b'Direct Premium Written Policyholders Surplus500,000,000$5002024 $288,476,440400,000,000$400MILLIONS $406,906,4972023 $265,913,977300,000,000$300$329,996,1602022 $264,032,545200,000,000$200$224,902,483 $6,895,883$209,511,756 $28,070,487$199,229,4972021 $273,759,822100,000,000$1002020 $242,483,93300 2020 2021 2022 2023 2024 $0 $50 $100 $150 $200 $250 $300Net Income (Loss) Expense Ratio/Combined Ratio$30030000000120.0%$26,292,064$20020000000 100.0%97.8% 104.7% 96.4%$19,205,021 90.2% 91.3%$100 80.0%10000000($5,090,877)60.0%0 40.0%029.0% 29.3% 29.0% 27.7% 27.1%20.0%-$100-10000000 2020 2021 2022 2023 2024 0.0% 2020 2021 2022 2023 2024Expense Ratio Combined Ratio*Lancaster Mutual Included from 2019 and forward.**De Smet Farm Mutual & De Smet Insurance Included from 2023 and forward.'