Exhibit 99.3
The Midland Company
Supplemental Financial Information by Segment
February 15, 2007
Financial Highlights | ||||||||||||||||||||||
(all amounts in 000’s except per share data) | ||||||||||||||||||||||
Twelve Months Ended Dec. 31 | Three Months Ended Dec. 31 | |||||||||||||||||||||
2006 | 2005 | % | 2006 | 2005 | % | |||||||||||||||||
Income Statement Data | ||||||||||||||||||||||
Insurance Revenue | $ | 739,461 | $ | 691,245 | 7.0 | % | $ | 196,018 | $ | 172,852 | 13.4 | % | ||||||||||
Transportation Revenue | 49,807 | 42,185 | 18.1 | % | 11,332 | 10,631 | 6.6 | % | ||||||||||||||
Total Revenue | $ | 789,268 | $ | 733,430 | 7.6 | % | $ | 207,350 | $ | 183,483 | 13.0 | % | ||||||||||
Net Income | $ | 70,695 | $ | 65,326 | $ | 21,110 | $ | 20,001 | ||||||||||||||
Balance Sheet Data | ||||||||||||||||||||||
Cash & Invested Assets | $ | 1,036,436 | $ | 950,464 | 9.0 | % | ||||||||||||||||
Total Assets | $ | 1,569,528 | $ | 1,428,113 | 9.9 | % | ||||||||||||||||
Total Debt | $ | 108,445 | $ | 111,771 | -3.0 | % | ||||||||||||||||
Shareholders’ Equity | $ | 574,746 | $ | 484,377 | 18.7 | % | ||||||||||||||||
Common Shares Outstanding | 19,224 | 18,964 | ||||||||||||||||||||
Per Share Data | ||||||||||||||||||||||
Net Income (Diluted) | $ | 3.60 | $ | 3.37 | $ | 1.07 | $ | 1.03 | ||||||||||||||
Dividends Declared | $ | 0.24500 | $ | 0.22500 | 8.9 | % | $ | 0.06125 | $ | 0.05625 | 8.9 | % | ||||||||||
Market Value | $ | 41.95 | $ | 36.04 | 16.4 | % | ||||||||||||||||
Book Value | $ | 29.90 | $ | 25.54 | 17.1 | % | ||||||||||||||||
AMIG’s Property and Casualty Operations | ||||||||||||||||||||||
Direct and Assumed Written Premiums | $ | 780,795 | $ | 697,930 | 11.9 | % | $ | 183,623 | $ | 164,636 | 11.5 | % | ||||||||||
Net Written Premium | $ | 678,107 | $ | 619,267 | 9.5 | % | $ | 156,028 | $ | 135,848 | 14.9 | % | ||||||||||
Combined Ratio Before Catastrophes | 88.5 | % | 86.4 | % | 87.4 | % | 83.7 | % | ||||||||||||||
Catastrophe Effects on Combined Ratio | 5.3 | % | 7.4 | % | 3.6 | % | 7.5 | % | ||||||||||||||
Combined Ratio | 93.8 | % | 93.8 | % | 91.0 | % | 91.2 | % |
Overview of Premium Volume | ||||||||||||||||||
Twelve Months Ended Dec. 31, 2006 | Twelve Months Ended Dec. 31, 2005 | |||||||||||||||||
Business Segment | Gross Written Premium | Net Written Premium | Net Earned Premium | Gross Written Premium | Net Written Premium | Net Earned Premium | ||||||||||||
Residential Property | $ | 449.3 | $ | 402.1 | $ | 392.8 | $ | 421.6 | $ | 381.3 | $ | 378.4 | ||||||
Recreational Casualty | 94.3 | 92.7 | 95.5 | 100.5 | 98.2 | 103.3 | ||||||||||||
Financial Institutions | 122.1 | 112.7 | 103.8 | 79.1 | 70.8 | 78.4 | ||||||||||||
All Other Insurance | 166.1 | 86.8 | 83.8 | 133.3 | 77.1 | 71.8 | ||||||||||||
Total | $ | 831.8 | $ | 694.3 | $ | 675.9 | $ | 734.5 | $ | 627.4 | $ | 631.9 | ||||||
Three Months Ended Dec. 31, 2006 | Three Months Ended Dec. 31, 2005 | |||||||||||||||||
Business Segment | Gross Written Premium | Net Written Premium | Net Earned Premium | Gross Written Premium | Net Written Premium | Net Earned Premium | ||||||||||||
Residential Property | $ | 100.4 | $ | 87.8 | $ | 101.4 | $ | 97.0 | $ | 86.7 | $ | 93.3 | ||||||
Recreational Casualty | 16.0 | 15.6 | 23.4 | 16.9 | 16.7 | 25.2 | ||||||||||||
Financial Institutions | 32.0 | 29.7 | 29.4 | 25.4 | 22.0 | 21.2 | ||||||||||||
All Other Insurance | 52.6 | 28.8 | 24.5 | 34.3 | 12.2 | 19.0 | ||||||||||||
Total | $ | 201.0 | $ | 161.9 | $ | 178.7 | $ | 173.6 | $ | 137.6 | $ | 158.7 | ||||||
Residential Property | ||||||||||||||||||
Twelve Months Ended Dec. 31 | Three Months Ended Dec. 31 | |||||||||||||||||
2006 | 2005 | % | 2006 | 2005 | % | |||||||||||||
(all amounts in 000’s) | ||||||||||||||||||
Direct and Assumed Written Premiums | $ | 449,270 | $ | 421,631 | 6.6 | % | $ | 100,344 | $ | 97,028 | 3.4 | % | ||||||
Net Written Premiums | $ | 402,056 | $ | 381,304 | 5.4 | % | $ | 87,820 | $ | 86,671 | 1.3 | % | ||||||
Net Earned Premium | $ | 392,762 | $ | 378,402 | 3.8 | % | $ | 101,387 | $ | 93,290 | 8.7 | % | ||||||
Service Fees | 6,124 | 5,651 | 8.4 | % | 1,500 | 1,327 | 13.0 | % | ||||||||||
Total Revenues | $ | 398,886 | $ | 384,053 | 3.9 | % | $ | 102,887 | $ | 94,617 | 8.7 | % | ||||||
Pre-Tax Income (Loss) | $ | 42,554 | $ | 45,755 | $ | 13,969 | $ | 16,848 |
Recreational Casualty | ||||||||||||||||||
Twelve Months Ended Dec. 31 | Three Months Ended Dec. 31 | |||||||||||||||||
2006 | 2005 | % | 2006 | 2005 | % | |||||||||||||
(all amounts in 000’s) | ||||||||||||||||||
Direct and Assumed Written Premiums | $ | 94,285 | $ | 100,438 | -6.1 | % | $ | 16,014 | $ | 16,846 | -4.9 | % | ||||||
Net Written Premiums | $ | 92,725 | $ | 98,209 | -5.6 | % | $ | 15,610 | $ | 16,686 | -6.4 | % | ||||||
Net Earned Premium | $ | 95,520 | $ | 103,234 | -7.5 | % | $ | 23,355 | $ | 25,100 | -7.0 | % | ||||||
Service Fees | 1,751 | 2,373 | -26.2 | % | 429 | 557 | -23.0 | % | ||||||||||
Total Revenues | $ | 97,271 | $ | 105,607 | -7.9 | % | $ | 23,784 | $ | 25,657 | -7.3 | % | ||||||
Pre-Tax Income (Loss) | $ | 10,186 | $ | 12,693 | $ | 3,504 | $ | 4,957 |
Financial Institutions | ||||||||||||||||||
Twelve Months Ended Dec. 31 | Three Months Ended Dec. 31 | |||||||||||||||||
2006 | 2005 | % | 2006 | 2005 | % | |||||||||||||
(all amounts in 000’s) | ||||||||||||||||||
Direct and Assumed Written Premiums | $ | 122,155 | $ | 79,108 | 54.4 | % | $ | 32,092 | $ | 25,468 | 26.0 | % | ||||||
Net Written Premiums | $ | 112,658 | $ | 70,817 | 59.1 | % | $ | 29,692 | $ | 22,036 | 34.7 | % | ||||||
Net Earned Premium | $ | 103,831 | $ | 78,424 | 32.4 | % | $ | 29,439 | $ | 21,240 | 38.6 | % | ||||||
Pre-Tax Income (Loss) | $ | 12,507 | $ | 9,471 | $ | 3,112 | $ | 1,621 |
All Other Insurance | ||||||||||||||||||
Twelve Months Ended Dec. 31 | Three Months Ended Dec. 31 | |||||||||||||||||
2006 | 2005 | % | 2006 | 2005 | % | |||||||||||||
(all amounts in 000’s) | ||||||||||||||||||
Direct and Assumed Written Premiums | $ | 166,088 | $ | 133,304 | 24.6 | % | $ | 52,500 | $ | 34,272 | 53.2 | % | ||||||
Net Written Premiums | $ | 86,821 | $ | 77,040 | 12.7 | % | $ | 28,760 | $ | 12,195 | 135.8 | % | ||||||
Net Earned Premium | $ | 83,756 | $ | 71,810 | 16.6 | % | $ | 24,457 | $ | 19,011 | 28.6 | % | ||||||
Agency Revenues | 4,918 | 4,522 | 8.8 | % | 1,127 | 1,816 | -37.9 | % | ||||||||||
Service Fees | 7 | 82 | -91.5 | % | 2 | 19 | -89.5 | % | ||||||||||
Total Revenues | $ | 88,681 | $ | 76,414 | 16.1 | % | $ | 25,586 | $ | 20,846 | 22.7 | % | ||||||
Pre-Tax Income (Loss) | $ | 26,751 | $ | 19,903 | $ | 9,076 | $ | 2,372 |