William Penn Life, 1968 (3. évfolyam, 1-12. szám)

1968-04-01 / 4. szám

Report of the William Penn Actuary HARLEY N. BRUCE & ASSOCIATES Consulting Actuaries R.E. Bruce Consulting Actuary- 441 Park Lane, Lake Bluff, 111. 60044 Phone (312) 234-3618 March 3, 1968 Officers and Directors William Penn Fraternal Association 429 Forhes Avenue Pittsburgh, Pa. 15219 Re: 1967 Year of Operations Gentlemen: The following statistics represent cer­tain highlights of information which will be contained in the actuarial report. This information is presented in ad­vance of the longer and more detailed actuarial report to the Board of Di­rectors so that it can be presented to your members at the earliest possible time. The year 1967 was another profitable year for the Association, reflecting in­creases to surplus from both profits and surplus transactions. Management is to be congratulated for these achievements. Profits in 1967 were exceptionally fine for the Association, amounting to $403,674.29 before dividends and $265,- 530.08 after dividends. These profits reflect the culmination of several years of careful planning and development by the officers. The officers are to be congratulated on the judicious manage­ment of the money entrusted to them by the members. The assets continued to climb a new high of $32,204,922.62 as of December 31, 1967, and representing an increase of $348,550.12 over the assets as of December 31, 1966. The Association maintains admissible assets of $109.81 behind each $100.00 of liabilities as a safeguard and guarantee to all members that the benefits promised in the cer­tificates wiR be paid when due. This represents an exceptionally fine increase from the corresponding figure as of December 31, 1966 of $108.99. The Association again enjoyed a favorable year from an investment stand­point. The net rate of return during 1967 on mean ledger assets was 4.07%, representing continuing gains over the 1966 and prior rates of return. During 1967, the Association earned investment income of $1,276,131.86 after deducting all investment expenses. The amount earned exceeded that required to be earned to maintain interest bearing liabilities by $494,826.86, which com­pares favorably with the 1966 and 1965 excess interest earnings of $443,390.02 and $391,252.77, respectively. In addition to the excess interest earnings, the Association added $73,-637.42 to surplus through capital trans­actions. These capital transactions rec­ognize gains and losses in the sale of assets, the change in value of assets not sold and the Mandatory Security Valuation Reserve. During 1967, 1,393 new life certificates were issued for $5,237,846.00 of in­surance. Total insurance in force amounted to $84,701,234 at the end of the year on 70,730 certificates. In addi­tion, the Association has issued and has outstanding over 10,500 Sick Beneft, Accident and Health and Hospitalization certificates. The Association has set aside $26,- 438,356.00 of life reserves and $603,- 739.14 of A & H Reserves for the pay­ment of future claims, which amounts are in addition to the amounts set aside for claims currently in process. Manage­ment continues its wise and conservative practice of setting aside sufficient funds with which to meet all known and contingent liabilities. The most important index of service to members is the total amount paid to members. During 1967, the Association paid $2,520,804.80 to its members which is consistent with payments of prior years. A summary of the 1967 payments to members is as follows: Item 1967 Death Claims .....................$ 964,463.09 Matured Endowments ..... 794,551.00 Surrender Benefits ......... 412,685.27 A & H and Miscellaneous Payments ....................... 210,961.23 Dividends ........................... 138,144.21 Total ...............................$2,520,804.80 In the opinion of the actuaries, the reserves and other liabilities set aside for payment of future claims, together with future premiums, will be sufficient to meet all future obligations as they arise without deduction or abatement. Respectfully submitted, HARLEY N. BRUCE & ASSOCIATES R. E. Bruce, Consulting Actuary 1967 ANNUAL STATEMENT FINANCIAL REPORT Assets Bonds ...............................................................................................................$27,835,027.00 Stocks .............................................................................................................. 1,054,587.90 Mortgage Loans ............................................................................................. 1,131,828.61 Real Estate ..................................................................................................... 549,841.21 Certificate Loans .......................................................................................... 1,034,570.23 Cash ................................................................................................................ 206,316.41 Branch Real Estate Loans ....................................................................... 27,752.63 Premiums: Life .................................................................................................................. 28,883.91 Accident & Health ...................................................................................... 3,631.46 Accrued Investment Income ....................................................................... 332,483.26 Total Admitted Assets .........................................................................$32,204,922.62 Liabilities, Special Reserves and Surplus Certificate Reserves: Life ..................................................................................................................$26,438,356.00 Accident & Health ...................................................................................... 603,739.14 Supplementary Contracts ............................................................................ 27,195.03 Certificate Claims: Life .................................................................................................................. 61,633.00 Accident & Health ...................................................................................... 9,624.14 Refund (Dividend) Accumulations ........................................................... 419,468.93 Refunds Due and Unpaid .......................................................................... 112,506.65 Advance Premiums ...................................................................................... 360,554.93 Commissions, Taxes, General Expenses Due or Accrued ................... 27,603.74 Pension Benefit Funds .............................................................................. 432,081.85 Security Valuation Reserve ...................................................................... 780,487.48 Trust Account .............................................................................................. 34,944.40 Other Liabilities .......................................................................................... 19,442.80 Total Liabilities ...................................................................................$29,327,638.09 Special Reserves .......................................................................................... 104,964.66 Unassigned Surplus .................................................................................... 2,772,319.87 Total ........................................................................................................$32,204,922.62 6

Next

/
  • Layout
  • Zoom
  • Rotation
Thumbnails
Contents