Shareholders' equity as of December 31, 2020 was $45,366,000, down $8,095,000, compared to December 31, 2019 Shareholders' equity of $53,461,000. Book value per share was $17.93 at December 31, 2020, compared to $21.12 per share at December 31, 2019; a decline of 15.1% or $3.19 per share. The primary factors contributing to the decrease in both book value per share and Shareholders' equity were a net loss of $8,619,000 and shareholder dividends paid of $607,000. Partially offsetting these decreases was an increase in accumulated other comprehensive income of $1,142,000. The accumulated comprehensive income was primarily driven by increases in market value of our corporate bond investments available-for-sale.
Deferred policy acquisition costs were virtually unchanged at $2,724,000, in 2020, compared to $2,723,000 for the same period last year; an increase of $1,000. Policy acquisition costs consist of amortization of previously capitalized distribution costs and current commission payments to agents. As a percentage of premium revenue, policy acquisition costs were comparable at 4.9% in 2020 and 5.0% in 2019.
The property and casualty subsidiaries utilize our actual in force policy data modeled utilizing two different industry accepted catastrophe models to structure catastrophe reinsurance and determine upper limits of catastrophe
Description of the Matter As more fully described in Notes 1 and 9 to the consolidated financial statements, significant estimates made by management include the reserves for future life insurance policy benefits and property and casualty benefits and loss reserves.
A summary of securities available-for-sale with unrealized losses as of December 31, 2019, along with the related fair value, aggregated by the length of time that investments have been in a continuous unrealized loss position, is as follows:
Equity securities - Equity securities consist principally of investments in common and preferred stock of publicly traded companies and privately traded securities. The fair values of our publicly traded equity securities are based on quoted market prices in active markets for identical assets and are classified within Level 1 in the fair value hierarchy.
For the year ended December 31, 2020, there were no assets or liabilities measured at fair values on a nonrecurring basis.
The Company’s interest rate swaps include provisions requiring the Company to post collateral when the derivative is in a net liability position. At December 31, 2020, the Company has securities on deposit with fair market values of $957,000 (all of which is posted as collateral). At December 31, 2019, the Company had securities on deposit with
The Company, through its life insurance subsidiary, underwrites a limited number of short duration accident and health contracts. These claims are typically settled in three years or less and the reserve for unpaid claims totaled $426,000 at December 31, 2020 ($417,000 at December 31, 2019). These claims are a component of policy and contract claims which totaled $1,309,000 at December 31, 2020 ($1,053,000 at December 31, 2019).
During the year ended December 31, 2020 and year ended December 31, 2019, changes in shareholders' equity consisted of net loss of $8,619,000 and net income of $4,067,000, respectively; dividends paid of $607,000 in 2020 and $531,000 in 2019; other comprehensive income of $1,142,000 in 2020 and $4,013,000 in 2019; common stock issued of $25,000 in 2020 and $53,000 in 2019; and the purchase of treasury shares of $36,000 in 2020 and $7,000 in 2019. Other comprehensive income consisted of changes in accumulated unrealized gains/losses on securities available-for-sale and changes in accumulated unrealized losses on interest rate swaps.