b'FINANCIALSDirect Premium Written Policyholders Surplus500,000,000$5002025 $341,115,275$469,539,785400,000,000$400MILLIONS $406,906,4972024 $288,476,440300,000,000$300$329,996,1602023* $265,913,977200,000,000$200$209,511,756 $224,902,4832022 $264,032,545100,000,000$1002021 $273,759,82200 2, 2021 2,022 2, 2023* 2,024 2,025 $100 $200 $300021 2022 023 2024 2025MILLIONSNet Income (Loss) Expense Ratio/Combined Ratio$505000000040000000 120%$44,870,033$40100%104.7%30000000$30MILLIONS 91.3% 97.8% 96.4%80%$28,070,487 89.5%$6,895,883$202000000060%($5,090,877) $19,205,02110000000$10 40%0029.3% 29.0% 27.7% 27.1% 27.3%20%-$10-10000000 2021 2022 2023* 2024 2025 0% 2021 2022 2023* 2024 2025Expense Ratio Combined Ratio*De Smet Farm Mutual & De Smet Insurance Included from 2023 and forward.'