**Exhibit 13**

| **TABLE OF CONTENTS**            
**2006 ANNUAL REVIEW** 
**KENTUCKY INVESTORS, INC.**         
Board of Directors & Corporate Officers
2
Letter to our Stockholders 
3
Management's Discussion and Analysis			
6
Selected Financial Data
19
Report of Independent Registered Public			Accounting Firm
20
Consolidated Financial Statements
21
Notes to Consolidated Financial			Statements
25
Stock Information and Annual Meeting
46
 

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**BOARD OF DIRECTORS &			CORPORATE OFFICERS**  
        **Harry Lee Waterfield II**e, f, n

Chairman of the Board

President and Chief Executive Officer

Frankfort, Kentucky      BOARD OF DIRECTORS
CORPORATE OFFICERS  **Harold G. Doran, Jr.**a, e, f
**Raymond L. Carr**Board of Directors
Vice President, Chief Financial Officer			Murray, Kentucky
Frankfort, Kentucky  **Michael F. Dudgeon, Jr.**
**Jane S. Jackson**
Board of			Directors
Secretary
			Frankfort, Kentucky
Frankfort, Kentucky  
**Gordon			C. Duke**a, f
**Jimmy R. McIve**r
Board of			Directors
Treasurer
			Frankfort, Kentucky
Frankfort, Kentucky  **Howard L. Graham**f, n 
Board of			Directors Retired Vice President, Corporate			Services 
			Frankfort, Kentucky   **Robert M. Hardy, Jr.**e, f 
Board of			Directors
**Ernst & Young LLP**Vice President, General Counsel 
Independent Registered Public Frankfort, Kentucky
Accounting Firm  **Dr. Jerry F. Howell, Jr.**a,			e Board of Directors Morehead, Kentucky   **David W. Reed**a, n Board of Directors
 Gilbertsville, Kentucky    
  
a Audit			Committee**Helen S. Wagner**e, n
e Executive CommitteeBoard of Directors
f Finance CommitteeOwensboro, Kentucky
n Nominating Committee  
 

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**LETTER TO STOCKHOLDERS**  
To our			stockholders,  
          Our goal is, as always, to			manage our business by building a company that operates effectively			and wisely to achieve long-term success.  We believe this is in the			best interest of our stockholders, policyowners, employees and			associates.  Our major markets are highly competitive, but we			continue to maintain our market share while seeking new			opportunities.   
          Kentucky Investors, Inc. had a			solid year with net income of $1,233,554.  Net income was down			$996,232 from 2005 primarily due to the decrease in capital gains			from those realized in 2005.  Our major holding, Investors Heritage			Life Insurance Company, experienced an increase in statutory surplus			of approximately $1,853,000, with total statutory capital and			surplus now exceeding $18,000,000.   
          Premium income was down			slightly in our major business segments.  In the preneed market this			can be attributed to strong competition in the sale of			interest-sensitive products.  We believe we are paying interest			rates and commissions on products that are sustainable over a period			of years given the low interest rate environment for sound new			investments.  Some of our competitors are paying rates we do not			believe are justified by yields available in the investment			market.    Within this framework our sales managers and sales			organizations have done a very good job of maintaining a solid and			profitable sales level. 
          In the financial services			market we had increased credit premiums contributing to an increase			in revenues for this segment of approximately $49,000.  Our			partnership with the Kentucky Bankers Association has been in place			just over two years with progress made on many fronts, positioning			us to increase sales and revenues in this line of business.  We have			over 287 financial institutions representing Investors **H**eritage			**L**ife Insurance Company in Kentucky.  The concerns over			predatory lending issues have been, for the most part, resolved			during 2006; therefore marketing and training will be a major focus			as we help banks gear up to increase insurance sales.  Much of the			sales volume in this market depends on the economy and loan demand			within a community.  **W**e anticipate increased sales and fee			income in the current year.  Investors Heritage Financial Services			Group, Inc., a wholly-owned subsidiary of Kentucky Investors, paid			dividends totaling $300,000 to Kentucky Investors during 2006. 
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**LETTER TO STOCKHOLDERS**  
          Kentucky Investors, Inc. is			the sole member of At Need Funding, LLC.  This affiliate offers			assistance to funeral homes and the families they serve by providing			financing for funerals at the time of service.  The financing is			secured by the assignment of proceeds from an existing incontestable			life insurance policy from unaffiliated companies.  Revenues were			approximately $273,000, up $140,000 over the previous year.  At Need			Funding paid distributions of $127,000 to Kentucky Investors, Inc.			in 2006. 
          Our organization has provided			third party administration ('TPA") services for other life insurance			companies for the past few years.  Because of our investment			over the years in technology and personnel, we have outstanding			administrative capabilities, the capacity to increase the volume of			our administrative services work without significant increased cost			and a proven track record of superior service work. Through TPA			services we are able to generate service fee income.  With that in			mind, we have filed for TPA licensing in all states where Investors			Heritage Life was not previously licensed to do business.  Currently			we are licensed as a TPA in 42 states.   
          Near year end 2006, we			cancelled two administrative services contracts but at about the			same time contracted with two different life companies.  One of			these companies is an established company doing business in			45 states.  The other company is a new, well financed life insurance			company.  The prospect for increased fee income in this segment of			our organization is very positive and is an area of operation we			plan to expand in the future. 
          Two projects begun in 2005 and			reported last year have not yet proven successful, but the costs			have not been substantial, and these projects may yet provide			premium income and fee income.  One such project was a marketing			relationship with an agency providing high end premium financed			products primarily for estate planning purposes.  At year end,			several cases were in the underwriting and funding process and as a			result had not yet provided fee income to us.  The second project			was our joint venture with three other life insurance companies and			a marketing company that did not develop sales as anticipated.  As a			result of minimal activity, our expenses have been nominal and the			marketing company is exploring alternative means of selling the			products.   
          We began an effort to increase			the sale of our final expense product during the second half of			2006.   Some success was achieved and we believe the groundwork for			sales success is being put into place.  We also introduced a new			youth policy, the Heritage Youth Protector, during the fourth			quarter of 2006.  We expect sales of this product in all of our			insurance markets, giving us a base of customers for future			insurance sales as conversion from the initial term insurance to			permanent life insurance occurs.  The Heritage Youth Protector is a			modernized version of a youth policy we sold very successfully for			over 20 years.   
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**LETTER TO STOCKHOLDERS**  
          The quality of our investments			continues to be a cornerstone for the continuing success of our			Company.  At year end, 100% of our fixed income investments were			rated investment grade and no mortgage loans were in default.  Fixed			maturities represent 88.3% of our invested assets and are managed by			Conning Asset Management Company according to guidelines set by the			Board of Directors.  Our mortgage loan portfolio continues to			perform well and enhances our investment yield.  Approximately 94.5%			of our mortgage loans are in commercial properties, and our mortgage			loans represent 7.7% of total invested assets.   
          The nearly 44-year history of			Kentucky Investors, Inc. and the 46-year history of Investors			Heritage Life Insurance Company is a story of continued and steady			growth focused on providing quality life insurance products while			maintaining financial strength for the benefit of our insureds,			stockholders, sales associates and employees.  We have grown from an			initial capital base of $1,500,000 to over $415,000,000 in total			consolidated assets.  This focus combined with the oversight and			sound advice of our board members over the years has made for our			success thus far and will assure continued success in the future. 			For this I am very grateful.    
Respectfully submitted, 

 

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**MANAGEMENT'S DISCUSSION & ANALYSIS** 
**EXECUTIVE			OVERVIEW**
 
The following discussion highlights			significant factors impacting the consolidated operating results and			financial condition of Kentucky Investors, Inc. ("Kentucky			Investors") and its subsidiaries (collectively referred to as "we",			"us", "our" or the "Company") as of and for the year ended December			31, 2006, as compared with the years ended December 31, 2005 and			2004.  This supplementary financial information should be read in			conjunction with the consolidated financial statements and related			notes, all of which are integral parts of the following analysis of			our results of operations and financial position. 
Kentucky Investors, Inc. is the parent			company of Investors Heritage Life Insurance Company, Investors			Heritage Financial Services Group, Inc., Investors Heritage			Printing, Inc., and is the sole member of At Need Funding, LLC. 			Kentucky Investors and each subsidiary are domiciled in the			Commonwealth of Kentucky.  Approximately 99% of Kentucky Investors			consolidated revenue is generated by Investors Heritage Life.   
**MAJOR MARKETS			AND NEW AFFILIATIONS** 
We			have continued to focus the majority of our marketing efforts in the			preneed funeral market.  We have established a strong marketing base			that has allowed us to maintain solid premium production in our core			market while operating in the recently unfavorable economic and			interest rate environment. 
Investors Heritage			Financial continues to operate under marketing agreements with			Investors Heritage Life.  This arrangement has proven to be			successful and enabled Investors Heritage Financial and Investors			Heritage Life to continue utilizing their expertise in the marketing			and administration of credit insurance products.  Further, Investors			Heritage Financial enables Investors Heritage Life to offer mortgage			protection and ordinary life insurance products through financial			institutions.  Additionally, Investors Heritage Financial has			entered into marketing relationships with other unaffiliated			insurance companies to provide products that Investors Heritage Life			does not currently offer.			 
Investors Heritage Life has entered into			third-party administrative agreements with two insurance companies,			which are to be effective beginning in the first quarter of 2007. 			These agreements for the performance of various levels of			administrative services on behalf of each company will generate fee			income for Investors Heritage Life.  This new fee income will offset			the loss of fee income from an administrative agreement that will			end in the first quarter of 2007 in conjunction with the sale of the			company for which Investors Heritage Life is providing services.			 
During 2005, Investors Heritage Life			finalized a strategic partnership agreement with the Kentucky			Bankers Association (KBA), forming a new partnership to jointly			market credit insurance and related products to Kentucky financial			institutions and to serve in an administrative capacity for Kenbanc			Reinsurance Company, Ltd., the KBA's wholly owned captive insurance			company.  This arrangement generates fee income for Investors			Heritage Life and commission income for Investors Heritage			Financial.			 
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**MANAGEMENT'S DISCUSSION & ANALYSIS**  
During			2005, Investors Heritage Life entered into a reinsurance and			administrative services arrangement with Covenant Life Insurance			Company, which is domiciled in the British Virgin Islands and is			part of a group that owns numerous cemeteries and funeral homes in			several states.  A specific preneed product was developed for			Covenant, which Investors Heritage Life sold and reinsured with			Covenant.  Investors Heritage Life also provided administrative			services for Covenant, generating fee income.  This agreement was			terminated during the fourth quarter of 2006, and all policy risks			were recaptured by Investors Heritage Life along with all required			reserves which were previously held in trust.  
**CRITICAL ACCOUNTING			POLICIES AND ESTIMATES** 
The			discussion and analysis of our financial condition and results of			operations are based on our consolidated financial statements, which			have been prepared in accordance with U.S. generally accepted			accounting principles.  Preparation of these financial statements			requires us to make estimates and judgments that affect the reported			amounts of assets, liabilities, revenues and expenses.  On a			continuing basis, we evaluate our estimates, including those related			to investments, deferred acquisition costs, present value of future			profits, policy liabilities, income taxes, accrued pension expense,			regulatory requirements, contingencies and litigation.  We base such			estimates on historical experience and other assumptions believed to			be reasonable under the circumstances, the results of which form the			basis for making judgments about the carrying values of assets and			liabilities that are not readily apparent from other sources. 			Actual results may differ from these estimates under different			assumptions or conditions.  We believe the following accounting			policies, judgments and estimates are the most critical to the			preparation of our consolidated financial statements. 
          ***Investments in Fixed			Maturities, Equity Securities and Mortgage Loans*** 
We hold fixed maturities and equity			interests in a variety of companies.  Additionally, we originate,			underwrite and manage mortgage loans.  We continuously evaluate all			of our investments based on current economic conditions, credit loss			experience and other developments.  We evaluate the difference			between the cost/amortized cost and estimated fair value of our			investments to determine whether any decline in value is			other-than-temporary in nature.  This determination involves a			degree of uncertainty.  If a decline in the fair value of a security			is determined to be temporary, the decline is recorded as an			unrealized loss in stockholders' equity. If a decline in a			security's fair value is considered to be other-than-temporary, the			security is written down to the estimated fair value with a			corresponding realized loss recognized in the consolidated			statements of income. 
The assessment of whether a decline in			fair value is considered temporary or other-than-temporary includes			management's judgment as to the financial position and future			prospects of the entity issuing the security. It is not possible to			accurately predict when it may be determined that a specific			security will become impaired.  Future adverse changes in market			conditions, poor operating results of underlying investments and			defaults on mortgage loan payments could result in losses or an			inability to recover the 
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**MANAGEMENT'S DISCUSSION & ANALYSIS**  
current carrying value of the			investments, thereby possibly requiring an impairment charge in the			future.  Likewise, a change in our ability or intent to hold			temporarily impaired securities until maturity or recovery in value			could result in a future impairment charge. 
          ***Deferred Acquisition			Costs*** 
The balance of our deferred acquisition			costs at December 31, 2006 and 2005 was approximately $21,494,000			and $22,357,000, respectively.  The recovery of these costs is			dependent on the future profitability of the related business.  Each			reporting period, we evaluate the recoverability of the unamortized			balance of the deferred acquisition costs.  We consider estimated			future gross profits or future premiums, expected mortality or			morbidity, interest earned and credited rates, persistency and			expenses in determining whether the balance is recoverable.  If we			determine a portion of the unamortized balance is not recoverable,			it is immediately charged to amortization expense.  The assumptions			we use to amortize and evaluate the recoverability of the deferred			acquisition costs involve significant judgment.  A revision to these			assumptions may impact future financial results. 
          ***Policy Liabilities*** 
Establishing liabilities for our			long-duration insurance contracts requires various assumptions,			including policyholder persistency, mortality rates, investment			yields, discretionary benefit increases, new business pricing, and			operating expense levels.  We evaluate historical experience for			these factors when assessing the need for changing current			assumptions.  However, since many of these factors are			interdependent and subject to short-term volatility during the			long-duration contract period, substantial estimates and judgment			are required.  Actual experience may emerge differently from that			assumed.  Any such difference would be recognized in the current			year's consolidated statement of income. 
          ***Income Taxes*** 
We evaluate our deferred income tax			assets, which partially offset our deferred tax liabilities, for any			necessary valuation allowances.  In doing so, we consider our			ability and potential for recovering income taxes associated with			such assets, which involve significant judgment.  Revisions to the			assumptions associated with any necessary valuation allowances would			be recognized in the financial statements in the period in which			such revisions are made.   
          ***Accrued Pension Expense*** 
We maintain a defined benefit retirement			plan on behalf of our employees.  Measurement of the future benefit			obligations associated with this plan involves significant judgment,			particularly in regard to the expected long-term rate of return on			plan assets, rate of compensation increases and the current discount			rate used to calculate the present value of future obligations. 			Changes in these assumptions can significantly impact the accrued			pension expense required to be recorded in the financial statements. 
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**MANAGEMENT'S DISCUSSION & ANALYSIS**  
The Pension Protection Act of 2006 was			passed by legislators and signed by the President on August 17, 2006			to address the funding mechanisms of pension plans. Additionally, on			September 29, 2006, the Financial Accounting Standards Board issued			Statement of Financial Accounting Standard ("SFAS") No. 158, "*Employers'			Accounting for Defined Benefit Pension and Other Postretirement			Plans*" which amends SFAS No. 87, "*Employers' Accounting for			Pensions*," SFAS No. 88, "*Employers' Accounting for			Settlements and Curtailments of Defined Benefit Pension Plans and			for Termination Benefits*," SFAS No. 106, "*Employers'			Accounting for Postretirement Benefits Other Than Pensions*," and			SFAS No. 132 (revised 2003), "*Employers' Disclosures about			Pensions and Other Postretirement Benefits*," and applies to all			plan sponsors who offer defined benefit pension and postretirement			benefit plans. SFAS No. 158 requires an entity to recognize an asset			for a plan's overfunded status or a liability for a plan's			underfunded status measured as of the end of the entity's fiscal			year effective for fiscal years ending after December 15, 2006. The			entity will recognize changes in the funded status in other			comprehensive income in the year in which the changes occur.  The			adoption of this Statement resulted in an additional charge, net of			applicable deferred income taxes, to accumulated other comprehensive			income at December 31, 2006 of approximately $1,110,000,			representing the difference between the projected benefit obligation			measurement on which SFAS No. 158 reporting is based and the			accumulated benefit obligation measurement on which reporting was			based prior to the adoption of SFAS No. 158.  
**BUSINESS SEGMENTS** 
SFAS No. 131, *"Disclosures about			Segments of an Enterprise and Related Information"*, requires a			"management approach" in the presentation of business segments based			on how management internally evaluates the operating performance of			business units.  The discussion of segment operating results that			follows is being provided based on segment data prepared in			accordance with SFAS No. 131.  Our business segments are as follows:
 
 

--
***Preneed and Burial Products***segment			includes both life and annuity products sold by funeral directors or			affiliated agents to fund prearranged funerals or to provide for the			insured's final expenses.			 
 
--
***Traditional and Universal Life Products***segment			includes traditional life, group life, annuities (primarily			qualified) and universal life products.			 			 
--
***Credit Insurance and Administrative			Services***segment includes the marketing and administration of			credit life and credit accident and health insurance products.			 			 
--
***Corporate and Other***segment			consists of corporate accounts primarily including stockholders'			paid-in capital, earned surplus, property and equipment and other			minor business lines which include group annuities and group and			individual accident and health products.
 
 
Please see Note I to the Consolidated			Financial Statements for additional information regarding segment			data. 
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**MANAGEMENT'S DISCUSSION & ANALYSIS**  
**OPERATING RESULTS** 
***2006 compared to 2005*** Consolidated Operations
Total consolidated revenues decreased			approximately $1,078,000 in 2006.  Our 2006 net income decreased			approximately $996,000 compared with 2005.  These decreases are			primarily attributable to the decrease in premiums within the			preneed and traditional business segments coupled with the decrease			in realized gains within the corporate & other business segment, as			further discussed within the business segment discussions. 
Preneed & Burial			Products
Revenues for the preneed & burial			products business segment decreased approximately $836,000, and			pre-tax income decreased approximately $135,000 in 2006 compared to			2005.  The decrease in revenues and pre-tax income are primarily due			to competition in the marketplace and the current interest rate			environment.  The table below provides the detail of premiums for			the top ten producing states for this segment: 
 
**Preneed Premium Production****First Year and Single****Year Ended December 31**       **2006** **2005** **2004**
North Carolina			$
   9,280,754 			 $ 
  9,304,245 			 $ 
   8,847,982 
Kentucky 
   5,419,089  
  5,477,430  
   5,481,648 
Tennessee 
   2,739,625  
  2,405,384  
   2,012,712 
Georgia 
   2,023,889  
  2,647,328  
   2,678,725 
Virginia 
   1,395,478  
  1,303,764  
   1,353,757 
Michigan 
      948,771  
     731,909  
      695,833 
Indiana 
      734,637  
  1,025,031  
   1,199,716 
South Carolina 
      571,672  
     560,527  
   1,141,147 
Mississippi 
      423,033  
       61,572  
        45,774 
Ohio 
      387,862  
     390,665  
      327,945 
All Other States 
      949,665  
     974,788  
   1,098,030 **   TOTAL**			$
 24,874,475 			 $ 
 24,882,643 			 $ 
  24,883,269 
 

The Legacy Protector and Legacy			Preferred life insurance and annuity products were introduced in			2003 and are marketed exclusively in conjunction with pre-arranged			funerals.  These products allow for competitive commissions and			death benefit growth to provide adequate proceeds to cover funeral			expenses while allowing individuals to purchase affordable benefits			that meet their personal needs.  Underwritten and guaranteed issue			options are available. 
The Heritage Final expense product is			sold in the final expense markets.  Introduced in 2002, it is			reinsured on an 80% quota share basis exclusively with Munich			American Reassurance Company.  This reinsurance arrangement has			helped to reduce first year statutory surplus strain associated with			new sales, as well as provide a stable profit stream for the future. 
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**MANAGEMENT'S DISCUSSION & ANALYSIS**  Traditional & Universal Life Products
Revenues			for 2006 decreased approximately $142,000.  Revenues from this			segment are primarily derived from the sale of term insurance			products through banks, which has been lower due to decreased loan			demand.  Pre-tax income for 2006 decreased approximately $579,000,			due primarily to higher than expected mortality within this line of			business. 
Investors Heritage Financial markets			traditional insurance products through banks and other financial			institutions.  Currently, Investors Heritage Financial services			approximately 287 financial institutions and other retail outlets			contracted through Investors Heritage Life.  The new partnership			with the KBA has enhanced this line of business with the addition of			11 new accounts during 2006. 
Investors Heritage Financial markets			Investors Heritage Life products and continues to expand the			portfolio of products available to our regular ordinary insurance			agents by offering products of other unaffiliated companies.  For a			number of years, outlets have been provided for our agents who have			substandard business that Investors Heritage Life will not accept. 			More recently, Investors Heritage Financial has been able to provide			second to die policies, substandard life policies, larger term			policies and health insurance products through other unaffiliated			insurance companies that insure these types of risks.  Investors			Heritage Financial receives a fee for providing those services and			the outlook for increased fee income from this marketing opportunity			is positive. 
We utilize a combination of yearly			renewable term reinsurance and coinsurance to cede life insurance			coverage in excess of our retention limit.  Our maximum retention			level is $25,000 per life.  For years prior to 2004, we maintained a			maximum retention of $100,000 per life.  The new retention level has			stabilized earnings fluctuations in this segment given that we write			most business in the smaller face amount markets and claims on			larger-case ordinary business were causing significant income			fluctuations.  The lowered retention was achieved by keeping current			reinsurance treaties in place and adding additional yearly renewable			term treaties with Munich American Reassurance Company and Scottish			RE (U.S.) for amounts between $25,000 net amount at risk and the			previous retention of $100,000. Credit Insurance & Administrative Services
Effective January 1, 2005, we reinsure			100% of credit insurance underwriting risk with Scottish Re (U.S.),			Inc. and RBC Reinsurance (Ireland) Ltd.  During 2004 and prior, we			reinsured 100% of credit insurance underwriting risk with RBC			Reinsurance (Ireland) Ltd. and Munich American.  In addition,			Investors Heritage Life has obtained a new reinsurance relationship			with Kenbanc Reinsurance Company, Ltd., in conjunction with the KBA			partnership.  Each of these agreements generates marketing and			initiation fees. 
Along with the marketing and initiation			fees generated from the reinsurance agreements, this segment			generates revenue primarily from servicing and administering the			credit business for our reinsurers.  Because this revenue is			fee-based, its performance is in direct relation to new and existing			earned premium production.  Revenues for this segment increased			approximately $49,000 in 2006 while pre-tax income decreased			approximately $20,000. 
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**MANAGEMENT'S DISCUSSION & ANALYSIS**  Corporate & Other
Revenues from this segment in 2006			decreased approximately $149,000 while pre-tax income decreased			$489,000.  Revenues decreased primarily due to the sale of certain			highly appreciated common stock in 2005.  Pre-tax income decreased			primarily due to the aforementioned common stock sold during 2005			coupled with the increased stock option compensation expense			recognized during 2006 of approximately $229,000 in conjunction with			our outstanding stock options.    
***2005 compared to 2004*** Consolidated Operations
Total consolidated revenues decreased			approximately $1,363,000 in 2005.  This decrease is primarily			attributable to the decrease in revenues within the corporate &			other business segment, as further discussed therein.  Our 2005 net			income increased approximately $322,000 compared with 2004.  This			increase resulted primarily from general expense reductions in the			areas of agency administration, policy administration and salaries. 			However, the higher regulatory burden, as well as the rising cost of			health care and retirement plans for employees will continue to put			pressure on future operating expenses. 
Preneed & Burial Products
Revenues for the preneed & burial			products business segment decreased approximately $323,000, and			pre-tax income decreased approximately $131,000 in 2005 compared to			2004.  The decrease in revenues and pre-tax income are primarily due			to competition in the marketplace and the current interest rate			environment.  Traditional & Universal Life Products
Revenues			for 2005 decreased approximately $116,000.  Revenues from this			segment are primarily derived from the sale of term insurance			products through banks, which has been lower due to less loan			demand.  New premiums collected during 2005 were approximately			$1,381,000, a decrease of approximately $262,000 from 2004.  Pre-tax			income for 2005 increased approximately $98,000, due primarily to			the aforementioned savings in operating expense items and better			than expected mortality. Credit Insurance & Administrative Services
Credit premiums written during 2005 were			approximately $9,493,000, an increase of approximately $240,000 from			2004, and revenues for this segment decreased approximately $13,000			in 2005.  While revenues decreased, pre-tax income increased			approximately $66,000 due to general expense savings. Corporate & Other
Revenues from this segment in 2005			decreased approximately $911,000 while pre-tax income increased			$626,000.  Revenues decreased primarily due to the reduction in			premiums associated with our defined benefit plan surrendering the			deposit administration contract with Investors Heritage Life in 2004			as well as the proceeds from a Company owned life insurance policy			received in 2004.  Pre-tax income increased because of the general			expense savings experienced in 2005, including the reduced current			year net periodic pension expense associated with our defined			benefit plan.   
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**MANAGEMENT'S DISCUSSION & ANALYSIS**  
**INVESTMENTS, LIQUIDITY			AND CAPITAL RESOURCES** 
***          Investments*** 
During 2006, Investors Heritage			Financial's revenues were approximately $343,000, down $165,000			compared to 2005, and dividends in the aggregate amount of $300,000			were paid to Kentucky Investors.  Revenues from Investors Heritage			Printing were approximately $440,000 in 2006, up $8,000 compared to			2005, and Investors Heritage Printing paid no dividends to Kentucky			Investors.  Management of Investors Heritage Printing continues to			focus on improving revenues from unaffiliated sources while			continuing to provide printing services for Investors Heritage			Life.  Revenues from At Need Funding were approximately $273,000 in			2006, up $140,000 compared to 2005, primarily due to an enhanced			volume of current year activity.  At Need Funding paid distributions			to Kentucky Investors of $127,000 in 2006.  Revenues from all			non-Investors Heritage Life sources constitute approximately 1% of			total consolidated revenues in 2006 and management is working on the			continued growth and profitability of each of the non-life			subsidiaries. 
Together with our independent investment			advisor and portfolio manager, Conning Asset Management Company			("Conning"), we manage the fixed income investment portfolio to			achieve management's investment goals, which include the			diversification of credit risk, the maintenance of adequate			portfolio liquidity, the management of interest rate risk and the			maximization of investment returns.   
Since			inception, we have maintained a sound, conservative investment			strategy.  As of December 31, 2006, 88.3% of our total invested			assets are managed by Conning pursuant to specific investment			guidelines which have been approved by the Board of Directors.  The			primary investment objectives have been to maintain the quality and			integrity of the fixed income portfolio while improving the total			return on investments. 
The fixed income portfolio is			diversified among sectors.  The Standard & Poor's average quality			rating of this portfolio as of December 31, 2006 is AA.  At December			31, 2006 and 2005, the fixed income portfolio was allocated as			follows: 
 
 **December 31** **2006** **2005**			Corporate:   			   			Bank & Finance			20.8% 			21.6%			Industrial & Miscellaneous			19.9% 			24.6%			Utilities			6.4% 			7.7%			Government			12.6% 			13.0%			Mortgage-backed securities			21.6% 			14.0%			Foreign			8.2% 			8.1%			Asset-backed securities			4.3% 			5.7%			States and Political Divisions			6.2% 			5.3%
 
 
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**MANAGEMENT'S DISCUSSION & ANALYSIS**  
The fixed income portfolio includes			approximately $61,300,000 (at fair value) of mortgage-backed			securities ("MBS").  MBS have historically added value to the			portfolio and Conning has provided the expertise to purchase MBS			with the confidence that the credit ratings have been properly			analyzed and that the investment properly suits our asset and			liability needs. 
There have been concerns expressed by			rating agencies, various regulators and other constituencies			regarding investments in MBS by insurers and other financial			institutions.  Although these highly rated securities provide			excellent credit quality, their liquidity risk must be monitored. 			Except for seven commercial-backed mortgages of approximately			$6,834,000, all of the collateral of the MBS owned are guaranteed by			the Government National Mortgage Association ("GNMA"), Federal			National Mortgage Association ("FNMA") or Federal Home Loan Mortgage			Corporation ("FHLMC"). 
The FNMA			and FHLMC securities are structured either as publicly traded			collateralized mortgage obligations ("CMO") or pass-throughs. 			Unlike most corporate or real estate debt, the primary concern with			a MBS is the uncertainty of timing of cash flows due to prepayment			assumptions rather than the possibility of loss of principal. 
CMO			holdings represent approximately 21% of the total MBS portfolio.  In			accordance with Emerging Issues Task Force Issue 99-20, *"Recognition of Interest Income and Impairment of Purchased and			Retained Beneficial Interests in Securitized Financial Assets"*			("EITF 99-20"), when these securities are purchased at a discount or			premium, the income yield will vary with changes in prepayment			speeds due to the change in accretion of discount or amortization of			premium, as well as the timing of the basic principal and interest			cash flows.  The overall impact of the CMO's variability in yields			on the portfolio is not significant in relation to the yield and			cash flows of the total invested assets.  More importantly, the			investment portfolio has no exposure to more volatile, high-risk			CMO's, such as those structured to share in residual cash flows. 			Except for three sequential pay CMO's of approximately $2,067,000,			the CMO's held are either planned amortization class bonds or			support class bonds, both of which are structured to provide more			certain cash flows to the investor and therefore have reduced			prepayment risk.  Based on our analysis of the investment portfolio,			there are no impairment issues with respect to our CMO's under the			provisions of EITF 99-20. 
Pass-throughs comprise the remainder of			MBS owned, representing approximately 79% of the total MBS			portfolio.  Pass-throughs are GNMA, FNMA or FHLMC guaranteed MBS			that, simply stated, pass through interest and principal payments to			the investors in accordance with their respective ownership			percentage. 
We also engage in commercial and			residential mortgage lending with approximately 94.5% of these			investments in commercial properties.  All mortgage loans are			originated in-house and all loans are secured by first mortgages on			the real estate.  Loan to value ratios of 80% or less and debt			service coverage from existing cash flows of 115 or higher are			generally required.  We minimize credit risk in our mortgage loan			portfolio through various methods, including stringently			underwriting the loan request, maintaining small average loan			balances, reviewing larger mortgage loans on an annual basis and			 
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**MANAGEMENT'S DISCUSSION & ANALYSIS**  
diversifying the portfolio by property			type.  The average loan balance is $410,490 and the average loan to			value is 43.9%.  The largest loan currently held is $958,000.  We			have approximately $24,629,000 invested in mortgage loans, which			represents 7.7% of total invested assets.  The portfolio is			diversified across various property types as follows:
 

**December 31** **2006** **2005**			Office 			20.4% 			23.7%			Retail			57.8% 			55.0%			Industrial			4.0% 			4.4%			Medical			3.5% 			3.9%			Agriculture			1.7% 			1.9%			1 to 4 family			0.2% 			0.2%			Apartments			6.1% 			7.2%			Other			6.3% 			3.7%
 

We are familiar with our mortgage loan			markets and are not aware of any negative factors or trends that			would have a material impact on the local economies where the			mortgage loan properties are located.  We have been successful in			adding value to the total investment portfolio through mortgage loan			originations due to the fact that yields realized from the mortgage			loan portfolio are from 104 to 200 basis points higher than yields			realized from fixed income investments.  Value has also been added			because the mortgage loan portfolio has consistently performed			well.  As of December 31, 2006 and 2005, we had no non-performing			mortgage loans, which would include loans past due 90 days or more,			loans in process of foreclosure, restructured loans and real estate			acquired through foreclosure.   
***Liquidity and Capital Resources*** 
The quality of our investment portfolio			and the current level of stockholders' equity continue to provide a			sound financial base as we strive to expand our marketing system to			offer competitive, quality products.  Our investment portfolio			continues to provide financial stability.  It is management's			opinion that we have adequate cash flows both on a long-term and			short-term basis as evidenced by the consolidated statements of cash			flows presented in this Annual Review. Our cash flows were primarily			derived from insurance premiums and investment income.  
The			strength of our liquidity is found in our conservative approach in			the product development area and in the strength and stability of			our fixed income portfolio and our mortgage loans.  For 2006, our			fixed income investments were 100% investment grade as rated by			Standard & Poor's. None of our fixed income assets are in default. 			Liquidity is also managed by laddering maturities of our fixed			income portfolio.  The average duration of our fixed income			investments is 4.7 years with approximately $6,154,000 due within 12			months and approximately $71,305,000 due within the following four			years.  Historically management has anticipated that all such			investments will be held until maturity.  However, one of the			responsibilities of our independent portfolio manager is to			constantly monitor the credit rating of our fixed income investments			to determine if rating changes of any investment requires action by			management.  As explained in detail in  
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**MANAGEMENT'S DISCUSSION & ANALYSIS**  
Note A to the Consolidated Financial			Statements, all fixed income securities and all marketable equity			securities are classified as available-for-sale and are carried at			fair value. 
On September 30, 2005, Kentucky			Investors and Cherokee National Life Insurance Company ("Cherokee			National") agreed to cancel the outstanding promissory note in the			amount of $4,000,000 in exchange for our ownership of 400,000 shares			of series A preferred stock of Cherokee National.  This transaction			reduced our investment in equity securities as well as notes payable			by $4,000,000. 
Effective July 14, 2005, we terminated			the At Need Funding line of credit previously held with Farmers Bank			and Capital Trust Company.  The line of credit was replaced with a			$2,000,000 line of credit with Republic Bank and Trust Company,			Louisville, Kentucky ("Republic Bank") with interest paid monthly at			a rate of 0.5% under the prime rate, renewable annually.  This line			of credit is used for the purpose of funding at-need funerals			secured by the assignment of verified, incontestable life insurance			policies.  This line of credit was renewed on May 30, 2006 and			increased to $4,000,000.  At December 31, 2006, the principal			balance on this line of credit was $1,159,684.   
Also effective July 14, 2005, we			terminated the Kentucky Investors line of credit previously held			with Farmers Bank and Capital Trust Company.  The line of credit was			replaced with a similar line of credit with Republic Bank.  This			line of credit is in the amount of $150,000 with interest to be paid			monthly at a rate of 1.2% under the prime rate, renewable annually. 			This line of credit was also renewed on May 30, 2006.  As of			December 31, 2006, no amount was outstanding on this line of			credit.   
On June 1, 2005, we renewed our existing			note with Fifth Third Bank, Lexington, Kentucky ("Fifth Third") in			the amount of $1,434,257 with interest to be paid monthly at a rate			of 1% under the prime rate.  In conjunction with this note, we			purchased an interest rate cap to hedge exposure of rising interest			rates.  The interest rate cap limits the interest rate that can be			charged over the remaining term to maturity of the note to no			greater than 6.5%.  As of December 31, 2006, $1,132,757 remained			outstanding on this note. 
On February 3, 2005, Kentucky Investors			borrowed $3,650,000 from Sun Life Assurance Company of Canada to			finance the purchase of certain home office property previously			owned by Investors Heritage Life at a purchase price of $3,650,000. 			The note is an amortizing loan with a fixed interest rate of 5.05%			and with a maturity date of March 1, 2015.  The proceeds received by			Investors Heritage Life were used to repay their surplus notes to			Kentucky Investors.  Additionally, Kentucky Investors used such			proceeds to repay the $3,000,000 note to Fifth Third outstanding at			December 31, 2004.  This transaction was approved by the Kentucky			Office of Insurance.  As of December 31, 2006, $3,136,422 remained			outstanding on this note.  
On November 23, 2004, we issued a			promissory note in the amount of $643,200 with an interest rate of			4%, due December 31, 2008.  The note was issued in exchange for			common stock from one of our board members.  As of December 31,			2006, $286,710 remained outstanding on this note. 
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**MANAGEMENT'S DISCUSSION & ANALYSIS**  
We assess our compliance with prescribed			debt covenant requirements as outlined in the terms of each debt			agreement at least annually, if not otherwise required in the debt			agreement.  Management has assessed our position and as of December			31, 2006, we are in compliance with all debt covenant requirements. 
The			following table shows an estimate (based on reasonable assumptions			and anticipated trends) of payments to be made for benefit reserve			liabilities, as well as scheduled payments for major contractual			obligations, including the aforementioned borrowings, as of December			31, 2006.
 
**CONTRACTUAL OBLIGATIONS**    (000's omitted)                   **December 31** **2007** **2008** **2009** **2010** **2011** **Thereafter** **Total**              			Policyholder benefits (a)			$			42,319 			$			42,764 			$			42,970 			$			43,176 			$			43,383 			$			126,561 			$			341,173 			Expected payments for              			  defined benefit plan (b) 			405  			571  			573  			604  			620  			10,171  			12,944 			Notes payable 			1,921  			829  			672  			527  			385  			1,392  			5,726 			Capital leases 			226  			104  			41  			6  			             -  			                 -  			377 			Operating leases 			131  			60  			9  			             -  			             -  			                 -  			200 			Total			$			45,002 			$			44,328 			$			44,265 			$			44,313 			$			44,388 			$			138,124 			$			360,420               			(a) Reserve projections for benefit liabilities include anticipated			cash benefit payments only.    			      Projections do not include any impact for future earnings or			additional premiums.    			(b) Payments are projections for benefit liabilities based on the			SFAS No. 87 calculation   			      of the projected benefit obligation and the underlying			assumptions used therein.    
 

Management is not aware of any other			commitments or unusual events that could materially affect our			capital resources.  We have the option to prepay certain notes			payable at our discretion prior to their maturity dates. 
Other than the items disclosed in Note H			to the Consolidated Financial Statements and the increased federal			and state regulatory reporting requirements which generally increase			administrative expenses, management is not aware of any current			recommendations by any regulatory authority which, if implemented,			would have any material effect on our liquidity, capital resources			or operations. 
We will continue to explore various			opportunities, including mergers and acquisitions and purchasing			blocks of business from other companies, which may dictate a need			for either long-term or short-term debt.  There are no restrictions			as to use of funds except the restriction on Investors Heritage Life			as to the payment of cash dividends to shareholders that is			discussed in more detail in Note G to the Consolidated Financial			Statements.   
**MARKET RISK EXPOSURES** 
Measuring market risk is a key function			of our asset/liability management process.  To test financial risk			and investment strategy, we perform an asset adequacy analysis each			year.  Dynamic models of both assets and liabilities are created to			project financial results  
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**MANAGEMENT'S DISCUSSION & ANALYSIS**  
under several shifts in the current			interest rate environment.  Results show that our exposure to a			relative 10% increase (decrease) in the interest rates prevalent at			December 31, 2006 is a net gain (loss) of less than $500,000. 			 
Items taken into account on the asset			side include prepayment and liquidity risks, asset diversification			and quality considerations.  On the liability side, interest			crediting strategies and policyholder and agent behavior (lapses,			loans, withdrawals and premium flow) are dynamically modeled in			relationship to the particular interest rate environment tested. 			Although we are careful to ensure that these assumptions are			consistent with the best available data, interest-sensitive cash			flows cannot be forecast with certainty and can deviate			significantly from the assumptions made.  Because asset and			liability durations are continually changing as new policyholder			contracts are issued and as new investments are added to the			portfolio, we manage our balance sheet on an ongoing basis and our			net exposure to changes in interest rates may vary over time.  In			addition to these dynamic modeling techniques, we closely monitor			our own business segments with respect to product performance and			agent behavior.    
**REGULATORY MATTERS** 
The statutory capital and surplus of			Investors Heritage Life increased approximately $1,853,000 in 2006			and decreased approximately $855,000 in 2005.  The increase in			statutory capital and surplus in 2006 is primarily related to the			current year net income coupled with an increase of approximately			$1,077,000 resulting from the elimination of Investors Heritage			Life's previously held liability for the Company's defined benefit			plan on a statutory basis.  The defined benefit plan liability was			removed from Investors Heritage Life as it has no legal liability			for the plan.  Investors Heritage Life produced a statutory			operating gain of approximately $1,082,000 and $1,172,000 in 2006			and 2005, respectively.  For additional discussion on statutory			accounting practices refer to Note H to the Consolidated Financial			Statements*.*  
**OFF-BALANCE SHEET ARRANGEMENTS** 
We have no off-balance sheet			arrangements as of December 31, 2006. 
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**MANAGEMENT'S DISCUSSION & ANALYSIS**  
**FORWARD LOOKING INFORMATION** 
We caution			readers regarding certain forward-looking statements contained in			this report and in any other statements made by, or on behalf of,			the Company, whether or not in future filings with the Securities			and Exchange Commission.  Forward-looking statements are statements			not based on historical information and which relate to future			operations, strategies, financial results or other developments.			 Statements using verbs such as "expect", "anticipate", "believe" or			words of similar import generally involve forward-looking			statements.  Without limiting the foregoing, forward-looking			statements include statements which represent our beliefs concerning			future levels of sales and redemptions of our products, investment			spreads and yields or the earnings and profitability of our			activities. 
Forward-looking statements are			necessarily based on estimates and assumptions that are inherently			subject to significant business, economic and competitive			uncertainties and contingencies, many of which are beyond our			control and many of which are subject to change.  These			uncertainties and contingencies could cause actual results to differ			materially from those expressed in any forward-looking statements			made by, or on behalf of, the Company.  Whether or not actual			results differ materially from forward-looking statements may depend			on numerous foreseeable and unforeseeable factors and developments.			 Some of these may be national in scope, such as general economic			conditions, changes in tax laws and changes in interest rates.  Some			may be related to the insurance industry generally, such as pricing			competition, regulatory developments, industry consolidation and the			effects of competition in the insurance business from other			insurance companies and other financial institutions operating in			our market area and elsewhere.  Others may relate to the Company			specifically, such as credit, volatility and other risks associated			with our investment portfolio.  We caution that such factors are not			exclusive.  We disclaim any obligation to update forward-looking			information.  
**SELECTED FINANCIAL DATA**
 
**(000's omitted except for Earnings and Cash Dividends Per Share)**                     **2006** **2005** **2004** **2003** **2002**			Total revenue			$			54,384 			$			55,462 			$			56,825 			$			62,135 			$			   73,487 			Total benefits and expenses 			52,885  			52,740  			54,763  			61,422  			   70,684 			Net income 			1,234  			2,230  			1,908  			600  			     1,271 			Earnings per share 			      1.11  			      2.03  			      1.69  			      0.52  			      1.12			Total assets 			415,229  			433,451  			422,699  			429,475  			 427,041 			Total liabilities 			374,059  			389,189  			373,884  			379,381  			 373,501 			Debt 			6,075  			7,645  			9,665  			9,258  			     6,702 			Cash dividends per share 			0.38  			0.38  			0.38  			0.38  			      0.38
 
 
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**REPORT OF INDEPENDENT REGISTERED			PUBLIC ACCOUNTING FIRM**   
The Board of Directors and Stockholders
Kentucky Investors, Inc. 
We have audited the accompanying			consolidated balance sheets of Kentucky Investors, Inc. (the			Company) as of December 31, 2006 and 2005, and the related			consolidated statements of income, stockholders' equity, and cash			flows for each of the three years in the period ended December 31,			2006. These financial statements are the responsibility of the			Company's management.  Our responsibility is to express an opinion			on these financial statements based on our audits. 
We conducted our audits in accordance			with the standards of the Public Company Accounting Oversight Board			(United States).  Those standards require that we plan and perform			the audit to obtain reasonable assurance about whether the financial			statements are free of material misstatement.  We were not engaged			to perform an audit of the Company's internal control over financial			reporting.  Our audits included consideration of internal control			over financial reporting as a basis for designing audit procedures			that are appropriate in the circumstances, but not for the purpose			of expressing an opinion on the effectiveness of the Company's			internal control over financial reporting.  Accordingly, we express			no such opinion.  An audit also includes examining, on a test basis,			evidence supporting the amounts and disclosures in the financial			statements, assessing the accounting principles used and significant			estimates made by management, and evaluating the overall financial			statement presentation.  We believe that our audits provide a			reasonable basis for our opinion. 
In our opinion, the financial statements			referred to above present fairly, in all material respects, the			consolidated financial position of Kentucky Investors, Inc. at			December 31, 2006 and 2005, and the consolidated results of its			operations and its cash flows for each of the three years in the			period ended December 31, 2006, in conformity with U.S. generally			accepted accounting principles. 
As discussed in Note A to the			consolidated financial statements, in connection with implementing a			new accounting standard, the Company changed its method of			accounting for certain employee benefit plans in 2006.  
  
Cincinnati, Ohio
March 15, 2007 
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**KENTUCKY INVESTORS, INC. ****CONSOLIDATED BALANCE SHEETS****DECEMBER 31, 2006 AND 2005**        **ASSETS** **2006** **2005**** **Investments:    			     Securities available-for-sale, at fair value:    			        Fixed maturities (amortized cost: 2006 - $281,277,592; 2005-			$275,752,746)			$			  284,005,322 			 $ 			   283,342,803 			        Equity securities (cost: 2006 - $3,141,053; 2005 -			$2,872,367) 			       3,790,179  			       3,392,822 			     Mortgage loans on real estate 			     24,629,380  			     22,893,966 			     Policy loans 			       7,283,917  			       7,438,128 			     Other long-term investments 			       1,438,921  			       2,268,714 			     Short-term investments 			          390,000  			           575,001 			     Total investments			$			  321,537,719 			 $ 			   319,911,434     			  Cash and cash equivalents 			       1,776,491  			       1,994,032 			  Accrued investment income 			       4,564,086  			       4,654,762 			  Due premiums 			       3,854,233  			       4,089,627 			  Deferred acquisition costs 			     21,494,408  			     22,356,641 			  Present value of future profits 			          207,969  			           299,553 			  Leased property under capital leases 			          350,093  			           427,914 			  Property and equipment 			       1,666,402  			       1,567,392 			  Collateral on securities loaned 			                        -  			     16,773,190 			  Cash value of company-owned life insurance 			       6,117,814  			       6,178,136 			  Other assets 			          243,912  			           299,328 			  Amounts recoverable from reinsurers 			     53,415,921  			     54,899,396 			$			  415,229,048 			 $ 			   433,451,405     **LIABILITIES AND STOCKHOLDERS' EQUITY**    **  LIABILITIES**    			     Policy liabilities:    			         Benefit reserves			$			  341,173,043 			 $ 			   336,428,173 			         Unearned premium reserves 			     13,525,803  			     14,381,589 			         Policy claims 			       1,567,922  			       1,696,430 			         Liability for deposit-type contracts 			       2,652,003  			       2,613,504 			         Reserves for dividends and endowments and other  			          601,815  			           629,869 			         Total policy liabilities			$			  359,520,586 			 $ 			   355,749,565 			     Federal income taxes 			       3,730,671  			       5,994,221 			     Obligations under capital leases 			          349,166  			           429,532 			     Notes payable 			       5,725,751  			       7,215,410 			     Obligations to return collateral under securities loan			agreement 			                        -  			     16,773,190 			     Accrued pension liability      			       2,847,193  			       1,303,941 			     Other liabilities 			       1,885,288  			       1,722,842 			     Total liabilities			$			  374,058,655 			 $ 			   389,188,701     **  STOCKHOLDERS' EQUITY**    			     Common stock (shares issued:  2006-1,113,104; 2005-1,104,773)			$			       1,113,104 			 $ 			       1,104,773 			     Paid-in surplus 			       8,603,902  			       8,578,978 			     Accumulated other comprehensive income (loss) 			         (114,520) 			       3,954,841 			     Retained earnings 			     31,567,907  			     30,624,112 			     Total stockholders' equity			$			     41,170,393 			 $ 			     44,262,704 			$			  415,229,048 			 $ 			   433,451,405     			See notes to consolidated financial statements.
 
 
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**KENTUCKY INVESTORS, INC.****CONSOLIDATED STATEMENTS OF INCOME****FOR THE YEARS ENDED DECEMBER 31, 2006, 2005 AND 2004**                   **2006** **2005** **2004****REVENUE**      			   Premiums and other considerations			$			    47,787,186 			 $ 			    49,658,281 			 $ 			    50,595,408 			   Premiums ceded 			  (12,817,430) 			  (14,086,724) 			  (13,549,313)			     Net premiums earned 			    34,969,756  			    35,571,557  			    37,046,095       			   Investment income, net of expenses 			    18,083,536  			    18,094,058  			    18,112,141 			   Realized gains on investments, net 			         257,312  			         773,437  			         392,577 			   Other income 			      1,073,066  			      1,022,925  			      1,274,259 			     Total revenue			$			    54,383,670 			 $ 			    55,461,977 			 $ 			    56,825,072       **BENEFITS AND EXPENSES**      			   Death and other benefits			$			    31,501,960 			 $ 			    32,582,049 			 $ 			    41,279,849 			   Guaranteed annual endowments 			         584,007  			         608,543  			         641,714 			   Dividends to policyholders 			         558,204  			         572,639  			         635,773 			   Increase (decrease) in benefit reserves       			      and unearned premiums 			      6,780,867  			      6,030,171  			    (1,286,753)			   Acquisition costs deferred 			    (5,005,274) 			    (4,949,052) 			    (4,680,798)			   Amortization of deferred acquisition costs 			      6,177,347  			      5,943,452  			      5,830,252 			   Commissions 			      2,423,522  			      2,339,004  			      2,479,544 			   Other insurance expenses 			      9,863,970  			      9,613,360  			      9,862,937 			     Total benefits and expenses			$			    52,884,603 			 $ 			    52,740,166 			 $ 			    54,762,518       **INCOME BEFORE **      **FEDERAL INCOME TAXES**			$			      1,499,067 			 $ 			      2,721,811 			 $ 			      2,062,554       **PROVISION (BENEFIT) **      **FOR FEDERAL INCOME TAXES**      			   Current			$			         288,807 			 $ 			         419,355 			 $ 			         203,943 			   Deferred 			         (23,294) 			           72,670  			         (48,897)			$			         265,513 			 $ 			         492,025 			 $ 			         155,046             **NET INCOME**			$			      1,233,554 			 $ 			      2,229,786 			 $ 			      1,907,508             **BASIC AND DILUTED **      **NET EARNINGS PER SHARE**			$			               1.11 			$			               2.03 			$			               1.69             			See notes to consolidated financial statements.
 
 
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**KENTUCKY INVESTORS, INC.****CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY****FOR THE YEARS ENDED DECEMBER 31, 2006, 2005 AND 2004**               **Accumulated**         **Other**   **Total** **Common** **Paid-in** **Comprehensive** **Retained** **Stockholders'** **Stock** **Surplus** **Income (Loss)** **Earnings** **Equity**          **BALANCE, JANUARY 1, 2004**			$			1,136,361 			$			8,549,970 			$			12,139,714 			$			28,268,567 			$			50,094,612  			          **Comprehensive income (loss):**          			  Net income 			               -    			              -    			                       -    			1,907,508  			1,907,508 			  Change in net unrealized appreciation          			     on available-for-sale securities 			               -    			              -    			(1,553,972) 			               -    			(1,553,972)			  Change in additional minimum pension liability 			               -    			              -    			(179,702) 			               -    			(179,702)			     Total comprehensive income         			173,834 			Cash dividends 			               -    			              -    			                       -    			(465,162) 			(465,162)			Repurchases of common stock, net 
     (36,695) 
      10,160  			                       -    			(961,312) 			(987,847)**BALANCE, DECEMBER 31, 2004**			$			1,099,666 			$			8,560,130 			$			10,406,040  						$			28,749,601  						$			48,815,437  			          **Comprehensive income (loss):**          			  Net income 			               -    			              -    			                       -    			2,229,786  			2,229,786 			  Change in net unrealized appreciation          			     on available-for-sale securities 			               -    			              -    			(6,020,651) 			               -    			(6,020,651)			  Change in additional minimum pension liability 			               -    			              -    			(429,507) 			               -    			(429,507)			  Change in fair value of hedging instrument 			               -    			              -    			(1,041) 			               -    			(1,041)			     Total comprehensive loss         			(4,221,413)			Cash dividends 			               -    			              -    			                       -    			(454,016) 			(454,016)			Issuances of common stock, net 			5,107  			18,848  			                       -    			98,741  			122,696 **BALANCE, DECEMBER 31, 2005**			$			1,104,773 			$			8,578,978 			$			3,954,841 			$			30,624,112  						$			44,262,704  			          **Comprehensive income (loss):**          			  Net income 			               -    			              -    			                       -    			1,233,554  			1,233,554 			  Change in net unrealized appreciation          			     on available-for-sale securities 			               -    			              -    			(2,947,301) 			               -    			(2,947,301)			  Change in additional minimum pension liability 			               -    			              -    			(12,580) 			               -    			(12,580)			  Change in fair value of hedging instrument 			               -    			              -    			1,011  			               -    			1,011 			     Total comprehensive loss         			(1,725,316)			Adjustment to adopt new accounting standard          			  for employee benefit plans 			               -    			              -    
        (1,110,491) 
               -    
     (1,110,491)			Cash dividends 			               -    			              -    			                       -    			(455,604) 			(455,604)			Issuances of common stock, net 			8,331  			24,924  			                       -    			165,845  			199,100 **BALANCE, DECEMBER 31, 2006**			$			1,113,104 			$			8,603,902 			$			(114,520)			$			31,567,907  						$			41,170,393  			          			See notes to consolidated financial statements.
 
 
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**KENTUCKY INVESTORS, INC.****CONSOLIDATED STATEMENTS OF CASH FLOWS****FOR THE YEARS ENDED DECEMBER 31, 2006, 2005 AND 2004**             **2006** **2005** **2004****OPERATING ACTIVITIES**      			Net income			$			      1,233,554 			 $ 			       2,229,786 			 $ 			       1,907,508 			Adjustments to reconcile net income      			  to net cash provided by operating activities:      			Realized gains on investments, net 			        (257,312) 			        (773,437) 			        (392,577)			Provision (benefit) for deferred federal income taxes 			          (23,294) 			            72,670  			          (48,897)			Amortization of deferred acquisition costs 			      6,177,347  			       5,943,452  			       5,830,252 			Acquisition costs deferred 			     (5,005,274) 			     (4,949,052) 			     (4,680,798)			Net adjustment for premium and discount on investments 			         374,038  			          395,655  			          411,851 			Depreciation and other amortization 			         467,984  			          521,173  			          369,093 			Changes in operating assets and liabilities:      			Accrued investment income 			           90,676  			        (127,350) 			          119,491 			Due premiums 			         235,394  			          173,975  			          178,226 			Cash value of company-owned life insurance 			           60,322  			     (2,057,828) 			     (1,952,071)			Amounts recoverable from reinsurers 			      1,483,475  			       1,952,832  			       3,612,919 			Benefit reserves 			      3,580,588  			       4,235,921  			     (4,595,456)			Policy claims 			        (128,508) 			            83,956  			          (34,771)			Liability for deposit-type contracts 			           38,499  			            (6,312) 			          (29,463)			Reserves for dividends and endowments and other 			          (28,054) 			          (20,096) 			            (5,091)			Federal income taxes 			        (185,193) 			            36,469  			          (66,958)			Other assets and other liabilities 			          (19,863) 			            57,261  			          187,979       **NET CASH PROVIDED BY OPERATING ACTIVITIES**			$			      8,094,379 			 $ 			       7,769,075 			 $ 			          811,237       **INVESTING ACTIVITIES**      			Securities available-for-sale:      			Purchases			$			   (46,138,747)			 $ 			   (36,391,106)			 $ 			   (47,554,404)			Sales and maturities 			    40,247,574  			     28,225,483  			     43,021,328 			Other investments:      			Cost of acquisitions 			     (4,394,097) 			     (5,296,781) 			     (2,081,512)			Sales and maturities 			      3,827,689  			       5,210,727  			       4,030,185 			Net additions to property and equipment 			        (416,673) 			        (507,684) 			          (34,684)      **NET CASH USED BY INVESTING ACTIVITIES**			$			     (6,874,254)			 $ 			     (8,759,361)			 $ 			     (2,619,087)**FINANCING ACTIVITIES**      			Receipts from universal life policies credited to      			policyholder account balances			$			    10,351,773 			 $ 			       7,542,348 			 $ 			       7,686,265 			Return of policyholder account balances on universal life policies 			   (10,043,276) 			     (8,423,439) 			     (8,255,013)			Payments on notes payable 			     (8,210,899) 			     (7,578,587) 			        (818,100)			Proceeds from notes payable 			      6,721,240  			       9,329,534  			       1,249,208 			Issuances (repurchases) of common stock 			         199,100  			          122,696  			        (987,847)			Dividends 			        (455,604) 			        (454,016) 			        (465,162)      **NET CASH PROVIDED BY (USED BY) FINANCING ACTIVITIES**			$			     (1,437,666)			 $ 			          538,536 			 $ 			     (1,590,649)**DECREASE IN CASH**			$			        (217,541)			 $ 			        (451,750)			 $ 			     (3,398,499)			Cash and cash equivalents at beginning of year 			      1,994,032  			       2,445,782  			       5,844,281 **CASH AND CASH EQUIVALENTS AT END OF YEAR**			$			      1,776,491 			 $ 			       1,994,032 			 $ 			       2,445,782 			              			See notes to consolidated financial statements.
 
 
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NOTES TO CONSOLIDATED			FINANCIAL STATEMENTS			December 31, 2006  
**NOTE A - Nature			of Operations and Accounting Policies** 
Kentucky Investors, Inc. ("Kentucky			Investors") is the holding company of Investors Heritage Life			Insurance Company; Investors Heritage Printing, Inc., a printing			company; Investors Heritage Financial Services Group, Inc., an			insurance marketing company; and is the sole member of At Need			Funding, LLC, a limited liability company that provides advance			funding of funerals in exchange for the irrevocable assignment of			life insurance policies from other nonaffiliated companies.  These			entities are collectively hereinafter referred to as the "Company". 			Approximately 99% percent of Kentucky Investors consolidated revenue			is generated by Investors Heritage Life. 
The Company's operations involve the			sale and administration of various insurance and annuity products,			including, but not limited to, participating and non-participating			whole life, limited pay life, universal life, annuity contracts,			credit life, credit accident and health and group insurance			policies.  The principal markets for the Company's products are in			the commonwealths of Kentucky and Virginia, and the states of North			Carolina, South Carolina, Ohio, Indiana, Florida, Tennessee, Georgia			and Michigan. 
**Basis of Presentation:**  The			accompanying consolidated financial statements of Kentucky Investors			have been prepared in accordance with U.S. generally accepted			accounting principles ("GAAP").  
**Principles of Consolidation:**  The			consolidated financial statements include the accounts of the			wholly-owned subsidiaries of Kentucky Investors, which are Investors			Heritage Life and its subsidiary, Investors Underwriters, Inc.,			Investors Heritage Printing, Investors Heritage Financial and At			Need Funding.  Intercompany transactions are eliminated in the			Company's consolidated financial statements. 
**Use of Estimates:**  The			preparation of financial statements requires management to make			estimates and assumptions that affect the amounts reported in the			financial statements and accompanying notes.  Actual results could			differ from those estimates. 
**Investments:**  The Company			classifies all fixed maturities and equity securities as			available-for-sale.  Under Statement of Financial Accounting			Standards ("SFAS") No. 115, *"Accounting for Certain Investments			in Debt and Equity Securities"*, securities classified as			available-for-sale are carried at fair value with unrealized			appreciation (depreciation) relating to temporary market value			changes recorded as an adjustment to other comprehensive income			(loss), net of deferred acquisition costs and federal income taxes.			 
Premiums and discounts on fixed maturity			investments are amortized into income using the interest method. 			Anticipated prepayments on mortgage-backed securities are considered			in the determination of the effective yield on such securities.  If			a difference arises between anticipated prepayments and actual			prepayments, the carrying amounts of the investments are adjusted			with a corresponding charge or credit to interest income. 
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NOTES TO CONSOLIDATED			FINANCIAL STATEMENTS  
Realized gains and losses on the sales			of investments are determined based upon the specific identification			method and include provisions for other-than-temporary impairments			where appropriate, as discussed in further detail in Note C to the			consolidated financial statements. 
Mortgage loans, policy loans and other			long-term investments are carried at book value.  Short-term			investments represent securities with maturity dates within one year			but exceeding three months.  These securities are carried at			amortized cost, which approximates market. 
Cash equivalents include money market			funds on deposit at various financial institutions with contractual			maturity dates within three months at the time of purchase. 
**Deferred Acquisition Costs:** 			Commissions and other acquisition costs which vary with and are			primarily related to the production of new business are deferred and			amortized over the life of the related policies (refer to Revenues			and Expenses discussed later regarding amortization methods). 			Recoverability of deferred acquisition costs is evaluated			periodically by comparing the current estimate of the present value			of expected pretax future profits to the unamortized asset balance. 			If this current estimate is less than the existing balance, the			difference is charged to expense. 
**Present Value of Future Profits:** 			Present value of future profits represents the estimated value			assigned to the insurance in force of the assumed policy obligations			at the date of acquisition of a block of policies.  The assigned			value is amortized over the expected remaining life of the insurance			in force (which approximates a weighted average of 8 years). 			Accumulated amortization was $574,692 and $483,108 at December 31,			2006 and 2005, respectively.  Annual amortization for 2007 will be			approximately $91,600.  Annual amortization for 2008, 2009 and 2010			will be approximately $86,100, $17,300 and $13,000, respectively. 
**Property and Equipment:**  Property			and equipment is carried at cost less accumulated depreciation,			using principally the straight-line method.  Accumulated			depreciation on property and equipment was $3,777,435 and $3,663,853			at December 31, 2006 and 2005, respectively. 
**Capital Leases:** During 2006, the			Company entered into four capital leases for office equipment. Total			lease payments for 2006, 2005 and 2004 relating to new and			previously existing capital leases were $242,858, $210,482 and			$177,828, respectively. Future minimum lease payments for 2007,			2008, 2009 and 2010 are $225,793, $104,519, $40,540, and $6,123,			respectively.  The present value of net minimum lease payments at			December 31, 2006 was $349,166, which is equal to the total future			minimum lease payments of $376,975 less imputed interest of $27,809.			Accumulated amortization on the leased property was $429,001 and			$429,060 at December 31, 2006 and 2005, respectively. 
**Collateral on Securities Loaned: **			The Company holds cash collateral of 102% of the market value of			domestic securities on loan under its securities lending			arrangement, adjusted daily.  The cash collateral held is reported			as an asset with a corresponding liability reported for the			obligation to return such collateral upon the return of the			securities being loaned. 
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NOTES TO CONSOLIDATED			FINANCIAL STATEMENTS  
**Cash Value of Company-Owned Life			Insurance: **The Company holds life insurance policies on key			members of the organization.  These policies are reported at the			current cash surrender values of the policies. 
**Benefit Reserves and Policyholder			Deposits:**  Reserves on traditional life and accident and health			insurance products are calculated using the net level premium method			based upon estimated future investment yields, mortality,			withdrawals and other assumptions, including dividends on			participating policies.  The assumptions used for prior year issues			are locked in. Current year issues are reserved using updated			assumptions determined by reviewing the Company's past experience			and include a provision for possible unfavorable deviation. 
Benefit reserves and policyholder			deposits on universal life and investment-type products are			determined by using the retrospective deposit method and represent			the policy account value before consideration of surrender charges. 			In addition, unearned revenues are included as a part of the benefit			reserve. 
The mortality assumptions for regular			ordinary business are based on the 1955-60 Basic Table, Select and			Ultimate, for plans issued prior to 1982, the 1965-70 Basic Table,			Select and Ultimate, for plans issued in 1982 through 1984, the			1975-80 Basic Table, Select and Ultimate, for plans issued after			1984 and on the Company's experience for final expense plans. 
**Reinsurance:**  The Company assumes			and cedes reinsurance under various agreements providing greater			diversification of business, allowing management to control exposure			to potential losses arising from large risks, and providing			additional capacity for growth.  Amounts recoverable from reinsurers			are estimated in a manner consistent with the related liabilities			associated with the reinsured policies.  At December 31, 2006 and			2005, amounts recoverable from reinsurers were $53,415,921 and			$54,899,396, respectively.  These amounts included reserves ceded to			reinsurers of $52,283,087 and $53,955,634 at December 31, 2006 and			2005, respectively, in accordance with SFAS No. 113, *"Accounting			and Reporting for Reinsurance of Short-Duration and Long-Duration			Contracts"*. 
**Unearned Premium Reserves:** 			Credit life unearned premium reserves are calculated for level and			reducing coverage certificates using the monthly pro rata and Rule			of 78's methods, respectively.  Credit accident and health unearned			premium reserves are determined based upon the Rule of 78's. 
**Policy Claims:**  Policy claims are			based on reported claims plus estimated incurred but not reported			claims developed from trends of historical data applied to current			exposure. 
**Liability for Deposit-Type Contracts:** 			Liability for deposit-type contracts consists of supplemental			contracts without life contingencies, premium deposit funds and			dividends and endowments left on deposit at interest. 
**Participating Policies: **			Participating business approximates 7% of ordinary life insurance in			force.  Participating dividends are accrued as declared by the Board			of Directors of Investors Heritage Life.  The liability for future			policy benefits for participating policies was determined based on			the Net Level Premium Reserve Method, 3% interest, and the 1941 CSO			Mortality and 1958 CSO Mortality tables.  All guaranteed benefits			were considered in calculating these reserves.  Deferred acquisition			costs are amortized in proportion to expected gross profits. 
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NOTES TO CONSOLIDATED			FINANCIAL STATEMENTS  
The average assumed investment yields			used in determining expected gross profits ranged from 3.56% to			9.17% (for the current and all future years an assumed investment			yield of 6.00% was utilized). 
**Federal Income Taxes:**  The			Company utilizes the liability method in accordance with SFAS No.			109, *"Accounting for Income Taxes"*, to account for income			taxes.  Under such method, deferred tax assets and liabilities are			determined based on differences between the financial reporting and			the tax bases of assets and liabilities and are measured using the			enacted tax rates. 
**Revenues and Expenses:**  Revenues			on traditional life and accident and health insurance products			consist of direct and assumed premiums reported as earned when due. 			Liabilities for future policy benefits, including unearned premium			reserves on accident and health policies and unreleased profits on			limited-pay life policies, are provided and acquisition costs are			amortized by associating benefits and expenses with earned premiums			to recognize related profits over the life of the contracts. 			Acquisition costs are amortized over the premium paying period using			the net level premium method.  Traditional life insurance products			are treated as long duration contracts since they are ordinary whole			life insurance products, which generally remain in force for the			lifetime of the insured.  The accident and health insurance products			are treated as long duration contracts because they are			non-cancelable. 
Revenues for universal life and			investment-type products consist of investment income and policy			charges for the cost of insurance and policy initiation and			administrative fees.  Expenses include interest credited to policy			account balances, actual administrative expenses and benefit			payments in excess of policy account balances. 
Deferred acquisition costs			related to universal life and investment-type products are amortized			as a uniform percentage of each year's expected gross profits, over			the life of the policies.  Amortization is unlocked for significant			changes in expected versus actual gross profits, including the			effects of realized gains or losses on fixed income securities. 
**Stock Option and Stock Appreciation			Rights Plan: **Effective January 1, 2006, we began accounting for			stock-based incentive programs under SFAS No. 123(R), *"Share-Based Payment."* SFAS No. 123(R) superseded Accounting			Principles Board Opinion No. 25, *"Accounting for Stock Issued to			Employees,"* and requires all share-based payments to employees			to be recognized as compensation expense in the consolidated income			statement.  The Company adopted the provisions of SFAS No. 123(R)			using the modified prospective method in which compensation expense			is recognized based on the requirements of SFAS No. 123, *"Accounting for Stock-Based Compensation,"* for all awards			granted to employees prior to January 1, 2006. Under this method,			the Company's stock-based compensation is reported in the balance			sheets as a liability based on the intrinsic value of the			compensation, and compensation expense is measured as the change in			intrinsic value. Prior to the adoption of SFAS No. 123(R) on January			1, 2006, the Company also accounted for stock-based compensation in			accordance with SFAS No. 123, under which compensation expense is			recognized based on the intrinsic value of stock-based compensation.			Implementation of this new standard did not have a material impact			on the Company's financial condition or operations based on the			current use of the liability method. 
**Common Stock and Earnings per Share:** 			The par value per share is $1.00 with 4,000,000 shares authorized.			Earnings per share of common stock were computed based on the			weighted average number of common shares outstanding during each			year.  The weighted  
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NOTES TO CONSOLIDATED			FINANCIAL STATEMENTS  
average number of shares outstanding during 2006,			2005 and 2004 were 1,107,768, 1,100,920, and 1,128,148 shares,			respectively.  Cash dividends per share were $.38 in 2006, 2005 and			2004. 
**Accumulated Other Comprehensive			Income (Loss):** SFAS No. 130, *"Reporting Comprehensive Income"*,			requires the inclusion of unrealized gains or losses on			available-for-sale securities in other comprehensive income.  The			reclassification amounts for the years ended December 31, 2006, 2005			and 2004 are summarized as follows:
 
 **2006** **2005** **2004**      			Net unrealized loss arising during period			$			  (2,689,989)			 $ 			  (5,247,214)			 $ 			  (1,161,395)			Reclassification adjustment for net gains      			  included in net income 			     (257,312) 			     (773,437) 			     (392,577)			Net unrealized loss on available-for-sale      			  securities			$			  (2,947,301)			 $ 			  (6,020,651)			 $ 			  (1,553,972)
 

**New Accounting Standards:**On			September 29, 2006, the Financial Accounting Standards Board ("FASB")			issued SFAS No. 158, "*Employers' Accounting for Defined Benefit			Pension and Other Postretirement Plans,*" which amends SFAS No.			87, "*Employers' Accounting for Pensions*," SFAS No. 88, "*Employers"			Accounting for Settlements and Curtailments of Defined Benefit			Pension Plans and for Termination Benefits*," SFAS No. 106, "*Employers"			Accounting for Postretirement Benefits Other Than Pensions*," and			SFAS No. 132 (revised 2003), "*Employers' Disclosures about			Pensions and Other Postretirement Benefits*," and applies to all			plan sponsors who offer defined benefit pension and postretirement			benefit plans. SFAS No. 158 requires an entity to recognize an asset			for a plan's overfunded status or a liability for a plan's			underfunded status measured as of the end of the entity's fiscal			year effective for fiscal years ending after December 15, 2006.  The			entity will recognize changes in the funded status in other			comprehensive income (loss) in the year in which the changes occur.			 The adoption of this Statement resulted in an additional charge,			net of applicable deferred income taxes, to accumulated other			comprehensive income (loss) at December 31, 2006 of $1,110,491,			representing the difference between the projected benefit obligation			measurement on which SFAS No. 158 reporting is based and the			accumulated benefit obligation measurement on which reporting was			based prior to the adoption of SFAS No. 158. 
On September 15, 2005, the Accounting			Standards Executive Committee ("AcSEC") issued Statement of Position			("SOP") No. 05-1, "*Accounting by Insurance Enterprises for			Deferred Acquisition Costs in Connection With Modifications or			Exchanges of Insurance Contracts*."  AcSEC defines an internal			replacement as a modification in product benefits, features, rights,			or coverages that occurs by the exchange of a contract for a new			contract, or by amendment, endorsement, or rider to a contract, or			by the election of a feature or coverage within a contract.  An			internal replacement that is determined to result in a replacement			contract that is substantially unchanged from the replaced contract			should be accounted for as a continuation of the replaced contract.			 Contract modifications resulting in a replacement contract that is			substantially changed from the replaced contract should be accounted			for as an extinguishment of the replaced contract and any			unamortized deferred policy acquisition costs, unearned revenue			liabilities, and deferred sales inducement costs from the replaced			contract should be written off and acquisition costs of the new			contract capitalized as appropriate.  This SOP is effective for			internal replacements occurring in fiscal years  
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NOTES TO CONSOLIDATED			FINANCIAL STATEMENTS  
beginning after December 15, 2006.			 Management does not expect the impact of the adoption of this			guidance to be material to its consolidated financial statements. 
In June 2006, the FASB issued FASB			Interpretation No. 48 ("FIN 48"), *"Accounting for Uncertainty in			Income Taxes, an interpretation of FASB Statement No. 109."*  FIN			48 clarifies the accounting for uncertainty in income taxes			recognized in an enterprise's financial statements in accordance			with SFAS No. 109, *"Accounting for Income Taxes."* 			Specifically, FIN 48 prescribes a recognition threshold and			measurement attribute for the financial statement recognition and			measurement of a tax position taken or expected to be taken in a tax			return and also provides guidance on derecognition, classification,			interest and penalties, accounting in interim periods, disclosure			and transition.  The provisions of FIN 48 are effective for fiscal			years beginning after December 15, 2006 and will be adopted by the			Company on January 1, 2007.  Management does not expect the impact			of the adoption of this guidance to be material to its consolidated			financial statements. 
**NOTE B -- Investments** 
The Company limits credit risk by			investing primarily in investment grade securities and by			diversifying its investment portfolio among government and corporate			bonds and mortgage loans.  The Company manages its fixed income			portfolio to diversify between and within industry sectors. 			Mortgage loans, exclusive of insured or guaranteed mortgages, are			issued at loan to value ratios not exceeding 80 percent. 			Approximately $7,222,000 and $6,384,000 of the loans outstanding at			December 31, 2006 were to borrowers located in Kentucky and Florida,			respectively.  All loans are secured by a first mortgage on the			property. 
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NOTES TO CONSOLIDATED			FINANCIAL STATEMENTS  
			Investments in available-for-sale securities at December 31 are			summarized as follows:
 
   **Gross** **Gross Unrealized Losses**  **2006** **Amortized** **Unrealized** **Less Than** **Greater Than** **Fair** **Cost** **Gains** **12 Months** **12 Months** **Value****Available-for-sale securities:**         			U.S. government obligations			$			   35,414,215 			 $ 			       567,834 			 $ 			     108,516 			 $ 			         143,681 			 $ 			   35,729,852 			States and political subdivisions			   17,357,360  			       400,379  			       26,248  			         178,699  			   17,552,792 			Corporate 			 144,745,347  			    3,633,555  			     195,031  			      1,961,064  			 146,222,807 			Foreign 			   21,884,041  			    1,436,789  			                -  			         134,868  			   23,185,962 			Mortgage-backed securities 			   61,876,629  			       290,374  			       40,885  			         812,209  			   61,313,909 			Total fixed maturity securities			$			 281,277,592 			 $ 			    6,328,931 			 $ 			     370,680 			 $ 			      3,230,521 			 $ 			 284,005,322 			Equity securities 			     3,141,053  			       745,090  			       95,964  			                    -  			     3,790,179 			Total			$			 284,418,645 			 $ 			    7,074,021 			 $ 			     466,644 			 $ 			      3,230,521 			 $ 			 287,795,501              **Gross** **Gross Unrealized Losses**  **2005** **Amortized** **Unrealized** **Less Than** **Greater Than** **Fair** **Cost** **Gains** **12 Months** **12 Months** **Value****Available-for-sale securities:**         			U.S. government obligations			$			   35,652,436 			 $ 			    1,163,106 			 $ 			       69,998 			 $ 			             8,304 			 $ 			   36,737,240 			States and political subdivisions			   14,456,511  			       620,689  			       52,166  			           66,008  			   14,959,026 			Corporate 			 164,679,571  			    6,058,148  			     953,109  			         689,130  			 169,095,480 			Foreign 			   20,939,612  			    1,948,658  			       50,902  			                    -  			   22,837,368 			Mortgage-backed securities 			   40,024,616  			       229,376  			     521,017  			           19,286  			   39,713,689 			Total fixed maturity securities			$			 275,752,746 			 $ 			  10,019,977 			 $ 			  1,647,192 			 $ 			         782,728 			 $ 			 283,342,803 			Equity securities 			     2,872,367  			       622,334  			     101,879  			                    -  			     3,392,822 			Total			$			 278,625,113 			 $ 			  10,642,311 			 $ 			  1,749,071 			 $ 			         782,728 			 $ 			 286,735,625 
 

 
 
- 31 -
 

 

NOTES TO CONSOLIDATED			FINANCIAL STATEMENTS  
The			following table summarizes, for all securities in an unrealized loss			position at December 31, 2006, the estimated fair value, pre-tax			gross unrealized loss and number of securities by length of time			those securities have been continuously in an unrealized loss			position.   **Gross**   **Estimated** **Unrealized** **Number Of** **Fair Value** **Loss** **Securities****Fixed Maturities:**      			Fewer Than 6 Months			$			22,774,799 			$			208,481  			                   15 			7-12 Months 			12,179,917  			162,199  			                   12 			Greater Than 12 Months 			88,841,641  			3,230,521  			                 117 			Total Fixed Maturities 			123,796,357  			 			3,601,201  			                 144       **Equities:**      			Fewer Than 6 Months 			1,547,975  			95,964  			                     2 			7-12 Months 			                       -  			                     -  			                      - 			Greater Than 12 Months 			                       -  			                     -  			                      - 			Total Equities 			1,547,975  			95,964  			                     2       			Total			$			125,344,332 			$			3,697,165  			                 146 
 

All of the above 144 fixed maturity			securities had a fair value to cost ratio equal to or greater than			91% as of December 31, 2006.  The equity securities noted above had			a fair value to cost ratio of over 92%. 
The Company's decision to record an			impairment loss is primarily based on whether the security's fair			value is likely to remain significantly below its book value in			light of all the factors considered. Factors that are considered			include the length of time the security's fair value has been below			its carrying amount, the credit worthiness of the issuer, and the			coupon and/or dividend payment history of the issuer.  For any			securities that are other-than-temporarily impaired, the security is			adjusted to fair value and the resulting losses are recognized in			realized gains/losses in the consolidated statements of income. 
Based on			an analysis of the criteria previously discussed, none of the			securities, including securities with unrealized losses greater than			12 months in age, are believed to be other-than-temporarily impaired			at December 31, 2006.  Management believes that the Company will			fully recover its cost basis in the securities at December 31, 2006,			and has the ability and intent to hold such securities until they			recover or mature.  The temporary impairments shown herein are			primarily the result of the current interest rate environment rather			than credit factors that would imply other-than-temporary			impairment.  No impairment losses were included in net realized			investment gains in 2006, 2005 or 2004. 
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NOTES TO CONSOLIDATED			FINANCIAL STATEMENTS  
In accordance with SFAS No. 115, net			unrealized gains for investments classified as available-for-sale			are presented below, net of the effect on deferred income taxes and			deferred acquisition costs assuming that the appreciation had been			realized. 
 
**December 31** **2006** **2005**			Net unrealized appreciation on    			  available-for sale securities			$			    3,376,856 			$			   8,110,512 			  Adjustment to deferred acquisition costs			     (264,635) 			     (574,478)			  Deferred income taxes 			  (1,403,579) 			  (2,880,091)			Net unrealized appreciation on    			  available-for sale securities			$			    1,708,642 			$			   4,655,943 
 

The amortized cost and fair value of			debt securities at December 31, 2006, by contractual maturity, are			presented below.  Expected maturities will differ from contractual			maturities because borrowers may have the right to call or prepay			obligations with or without call or prepayment penalties.
 
 **Available-for-Sale** **Amortized** **Fair** **Cost** **Value**			Due in one year or less			$			     6,107,658 			$			     6,154,085 			Due after one year through five years 			68,908,258  			71,305,366 			Due after five years through ten years			109,397,107  			108,883,530 			Due after ten years 			42,048,677  			43,182,452 			Due at multiple maturity dates 			54,815,892  			54,479,889 			Total			$			281,277,592  						$			284,005,322  			
 

Proceeds during 2006, 2005 and 2004 from			sales and maturities of investments in available-for-sale securities			were $40,247,574, $28,225,483 and $43,021,328, respectively.  Gross			gains of $493,396, $876,678 and $478,320 and gross losses of			$217,000, $103,241 and $613,934 were realized on those sales during			2006, 2005 and 2004, respectively. 
- 33 -
 

 

NOTES TO CONSOLIDATED			FINANCIAL STATEMENTS  
Presented below is investment			information, including the accumulated and annual change in net			unrealized investment gains or losses.  Additionally, the table			shows the annual change in net unrealized investment gains (losses)			and the amount of realized investment gains (losses) on debt and			equity securities for the years ended December 31, 2006, 2005 and			2004:
 
 **2006** **2005** **2004****Change in unrealized investment gains (losses):**    **  Available-for-sale:**      			  Fixed maturities			$			  (4,862,327)			$			  (9,039,392)			$			  (2,803,806)			  Equity securities 			       128,671  			     (775,891) 			       421,837 **Realized investment gains (losses):**      **  Available-for-sale:**      			  Fixed maturities			$			         54,868 			$			       126,516 			$			       392,577 			  Equity securities 			       221,528  			       646,921  
                     -			             			Major categories of net investment income are summarized as follows:        **2006** **2005** **2004**			Fixed maturities			$			 16,027,253 			$			 16,122,656 			$			 15,945,736 			Mortgage loans on real estate 			    1,682,625  			    1,946,974  			    1,895,624 			Other 			    1,226,288  			       681,600  			    1,043,783 			$			 18,936,166 			$			 18,751,230 			$			 18,885,143 			Investment expenses 			       852,630  			       657,172  			       773,002 			$			 18,083,536 			$			 18,094,058 			$			 18,112,141 
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