22. Statutory Financial Data

The Company’s insurance subsidiaries file financial statements in accordance with statutory accounting practices (“SAP”) prescribed or permitted by domestic or foreign insurance regulatory authorities. The differences between statutory financial statements and financial statements prepared in accordance with GAAP vary between domestic and foreign jurisdictions. The principal differences relate to (1) acquisition costs incurred in connection with acquiring new business which are charged to expense under SAP but under GAAP are deferred and amortized as the related premiums are earned; (2) limitation on net deferred tax assets created by the tax effects of temporary differences; (3) unpaid losses and loss expense, and unearned premium reserves are presented gross of reinsurance with a corresponding asset recorded; and (4) fixed maturity portfolios that are carried at fair value and changes in fair value are reflected directly in unassigned surplus, net of related deferred taxes.

Statutory surplus and net income for insurance operations as reported to regulatory authorities were approximately as follows:


(Amounts in Thousands) December 31, 2011	Statutory Surplus		GAAP Equity		Statutory Net Income		GAAP Net Income
TIC (domestic)	$	193,036	$	215,664	$	1,721	$	13,849
RIC (domestic)		46,107		52,313		903		1,524
WIC (domestic)		82,580		84,260		5,590		7,386
AIIC (domestic)		72,034		76,513		13,546		12,348
SNIC (domestic)		31,493		32,772		3,338		4,050
MCIC (domestic)		12,512		13,000		936		984
ALIC (domestic)		2,128		2,128		—		—
AICK (domestic)		12,852		13,324		22		(26	)
AEL (United Kingdom)		160,724		169,932		51,240		54,721
AIU (Ireland)		106,574		119,692		39,927		39,509
AII (Bermuda)		369,336		518,206		120,904		120,904


(Amounts in Thousands) December 31, 2010	Statutory Surplus		GAAP Equity		Statutory Net Income		GAAP Net Income
TIC (domestic)	$	186,470	$	203,052	$	11,473	$	13,104
RIC (domestic)		43,957		50,023		4,445		6,197
WIC (domestic)		60,943		62,538		5,234		7,401
AIIC (domestic)		58,391		63,508		10,988		10,660
SNIC (domestic)		16,921		17,665		1,372		1,158
MCIC (domestic)		11,599		12,032		793		655
ALIC (domestic)		2,081		2,146		8		8
AICK (domestic)		12,718		13,372		836		817
AEL (United Kingdom)		89,710		89,710		14,161		14,223
AIU (Ireland)		128,028		135,880		22,117		17,589
AII (Bermuda)		286,714		406,088		52,312		52,312


(Amounts in Thousands) December 31, 2009	Statutory Surplus		GAAP Equity		Statutory Net Income			GAAP Net Income
TIC (domestic)	$	167,316	$	178,467	$	15,259		$	16,338
RIC (domestic)		36,782		40,460		8,772			9,413
WIC (domestic)		52,875		53,511		6,806			7,402
AIIC (domestic)		51,636		58,646		10,973			11,425
SNIC (domestic)		15,641		16,252		231			149
MCIC (domestic)		10,967		11,258		514			422
ALIC (domestic)		2,116		2,121		11			—
AICK (domestic)		9,648		10,035		(263	)		(207	)
AEL (United Kingdom)		37,785		37,785		2,015			2,266
AIU (Ireland)		96,329		111,156		15,387			13,999
AII (Bermuda)		224,823		327,681		17,891			17,891