b'31COMBINED FINANCIAL OVERVIEWFor the year ended December 31, 20212021 2020$ $(in thousands of Canadian dollars)INCOMEGross written premiums 993,000 950,000Net premiums earned 935,000 903,000Indemnities to insureds (399,000) (448,000)Net cost (330,000) (317,000)Insurance earnings 206,000 138,000Net income from investments and other 26,000 64,000Dividends to members and the community (32,000) (16,000)Earnings before income taxes 200,000 186,000Income taxes (51,000) (48,000)Net income 149,000 138,000Revaluation of pension plans 38,000 (28,000)Other comprehensive income 42,000 21,000Comprehensive income 229,000 131,000ASSETSInvestments, loans and cash 1,423,000 1,212,000Accounts receivable and other assets 437,000 454,000Property, equipment and tangible assets 96,000 101,000Right-of-use assets 31,000 33,000Share of retrocessions and reinsurers in provisions 46,000 47,0002,033,000 1,847,000LIABILITIESClaims being settled 313,000 331,000Unearned premiums 499,000 476,000812,000 807,000Accounts payable and other liabilities 264,000 311,000Lease liabilities 34,000 35,0001,110,000 1,153,000EQUITYCapital, reserves, and retained earnings 923,000 694,0002,033,000 1,847,000A N N UA L R E P O R T 2021'