PROTECTIVE INSURANCE CORPORATION AND SUBSIDIARIES CONDENSED FINANCIAL INFORMATION OF REGISTRANT STATEMENTS OF OPERATIONS  -  PARENT COMPANY ONLY (in thousands) Year Ended December 31 2020 2019 2018 Revenue: Commissions and service fees $ 15,011 $ 14,149 $ 17,456 Cash dividends from subsidiaries – – 5,000  Net investment income 453 692 569 Net realized losses on investments (10) (46) (192) Other 138 17 51 15,592 14,812 22,884  Expenses: Salary and related items 10,663 11,804 20,158  Other 11,048 10,386 11,724 21,711 22,190 31,882  Loss before federal income tax benefit and equity in undistributed income of subsidiaries (6,119 ) (7,378 ) (8,998 ) Federal income tax benefit (1,333) (1,452) (2,862) (4,786 ) (5,926 ) (6,136 ) Equity in undistributed income of subsidiaries 9,249 13,273 (27,939) Net income (loss) $ 4,463 $ 7,347 $ (34,075) 90 SCHEDULE II