2015

2014

2013

Fixed maturity securities

$ 8,168,441

$ 8,229,451

$ 8,265,949

Equity securities

269,795

212,917

210,491

Mortgage loans on real estate

7,696,533

7,550,110

4,666,910

Real estate

9,454,567

8,433,895

6,658,185

Policy and other loans

749,917

741,220

799,703

Short-term investments, principally gains on sale of mortgage loans

16,516,202

12,397,382

8,952,584

Gross investment income

42,855,455

37,564,975

29,553,822

Investment expenses

(8,847,551)

(9,261,235)

(9,199,820)

Net investment income

$ 34,007,904

$ 28,303,740

$ 20,354,002