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*The Insurance Company of the
<br /> State of Pennsylvania
<br /> Executive Offices
<br /> 70 Pine Street
<br /> New York, NY 10270
<br /> FINANCIAL STATEMENT
<br /> as of December 31, 1994
<br /> ASSETS LIABILITIES
<br /> Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$639,088,452 Reserve for Losses and Loss Expenses . . . . . . . $713,274,778
<br /> Stocks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 360,631,908 Reserved for Unearned Premiums . . . . . . . . . . . 150,101,517
<br /> Collateral Loans . . . . . . . . . . . . . . . . . . . . . . . . - 0 - Reserve for Expenses, Taxes,
<br /> Cash and Bank Deposits . . . . . . . . . . . . . . . . . . 864,224 Licenses and Fees . . . . . . . . . . . . . . . . . . . . . 652,332
<br /> Agents Balances or Uncollected Premiums . . . . . 251,997,103 Reserve for Unauthorized Reinsurance . . . . . . . . 12,666,007
<br /> Funds Held by Ceding Reinsurers . . . . . . . . . . . 2,934,443 Funds Held Under Reinsurance Treaties . . . . . . . 13,673,561
<br /> Reinsurance Recoverable on Loss Payments . . . 53,022,804 Other Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . 61,164,014
<br /> Company's Interest in Assets of AIUA Capital Stock. . . . . . . . . . . . . . . . . . . . . . . . . . . 5,005,500
<br /> and AIUOA . . . . . . . . . . . . . . . . . . . . . . . . . . 20,893,622 Surplus . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 444,975,564
<br /> Other Admitted Assets . . . . . . . . . . . . . . . . . . . . 72,080,717
<br /> TOTAL ASSETS . . . . . . . . . . . . . . . . .1,401,513,273 TOTAL POLICYHOLDERS'
<br /> SURPLUS . . . . . . . . . . . . . . . . . . . . 449,981,064
<br /> TOTAL LIABILITIES AND
<br /> POLICYHOLDERS' SURPLUS . . . . . 1,401,513,273
<br /> Bonds and stocks are valued in accordance with the basis adopted by the National Association of Insurance Commissioners.
<br /> Securities carried at $110,129,585 in the above Statement are deposited as required by law.
<br /> CERTIFICATE
<br /> ELIZABETH M. TUCK, Secretary and MICHAEL J. CASTELLI, Comptroller of The Insurance Company of the State of
<br /> Pennsylvania being duly swom, each for himself deposes and says that thev are above described officers of the said
<br /> Company and that on the 31 st day of December, 1994,the Company actually possessed the assets set forth in the foregoing
<br /> statement and that such assets were available for the payment of losses and claims and held for the protection of its
<br /> policyholders and creditors, except as hereinbefore indicated, and that the foregoing statement is a correct exhibit of such
<br /> assets and liabilities of the said company on the 31 st day of December, 1994, according to the best of their information,
<br /> knowledge and belief, respectively.
<br /> secretary comptroller
<br /> STATE OF NEW PORK f SS;
<br /> COUNTY OF NEW YOgK
<br /> On this 30 Day of April ,19 .Before me carve
<br /> Vie above named officers of The insurance Company of the State of JOSEPH B. NOZZOUO
<br /> Pennsylvania,to me personally known to be the individuals and officers Notary Public, State of New York
<br /> descnbed herein, and advrowledged that they executed the foregoing
<br /> instrument and affixed the seal of said corporation thereto by authonty of No. 01-N04652754
<br /> their office Qualified in Westchester County
<br /> Term Expires Jan. 31, 1996
<br /> Sion(3r95)
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