Page 10 - AprilMag2026final

FINANCIALS

GCU Income Statement Comparison

YEAR ENDED DECEMBER 31,
INCOME 2025 2024 Difference

Life Premium $ 5,848,070 $ 10,341,804 $ (4,493,733)
Annuity Premium 204,432,298 259,943,325 (55,511,027)
Annuity Exchanges 61,823,634 102,659,257 (40,835,623)

Accident & Health 345,683 375,733 (30,050)
Sub Total 272,449,685 373,320,118 (100,870,433)

Net Investment Income 124,119,065 121,782,126 2,336,939
Amortization of Interest Maintenance Reserve 693,166 1,177,526 (484,360)
Commission allowance for reinsurance 118,001 216,397 (98,396)

Other 576,037 309,589 266,448
Total Income $397,955,954 $496,805,757 $ (98,849,803)

EXPENSES
Death Benefits $ 3,759,443 $ 3,952,433 $ (192,990)

Annuity Benefits Paid 291,353,758 285,322,725 6,031,032
Annuity Exchanges 61,823,634 102,659,257 (40,835,623)

Surrender Benefits 2,002,309 1,212,692 789,617
Accident & Health Benefits Paid 282,365 334,015 (51,650)
Commissions 12,947,662 16,609,119 (3,661,457)

General Insurance Exp 13,141,654 11,016,094 2,125,560
Insurance, Taxes, Licenses and Fees 629,276 411,576 217,701

Pension Distributions and Expense 197,679 896,284 (698,604)
Interest on contract and deposit type accounts 996,345 496,313 500,032
Sub-Total $387,134,126 $422,910,508 $(35,776,381)

Increase in Reserves 20,183,654 82,196,251 (62,012,597)
Total Expenses $407,317,780 $505,106,759 $(97,788,979)

Net Gain/Loss from Operations before Refunds (9,361,826) (8,301,002) (1,060,824)
Refunds to Members 298,168 297,033 1,136
Net Gain/Loss from Operations after Refunds (9,659,994) (8,598,034) (1,061,960)

Net Capital Gains (Losses) 3,125,929 3,688,033 (562,104)
Net Income (Loss) $ (6,534,066) $ (4,910,002) $ (1,624,064)

8 GCU MAGAZINE MAY 2026