Statutory Net Income definition

Statutory Net Income means, for any period, the net income of an Insurance Subsidiary determined in accordance with SAP.

Statutory Net Income means, with respect to any Insurance Subsidiary for any computation period, the net income earned by such Insurance Subsidiary during such period, as determined in accordance with SAP (“Underwriting and Investment Exhibit, Statement of Income” statement, Page 4, Line 20 of the Annual Statement).

Statutory Net Income means, for any period the net income of each Insurance Subsidiary of the Borrower that appears, or should appear, on the SAP Financial Statements. On the respective annual SAP Financial Statements form for life companies for the year ended December 31, 1998, the net income amount appears on line 33, column (1), on page 4 thereof. On the respective annual SAP Financial Statements form for property and casualty companies for the year ended December 31, 1998, the net income amount appears on line 16, column (1), on page 4 thereof.

Examples of Statutory Net Income in a sentence

• The Borrower shall not permit the Borrower Statutory Surplus to be less than an amount equal to the sum of (a) $750,000,000 plus (b) 25% of Borrower Statutory Net Income earned in each calendar year commencing with the calendar year ending December 31, 2008.

• The income allowed for the credit calculation is limited to the income actually taxed by Philadelphia after all adjustments, including the Statutory Net Income Deduction and Loss Carry Forward Deduction.Taxes paid based on gross receipts do not qualify for the credit.

• As of the end of any fiscal quarter, permit the Statutory Surplus of Donegal Mutual to be less than an amount equal to the sum of (a) $60,000,000 plus (b) 50% of any positive Statutory Net Income of Donegal Mutual for each fiscal quarter following the fiscal quarter ended December 31, 1994.

• Not permit the Statutory Surplus for Kinsale Insurance as of the last day of any Fiscal Quarter, commencing with the Fiscal Quarter ending June 30, 2016, to be less than (a) 90% of the Statutory Surplus for Kinsale Insurance as of March 31, 2016 plus (b) 50% of the Statutory Net Income of Kinsale Insurance for each Fiscal Quarter ending after March 31, 2016.

• Statutory net income and surplus are as follows: (In millions) Statutory Net Income (Combined) 1999 1998 1997 Dividends declared per share $ 0.05 $ 0.05 $ 0.05 $ — Note: Due to the use of weighted average shares outstanding when calculating earnings per common share, the sum of the quarterly per common share data may not equal the per common share data for the year.

More Definitions of Statutory Net Income

Statutory Net Income with respect to the Insurance Subsidiaries for any period, the consolidated statutory net income of the Insurance Subsidiaries for such period computed in accordance with SAP and consistent with that reported on line 16, page 4, column 1 of the Summary of Operations Statement in the Annual Statement.

Statutory Net Income means net income as determined in accordance with statutory accounting principles made applicable to the Operating Subsidiaries under applicable insurance regulatory laws.

Statutory Net Income means, with respect to any First-Tier Significant Insurance Subsidiary for any computation period, the net income earned by such First-Tier Significant Insurance Subsidiary during such period, as determined in accordance with standard accounting practices. -20- COMMITMENT SCHEDULE LENDER COMMITMENT AMOUNT ------ ----------------- Bank One, NA $ 30,000,000 Fleet National Bank $ 27,000,000 First Union National Bank $ 24,000,000 Dresdner Bank AG, New York and $ 22,000,000 Grand Cayman Branches Deutsche Bank AG, New York and/or $ 17,000,000 Cayman Islands Branch ------------ AGGREGATE COMMITMENT $120,000,000

Statutory Net Income means, with respect to any Insurance Subsidiary for any computation period, the net income earned by such Person during such period, as determined in accordance with SAP ("Underwriting and Investment Income" exhibit, Line 16 of the Annual Statement). "Statutory Surplus" means, with respect to any Insurance Subsidiary at any time, the surplus as regards policyholders of such Insurance Subsidiary at such time, as determined in accordance with SAP ("Liabilities, Surplus and Other Funds" statement, Page 3, Line 25, Column 1 of the Annual Statement). "Subsidiary" of a Person means (a) any corporation more than 50% of the outstanding securities having ordinary voting power of which shall at the time be owned or controlled, directly or -19-

Statutory Net Income means, with respect to RECO for any period, the amount shown on line 16, page 4, column 1 of the Annual Statement of RECO for such period, or the amount determined in a consistent manner for any period other than a period for which an Annual Statement of RECO is prepared.

Statutory Net Income. With respect to ACIC for any period, the amount reported for such period on line 16, page 4, column 1 of the Annual Statement of ACIC, or an amount determined in a consistent manner for any period other than the one for which an Annual Statement is prepared.

Statutory Net Income means the after-tax statutory net income of the --------------------- Borrower's Insurance Subsidiaries for the relevant period (calculated in the manner set forth in the "Statement of Income", page 4, line 16 of the Annual Statement).