MSIC INSURANCE MSIC INSURANCE FUND FINANCIAL REPORT
AS FINANCIAL CONCERNS SURROUNDING THE PANDEMIC SUBSIDED DURING THE YEAR,
GROSS REVENUES Fiscal Year Ending September 30, 2022
MSIC began to unwind its Pandemic Plan. The discontinuance of this plan led to net income of $134,000 for the year ended September 30, 2022 compared to a net loss of $742,000 for the year ended September 30, 2021. The continued surge in insured excess shares resulted in significant member assessment income. However, several items offset this income: 1) the restructuring of the investment portfolio at the onset of the Pandemic to be able to respond to members’ needs and potential pandemic related deposit insurance risk, resulted in a shorter maturity and lower yielding investment portfolio; 2) the real estate investment experienced unfavorable results; 3) the nature of investment in MSIC Partners resulted in a loss of $560,000, as MSIC Partners experienced a delay in marketing caused by the Pandemic, which was followed
0.45%
Membe Other In Mortgag Recover Gain (Lo MSIC Pr Investm Investm
13.88%
14.28%
63.99%
2.85%
4.55%
NET INCOME Fiscal Years Ending September 30 ($ in Thousands) 0.45%
$933
Member Assessments ($5,134,462)
13.88%
Investment Income - Non-Debt Financed ($227,079) Investment Income - Debt Financed ($366,828)
$522
$345
14.28%
Other Income ($36,192) Mortgage Fulfillment Services ($1,113,893) Recoveries of Capital Infusions ($0) Gain (Loss) on Sale of Securities ($0) MSIC Properties ($1,145,663)
$134
2021
63.99%
2019 2.85%
2018
2020
2022
4.55%
-$742
12
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