-12-
Net profits
Fiscal as % of
year Total income total income Equity
1988 $72,943 (4.95%) $500
1989 942,552 0.00 500
1990 558,178 6.49 500
1991 517,332 0.55 500
1992 4,862,456 0.46 500
1993 2,658,025 1.58 500
Petitioner's annual and cumulative retained earnings were as
follows:
Fiscal Year Annual Cumulative
1988 ($4,655) ($4,655)
1989 (5,750) (10,405)
1990 (41,276) (51,681)
1991 4,650 (47,031)
1992 16,748 (30,283)
1993 37,098 6,815
7. General Economic Conditions
There was more work for catastrophic claims adjusters during
the years in issue than in prior years because of the large
number of catastrophes in 1992 and 1994. U.S. insured
catastrophic losses (approximate) from 1971 to 1995 were:
Calendar year Amount (billions of $)
1971 <1
1972 <1
1973 1
1974 2
1975 1.5
1976 <1
1977 <1
1978 1.5
1979 3
1980 2
1981 1
1982 2
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