Verhovayak Lapja, 1954 (37. évfolyam, 1-12. szám)

1954-05-05 / 5. szám

6-IK OLDAL 1954 május 5. Verhovayak Lapja VALUATION REPORT HARLEY N. BRUCE & ASSOCIATES 'Consulting Actuaries 436 Boulevard of Allies, Pittsburgh 19, Pa. Phone: GRant 1-0238 March 5, 1954 Verhovay Fraternal Insurance Association, 436—40 Fourth Avenue, Pittsburgh 19, Pennsylvania. Gentlemen, For the year 1953, Verhovay Fraternal Insurance Association continued to show substantial increase in all phases of its operations: 1. Insurance in force increased for the year 1952 by $1,352,686.00 which is an increase of 5% over the gain made for the year 1952. Insurance in force on December 31, 1953 had grown to the all time “high” of $49,253,478.00. 2. Ledger assets at end of the year increased to $14,275,197.00, a gain for the year of $909,127.00 which again breaks another record in the history of the Association’s growth. 3. During the year 1953, the Association added $699,417.00 to its life insurance funds, thus building its total reserves to $13,117,377.00. All reserves are calculated by the safest and most conservative standards, thereby placing the future safety and security of the insured members above all other considerations. The Management of the Association has voluntarily established the most conservative reserve standards so as to be beyond the statutory requirements of any state insurance department. 4. The rate of interest earned on all funds of the Association is 3.00%, which is very favorable in view of the exceedingly high quality in­vestment portfolio of the Association. Since this rate of return is computed by a different formula than in previous years, due to the requirements of the new annual statement, it is not comparable to the ratio of previous years. The net investment income was $411,064.00 which exceeded the interest required to be earned by $52,312.00. The investment management is to be commended. 5. Total benefits and payments made to members equalled $733,658.00. 6. Total income amounted to $2,155,503.66 while total disbursements amounted to $1,246,376.70 for the year. Although income increased for the year, disbursements decreased, thereby indicating the prudent and efficient management of the Association. 7. The Valuation Exhibit indicates that, on the basis of the A.E. & A.M. table of mortality with interest at 3% and 2'/2 % the future assess­ments of the Association, at the net rates now being collected, together with the now invested assets, are sufficient to meet all certificates obligations as they mature by their terms, with a margin of safety of $917,888.54 (or 6.81%) over and above the statutory standards. We, as Consulting Actuaries, are justifiably proud to serve an organiza­tion with the efficiencies and progressiveness of the Verhovay Fraternal Insurance Association. Respectfully submitted, HARLEY N. BRUCE & ASSOCIATES Consulting Actuaries for VERHOVAY FRATERNAL INSURANCE ASSOCIATION H. N. BRUCE Consulting Actuary HNB:LBB LIABILITIES, SPECIAL RESERVES AND UNASSIGNED FUNDS Dollars Cents Aggregate reserve for life certificates and contracts .............. 12,546,427.00 Aggregate reserve for accident and health certificates .............. 570,950.00 Certificate and contract claims Life .......................... 30,750.00 Accident and Health ................................................................ 50,508.56 Premiums and annuity considerations received in advance less $— 0 — discount; including $10,911.40 accident and health premiums ..... 106,031.45 Commissions to fieldworkers due or accrued. Life and Annuity $10,424.40 Accident and Health $438.81 ................................... 10,863.21 General expenses due or accrued .................................................. 5,027.92 Taxes, licenses and fees due or accrued 4,829.56 Amounts withheld or retained by Society as agent or trustee .... 101,890.54 Liability for benefits for employees and fieldworkers if not included above .............................................. 31,979.67 Mandatory Security Valuation Reserve ............. 24,656.01 TOTAL LIABILITIES ................................................... 13,483.913.92 Unassigned funds ............................................................................... 917,888.54 TOTAL ..................................... 14,401,802.46 SUMMARY OF OPERATIONS (ACCRUAL BASIS) Dollars Cents Premiums and annuity considerations Ljfe .................... 1,482,267.50 Accident and health .................................................................. 164,560.30 Net investment income ...................................................... 411,064.54 Net realized capital gains .................................................................. 634.85 Trust Fund and Pension Fund Deposits and Miscellaneous Income ............ 49,458.74 TOTAL ..................................................-......................2,107,985.93 DEDUCT: Death benefits ..................................................................................... 449,824.01 Matured endowments ...................................................................— 29,386.50 Surrender benefits ........................................................................... 116,744.90 Accident and health benefits ......................................-.................. 143,987.62 Trust Fund And Pension Fund ........................................................ 23,776.35 Increase in aggregate reserve for certificates and contracts with life contingencies ................. 672,614.00 Subtotal ...................................................................................•> 1,436,333.38 Commission And Collection Expense on premiums and annuity considerations .....................................................-.................... 194,099.80 General insurance expenses and fraternal payments (Exhibit 5, Cols. 1, 2 and 4, Line 13) ...................-................................... 239,240.30 Taxes, licenses and fees (Exhibit 6, Cols. 1, 2 and 4, Line 10)..... 9,476.56 TOTAL ..................................................................................... 1,879,150.04 Net gain from operations before refunds to members ................ 228,835.89 Refunds to members ......................................................-.................. 10,874.33 NET GAIN FROM OPERATIONS AFTER REFUNDS TO MEMBERS ............................................................ 217,961.56 ANNUAL STATEMENT FOR THE YEAR 1953 OF THE VERHOVAY FRATERNAL INSURANCE ASSOCIATION ASSETS Dollars Cents UNASSIGNED FUNDS AND SPECIAL RESERVES ACCOUNT Dollars Cents Unassigned funds December 31, previous year ...................^....... 756,811.30 Decrease in Trust and Pension Fund Liabilities and Security Valuation Reserve .................................................................... 993.59 Net gain from operations ......................................................... 217,961.56 Net gain from non-admitted and related items .................... 350.00 TOTAL ....................................................................................... 976,116.45 "■Bonds ............................................................................................. *Stocks ...................* *.......................................................................... Mortgage loans on real estate ..................................................... Real estate ....................................................................................... Properties occupied by the Society ................ $115,495.27 Properties acquired in satisfaction of debt .... — Investment real estate ..................................... 17,468.29 Certificate loans and liens ......................................................*.... Cash and bank deposits (Exhibit 13) ............................................. Cash and invested assets $14,238,863.59 Premium actually collected by subordinate lodges not yet re­mitted to Home Office .............................................................. Interest and other investment income due and accrued .............. TOTAL ........................................................... 12,671,613.35 54,156.00 649.586.53 132,963.56 544,105.41 186,438.74 41,069.37 121,869.50 14,401,802.46 * State basis of valuation: Bonds — Amortized or Investment Value Stocks — Market Value Net unrealized capital losses .........................................,................ 31,424.91 Increase in reserve on account of change in valuation basis....... 26,803.00 Unassigned funds December 31 of current year ............................ 9-17,888.54 TOTAL ...................................................................................... 976,116.45 EXHIBIT OF INSURANCE CERTIFICATES Paid-For Business Only Number Amount 1.At end of previous year ....................... 60,578 47,900,792.00 3,352,500.00 268,064.00 16,053.00 2.Issued during year ................................ 2.809 2A 3. Reinsurance ............................................ Revived during year ...................................... 321 4.Increased during year ........................... 5.TOTAL, Lines 2 to 4, inclusive ...................... 3,130 3,636,617.00 6.TOTAL, Line 1 plus Line 5 ........................... 63,708 51,537,409.00 TRENTON, N. J. KÜLÖN KUGLIZÓ BIZOTTSÁGOT SZERVEZETT

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