      
(3,497,532
)
Securities in Continuous Unrealized Loss Position
The following table provides additional information regarding the number of securities that were in an unrealized loss position for greater than or less than twelve months:
Less than 12 months
  
12 months or longer
  
Total
As of December 31, 2024
          
Fixed maturities
9
  
33
  
42
As of December 31, 2023
          
Fixed maturities
2
  
39
  
41
Net Unrealized Losses Included in Other Comprehensive Income (Loss)
Net unrealized losses included in other comprehensive income (loss) for investments classified as available-for-sale, net of the effect of deferred income taxes, assuming that the depreciation had been realized as of December 31, 2024 and December 31, 2023:

   
December 31, 2024
    
December 31, 2023
  
Unrealized appreciation (depreciation) on available-for-sale securities
  
$
(3,724,446
)
  
$
(3,443,775
)
Deferred income taxes
    
782,133
      
723,193
  
Net unrealized appreciation (depreciation) on available-for-sale securities
  
$
(2,942,313
)
  
$
(2,720,582
)
Maximum and Minimum Lending Rates for Mortgage Loan
During 2024 and 2023, the maximum and minimum lending rates for mortgage loans were:
2024
  
2023
 
Maximum
rate
  
Minimum
rate
  
Maximum
rate
  
Minimum
rate
Farm loans
8.00 %
  
8.00 %
  
5.00 %
  
5.00 %
Commercial loans
10.00 %
  
4.00 %
  
8.75 %
  
4.00 %
Residential loans
5.00 %
  
4.15 %
  
5.00 %
  
4.15 %
Summary of Mortgage Loans Holdings
The following table summarizes the mortgage loan holdings of the Company for the periods ended December 31:

  
2024
    
2023
  
In good standing
  
$
16,277,981
    
$
15,318,176
  
Total mortgage loans
  
$
16,277,981
    
$
15,318,176
  
Total foreclosed loans during the year
  
$
0
    
$
0
  
Summary of Mortgage Loans Outstanding and Related Allowance for Credit Losses
The following is a summary of the mortgage loans outstanding and the related allowance for credit losses:

  
December 31, 2024
    
December 31, 2023
  
Farm
  
$
321,774
    
$
332,417
  
Commercial
    
14,749,509
      
13,764,209
  
Residential
    
1,441,698
      
1,495,550
  
Total mortgage loans
    
16,512,981
      
15,592,176
  
Less allowance for credit losses
    
(235,000
)
    
(274,000
)
Total mortgage loans, net
  
$
16,277,981
    
$
15,318,176
  
Investment Real Estate by Type
The following table provides an allocation of the Company’s investment real estate by type for the periods ended December 31:

  
2024
    
2023
  
Raw land
  
$
16,446,147
    
$
6,971,930
  
Commercial
    
6,269,217
      
4,106,938
  
Residential
    
1,932,390
      
3,512,408
  
Land, minerals and royalty interests
    
3,967,848
      
7,383,844
  
Total investment real estate
  
$
28,615,602
    
$
21,975,120
  
Notes Receivables
The following is a summary of the notes receivable outstanding and the related allowance for credit losses:

  
December 31, 2024
    
December 31, 2023
  
Notes receivable
  
$
12,867,175
    
$
14,259,225
  
Less allowance for credit losses
    
(195,000
)
    
(250,000
)
Total notes receivable, net
  
$
12,672,175
    
$
14,009,225
  
Allowance for Credit Loss
The following is a summary of activity related to the allowance for credits loss:

   
Allowance For Credit Losses
  
   
Mortgage
    
Notes
    
Unfunded
        
   
Loans
    
Receivable
    
Commitments
    
Total
  
January 1, 2023
  
$
0
      
0
      
0
    
$
0
  
2023 Allowance
    
274,000
      
250,000
      
51,000
      
575,000
  
December 31, 2023
    
274,000
      
250,000
      
51,000
      
575,000
  
2024 Change in Allowance
    
(39,000
)
    
(55,000
)
    
(1,000
)
    
(95,000
)
December 31, 2024
  
$
235,000
      
195,000
      
50,000
    
$
480,000
  
Schedule of Net Investment Income
The following table reflects the Company’s net investment income for the periods ended December 31:

  
2024
    
2023
  
Fixed maturities, available for sale
  
$
2,652,249
    
$
2,932,220
  
Fixed maturities, held to maturity
    
167,536
      
165,137
  
Equity securities
    
4,233,674
      
3,708,633
  
Mortgage loans
    
952,084
      
1,115,145
  
Real estate
    
8,958,452
      
8,318,201
  
Notes receivable
    
1,341,095
      
1,371,973
  
Policy loans
    
412,701
      
433,556
  
Cash and cash equivalents
    
1,668,712
      
1,007,840
  
Short-term investments
    
661,962
      
529,125
  
Total consolidated investment income
    
21,048,465
      
19,581,830
  
Investment expenses
    
(4,954,873
)
    
(5,528,302
)
Consolidated net investment income
  
$
16,093,592
    
$
14,053,528
  
Net Realized Investment Gains and Losses
The following table presents net investment gains (losses) and the change in net unrealized gains on investments for the periods ended December 31:

  
2024
    
2023
  
Realized gains:
            
   Sales of fixed maturities
  
$
0
    
$
58,333
  
   Sales of equity securities
    
7,190,262
      
820,001
  
   Sales of real estate
    
166,020
      
8,577,155
  
   Sales of short-term investments
    
0
      
23,509
  
   Total realized gains
    
7,356,282
      
9,478,998
  
Realized losses:
                
   Sales of equity securities
    
0
      
(7,966
)
   Sales of short-term investments
    
(7
)
    
(7,189
)
   Other-than-temporary impairments
    
(900,149
)
    
0
  
   Total realized losses
    
(900,156
)
    
(15,155
)
      Net realized investment gains
    
6,456,126
      
9,463,843
  
Change in fair value of equity securities:
                
   Change in fair value of equity securities held at the end of the period
    
56,839,751
      
(2,856,543
)
   Change in fair value of equity securities
    
56,839,751
      
(2,856,543
)
      Net investment gains
  
$
63,295,877
    
$
6,607,300
  
Change in net unrealized gains (losses) on available-for-sale investments included in other comprehensive income:
                
   Fixed maturities
  
$
(288,074
)
  
$
1,981,974
  
   Net increase (decrease)
  
$
(288,074
)
  
$
1,981,974