Exhibit 99.3
The Midland Company
Supplemental Financial Information by Segment
Financial Highlights
Six Months Ended June 30 | Three Months Ended June 30 | |||||||||||||||||||||||
(all amounts in 000’s except per share data) | 2007 | 2006 | % | 2007 | 2006 | % | ||||||||||||||||||
Income Statement Data | ||||||||||||||||||||||||
Insurance Revenue | $ | 406,526 | $ | 352,865 | 15.2 | % | $ | 209,319 | $ | 177,714 | 17.8 | % | ||||||||||||
Transportation Revenue | 29,163 | 24,240 | 20.3 | % | 16,372 | 12,459 | 31.4 | % | ||||||||||||||||
Total Revenue | $ | 435,689 | $ | 377,105 | 15.5 | % | $ | 225,691 | $ | 190,173 | 18.7 | % | ||||||||||||
Net Income | $ | 48,745 | $ | 32,240 | ||||||||||||||||||||
Balance Sheet Data | ||||||||||||||||||||||||
Cash & Invested Assets | $ | 1,045,340 | $ | 944,274 | 10.7 | % | ||||||||||||||||||
Total Assets | $ | 1,613,015 | $ | 1,429,766 | 12.8 | % | ||||||||||||||||||
Total Debt | $ | 98,280 | $ | 100,475 | -2.2 | % | ||||||||||||||||||
Shareholders’ Equity | $ | 614,150 | $ | 510,406 | 20.3 | % | ||||||||||||||||||
Common Shares Outstanding | 19,351 | 19,089 | ||||||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||
Net Income (Diluted) | $ | 2.45 | $ | 1.65 | $ | 1.25 | $ | 0.50 | ||||||||||||||||
Dividends Declared | $ | 0.20000 | $ | 0.12250 | 63.3 | % | $ | 0.10000 | $ | 0.06125 | 63.3 | % | ||||||||||||
Market Value | $ | 46.94 | $ | 37.98 | 23.6 | % | ||||||||||||||||||
Book Value | $ | 31.74 | $ | 26.74 | 18.7 | % | ||||||||||||||||||
AMIG’s Property and Casualty Operations | ||||||||||||||||||||||||
Direct and Assumed Written Premiums | $ | 443,615 | $ | 384,465 | 15.4 | % | $ | 238,234 | $ | 209,357 | 13.8 | % | ||||||||||||
Net Written Premium | $ | 383,055 | $ | 336,251 | 13.9 | % | $ | 206,805 | $ | 183,707 | 12.6 | % | ||||||||||||
Combined Ratio Before Catastrophes | 90.0 | % | 86.9 | % | 90.6 | % | 87.9 | % | ||||||||||||||||
Catastrophe Effects on Combined Ratio | 2.4 | % | 7.6 | % | 2.8 | % | 12.2 | % | ||||||||||||||||
Combined Ratio | 92.4 | % | 94.5 | % | 93.4 | % | 100.1 | % | ||||||||||||||||
Overview of Premium Volume | ||||||||||||||||||||||||
Six Months Ended June 30 | Three Months Ended June 30 | |||||||||||||||||||||||
Business Segment | Gross Written Premium | Net Written Premium | Net Earned Premium | Gross Written Premium | Net Written Premium | Net Earned Premium | ||||||||||||||||||
Residential Property | $ | 233.9 | $ | 201.9 | $ | 191.2 | $ | 123.4 | $ | 106.8 | $ | 96.4 | ||||||||||||
Recreational Casualty | 55.7 | 54.9 | 46.3 | 34.1 | 33.7 | 23.5 | ||||||||||||||||||
Financial Institutions | 100.6 | 94.7 | 87.3 | 51.8 | 49.2 | 46.3 | ||||||||||||||||||
All Other Insurance | 83.4 | 43.3 | 43.7 | 45.1 | 23.6 | 22.4 | ||||||||||||||||||
Total | $ | 473.6 | $ | 394.8 | $ | 368.5 | $ | 254.4 | $ | 213.3 | $ | 188.6 | ||||||||||||
Residential Property | ||||||||||||||||||||||||
Six Months Ended June 30 | Three Months Ended June 30 | |||||||||||||||||||||||
(all amounts in 000’s) | 2007 | 2006 | % | 2007 | 2006 | % | ||||||||||||||||||
Direct and Assumed Written Premiums | $ | 233,916 | $ | 229,494 | 1.9 | % | $ | 123,382 | $ | 124,426 | -0.8 | % | ||||||||||||
Net Written Premiums | $ | 201,942 | $ | 207,971 | -2.9 | % | $ | 106,841 | $ | 111,948 | -4.6 | % | ||||||||||||
Net Earned Premium | $ | 191,153 | $ | 192,001 | -0.4 | % | $ | 96,370 | $ | 97,254 | -0.9 | % | ||||||||||||
Service Fees | 3,050 | 3,089 | -1.3 | % | 1,539 | 1,537 | 0.1 | % | ||||||||||||||||
Total Revenues | $ | 194,203 | $ | 195,090 | -0.5 | % | $ | 97,909 | $ | 98,791 | -0.9 | % | ||||||||||||
Pre-Tax Income (Loss) | $ | 27,527 | $ | 13,304 | $ | 14,415 | $ | (1,129 | ) | |||||||||||||||
Recreational Casualty | ||||||||||||||||||||||||
�� | Six Months Ended June 30 | Three Months Ended June 30 | ||||||||||||||||||||||
(all amounts in 000’s) | 2007 | 2006 | % | 2007 | 2006 | % | ||||||||||||||||||
Direct and Assumed Written Premiums | $ | 55,748 | $ | 54,274 | 2.7 | % | $ | 34,183 | $ | 33,169 | 3.1 | % | ||||||||||||
Net Written Premiums | $ | 54,871 | $ | 53,517 | 2.5 | % | $ | 33,717 | $ | 32,797 | 2.8 | % | ||||||||||||
Net Earned Premium | $ | 46,362 | $ | 48,341 | -4.1 | % | $ | 23,463 | $ | 24,105 | -2.7 | % | ||||||||||||
Service Fees | 891 | 883 | 0.9 | % | 450 | 439 | 2.5 | % | ||||||||||||||||
Total Revenues | $ | 47,253 | $ | 49,224 | -4.0 | % | $ | 23,913 | $ | 24,544 | -2.6 | % | ||||||||||||
Pre-Tax Income (Loss) | $ | 3,094 | $ | 7,860 | $ | (1,048 | ) | $ | 1,393 |
Financial Institutions | ||||||||||||||||||
Six Months Ended June 30 | Three Months Ended June 30 | |||||||||||||||||
(all amounts in 000’s) | 2007 | 2006 | % | 2007 | 2006 | % | ||||||||||||
Direct and Assumed Written Premiums | $ | 100,577 | $ | 48,160 | 108.8 | % | $ | 51,756 | $ | 24,191 | 113.9 | % | ||||||
Net Written Premiums | $ | 94,713 | $ | 42,821 | 121.2 | % | $ | 49,163 | $ | 21,713 | 126.4 | % | ||||||
Net Earned Premium | $ | 87,274 | $ | 43,921 | 98.7 | % | $ | 46,306 | $ | 21,938 | 111.1 | % | ||||||
Pre-Tax Income (Loss) | $ | 9,870 | $ | 5,183 | $ | 4,820 | $ | 4,002 | ||||||||||
All Other Insurance | ||||||||||||||||||
Six Months Ended June 30 | Three Months Ended June 30 | |||||||||||||||||
(all amounts in 000’s) | 2007 | 2006 | % | 2007 | 2006 | % | ||||||||||||
Direct and Assumed Written Premiums | $ | 83,397 | $ | 71,836 | 16.1 | % | $ | 45,111 | $ | 37,550 | 20.1 | % | ||||||
Net Written Premiums | $ | 43,328 | $ | 36,791 | 17.8 | % | $ | 23,622 | $ | 19,949 | 18.4 | % | ||||||
Net Earned Premium | $ | 43,738 | $ | 37,239 | 17.5 | % | $ | 22,442 | $ | 18,977 | 18.3 | % | ||||||
Agency Revenues | 2,752 | 2,486 | 10.7 | % | 1,359 | 1,307 | 4.0 | % | ||||||||||
Service Fees | — | 3 | -100.0 | % | — | 2 | -100.0 | % | ||||||||||
Total Revenues | $ | 46,490 | $ | 39,728 | 17.0 | % | $ | 23,801 | $ | 20,286 | 17.3 | % | ||||||
Pre-Tax Income (Loss) | $ | 15,502 | $ | 14,549 | $ | 8,344 | $ | 7,565 |