Exhibit 99.3
The Midland Company
Supplemental Financial Information by Segment
Financial Highlights
(all amounts in 000’s except per share data)
Nine Months Ended Sept. 30 | Three Months Ended Sept. 30 | |||||||||||||||||||||
2006 | 2005 | % | 2006 | 2005 | % | |||||||||||||||||
Income Statement Data | ||||||||||||||||||||||
Insurance Revenue | $ | 543,443 | $ | 518,393 | 4.8 | % | $ | 190,578 | $ | 164,384 | 15.9 | % | ||||||||||
Transportation Revenue | 38,475 | 31,554 | 21.9 | % | 14,235 | 8,859 | 60.7 | % | ||||||||||||||
Total Revenue | $ | 581,918 | $ | 549,947 | 5.8 | % | $ | 204,813 | $ | 173,243 | 18.2 | % | ||||||||||
Net Income | $ | 49,585 | $ | 45,325 | $ | 17,345 | $ | 3,732 | ||||||||||||||
Balance Sheet Data | ||||||||||||||||||||||
Cash & Invested Assets | $ | 1,005,520 | $ | 971,040 | 3.6 | % | ||||||||||||||||
Total Assets | $ | 1,516,910 | $ | 1,530,838 | -0.9 | % | ||||||||||||||||
Total Debt | $ | 98,482 | $ | 105,477 | -6.6 | % | ||||||||||||||||
Shareholders’ Equity | $ | 545,677 | $ | 465,189 | 17.3 | % | ||||||||||||||||
Common Shares Outstanding | 19,147 | 18,943 | ||||||||||||||||||||
Per Share Data | ||||||||||||||||||||||
Net Income (Diluted) | $ | 2.53 | $ | 2.34 | $ | 0.88 | $ | 0.19 | ||||||||||||||
Dividends Declared | $ | 0.18375 | $ | 0.16875 | 8.9 | % | $ | 0.06125 | $ | 0.05625 | 8.9 | % | ||||||||||
Market Value | $ | 43.32 | $ | 36.03 | 20.2 | % | ||||||||||||||||
Book Value | $ | 28.50 | $ | 24.56 | 16.0 | % | ||||||||||||||||
AMIG’s Property and Casualty Operations | ||||||||||||||||||||||
Direct and Assumed Written Premiums | $ | 597,172 | $ | 533,294 | 12.0 | % | $ | 212,707 | $ | 185,778 | 14.5 | % | ||||||||||
Net Written Premium | $ | 522,079 | $ | 483,419 | 8.0 | % | $ | 185,828 | $ | 159,602 | 16.4 | % | ||||||||||
Combined Ratio Before Catastrophes | 88.9 | % | 87.3 | % | 92.6 | % | 88.1 | % | ||||||||||||||
Catastrophe Effects on Combined Ratio | 5.8 | % | 7.4 | % | 2.5 | % | 18.5 | % | ||||||||||||||
Combined Ratio | 94.7 | % | 94.7 | % | 95.1 | % | 106.6 | % |
Overview of Premium Volume
Nine Months Ended Sept. 30, 2006 | Nine Months Ended Sept. 30, 2005 | |||||||||||||||||
Business Segment | Gross Written Premium | Net Written Premium | Net Earned Premium | Gross Written Premium | Net Written Premium | Net Earned Premium | ||||||||||||
Residential Property | $ | 348.9 | $ | 314.3 | $ | 291.4 | $ | 324.6 | $ | 294.6 | $ | 285.1 | ||||||
Recreational Casualty | 78.3 | 77.1 | 72.1 | 83.6 | 81.5 | 78.1 | ||||||||||||
Financial Institutions | 81.8 | 74.7 | 74.4 | 53.7 | 48.8 | 57.2 | ||||||||||||
All Other Insurance | 121.8 | 66.3 | 59.3 | 99.0 | 64.9 | 52.8 | ||||||||||||
Total | $ | 630.8 | $ | 532.4 | $ | 497.2 | $ | 560.9 | $ | 489.8 | $ | 473.2 | ||||||
Three Months Ended Sept. 30, 2006 | Three Months Ended Sept. 30, 2005 | |||||||||||||||||
Business Segment | Gross Written Premium | Net Written Premium | Net Earned Premium | Gross Written Premium | Net Written Premium | Net Earned Premium | ||||||||||||
Residential Property | $ | 119.4 | $ | 106.3 | $ | 99.4 | $ | 115.0 | $ | 97.4 | $ | 87.7 | ||||||
Recreational Casualty | 24.0 | 23.6 | 23.7 | 25.5 | 24.0 | 24.5 | ||||||||||||
Financial Institutions | 33.6 | 31.9 | 30.5 | 21.0 | 18.9 | 18.8 | ||||||||||||
All Other Insurance | 50.0 | 29.5 | 22.1 | 34.4 | 21.8 | 16.9 | ||||||||||||
Total | $ | 227.0 | $ | 191.3 | $ | 175.7 | $ | 195.9 | $ | 162.1 | $ | 147.9 | ||||||
Residential Property
(all amounts in 000’s)
Nine Months Ended Sept. 30 | Three Months Ended Sept. 30 | ||||||||||||||||||
2006 | 2005 | % | 2006 | 2005 | % | ||||||||||||||
Direct and Assumed Written Premiums | $ | 348,926 | $ | 324,603 | 7.5 | % | $ | 119,432 | $ | 114,953 | 3.9 | % | |||||||
Net Written Premiums | $ | 314,236 | $ | 294,633 | 6.7 | % | $ | 106,265 | $ | 97,391 | 9.1 | % | |||||||
Net Earned Premium | $ | 291,375 | $ | 285,112 | 2.2 | % | $ | 99,374 | $ | 87,745 | 13.3 | % | |||||||
Service Fees | 4,624 | 4,324 | 6.9 | % | 1,535 | 1,457 | 5.4 | % | |||||||||||
Total Revenues | $ | 295,999 | $ | 289,436 | 2.3 | % | $ | 100,909 | $ | 89,202 | 13.1 | % | |||||||
Pre-Tax Income (Loss) | $ | 28,585 | $ | 28,907 | $ | 15,280 | $ | (4,005 | ) |
Recreational Casualty
(all amounts in 000’s)
Nine Months Ended Sept. 30 | Three Months Ended Sept. 30 | |||||||||||||||||||
2006 | 2005 | % | 2006 | 2005 | % | |||||||||||||||
Direct and Assumed Written Premiums | $ | 78,271 | $ | 83,592 | -6.4 | % | $ | 23,997 | $ | 25,498 | -5.9 | % | ||||||||
Net Written Premiums | $ | 77,115 | $ | 81,523 | -5.4 | % | $ | 23,598 | $ | 23,998 | -1.7 | % | ||||||||
Net Earned Premium | $ | 72,165 | $ | 78,134 | -7.6 | % | $ | 23,824 | $ | 24,522 | -2.8 | % | ||||||||
Service Fees | 1,322 | 1,816 | -27.2 | % | 439 | 612 | -28.3 | % | ||||||||||||
Total Revenues | $ | 73,487 | $ | 79,950 | -8.1 | % | $ | 24,263 | $ | 25,134 | -3.5 | % | ||||||||
Pre-Tax Income (Loss) | $ | 6,682 | $ | 7,736 | $ | (1,178 | ) | $ | (2,509 | ) |
Financial Institutions
(all amounts in 000’s)
Nine Months Ended Sept. 30 | Three Months Ended Sept. 30 | |||||||||||||||||
2006 | 2005 | % | 2006 | 2005 | % | |||||||||||||
Direct and Assumed Written Premiums | $ | 81,813 | $ | 53,640 | 52.5 | % | $ | 33,653 | $ | 20,981 | 60.4 | % | ||||||
Net Written Premiums | $ | 74,716 | $ | 48,781 | 53.2 | % | $ | 31,895 | $ | 18,857 | 69.1 | % | ||||||
Net Earned Premium | $ | 74,392 | $ | 57,184 | 30.1 | % | $ | 30,471 | $ | 18,770 | 62.3 | % | ||||||
Pre-Tax Income (Loss) | $ | 9,395 | $ | 7,850 | $ | 4,213 | $ | 3,291 |
All Other Insurance
(all amounts in 000’s)
Nine Months Ended Sept. 30 | Three Months Ended Sept. 30 | |||||||||||||||||
2006 | 2005 | % | 2006 | 2005 | % | |||||||||||||
Direct and Assumed Written Premiums | $ | 121,838 | $ | 99,032 | 23.0 | % | $ | 50,002 | $ | 34,471 | 45.1 | % | ||||||
Net Written Premiums | $ | 66,311 | $ | 64,845 | 2.3 | % | $ | 29,519 | $ | 21,788 | 35.5 | % | ||||||
Net Earned Premium | $ | 59,299 | $ | 52,799 | 12.3 | % | $ | 22,060 | $ | 16,910 | 30.5 | % | ||||||
Agency Revenues | 3,791 | 2,706 | 40.1 | % | 1,305 | 1,057 | 23.5 | % | ||||||||||
Service Fees | 5 | 63 | -92.1 | % | 2 | 21 | -90.5 | % | ||||||||||
Total Revenues | $ | 63,095 | $ | 55,568 | 13.5 | % | $ | 23,367 | $ | 17,988 | 29.9 | % | ||||||
Pre-Tax Income (Loss) | $ | 17,675 | $ | 17,531 | $ | 3,126 | $ | 5,422 |