1973 Shareholder Letter - Summary

1973 produced operating earnings of $11,930,592 with a 17.4% return on beginning stockholders' equity — satisfactory but below the 19.8% of 1972. The decline occurred because earnings gains didn't match the increase in shareholders' investment. A significant development was Jack Ringwalt's retirement after building National Indemnity from nothing since 1940, succeeded by Phil Liesche.

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Source: Full Letter