William Penn Life, 1970 (5. évfolyam, 1-4. szám)
1970-05-01 / 2. szám
WILLIAM PENN ACTUARY’S REPORT March 23, 1970 Officers and Directors William Penn Fraternal Association 429 Forbes Avenue Pittsburgh, Pennsylvania 15219 Re: 1969 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 report to the Board of Directors so that it can be presented to your members at the earliest possible time. The year 1969 was another profitable year for the Association, reflecting increases to surplus from both profits and surplus transactions. Profits in 1969 were again considerably higher than average for the second straight year, amounting to $262,846.51 after dividends of $130,- 724.85. The officers are to be congratulated on the judicious disposition of the money entrusted to them by the members. The assets continued to climb, reaching to a new high of $32,918,024.05 as of December 31, 1969, and representing an increase of $300,503.73 over the assets as of December 31, 1968. The Association maintains admissable assets of $110.19 behind each $100.00 of liabilities as a safeguard and guarantee to all members that the benefits promised in the certificates will be paid when due. This represents a further increase from the corresponding figure of $109.85 as of December 31, 1968. The Association again enjoyed a favorable year from investments. The net rate of return during 1969 on mean ledger assets was 4.25%, representing continuing gains over the 1968 and prior rates of return. During 1969 the Association earned investment income of $1,362,- 271.00 after deducting all investment expenses. The amount earned exceeded that required to be earned to maintain interest bearing liabilities by $573,374.00, which reflects excellent gains over the 1968 and 1967 excess earnings of $533,- 341.77 and $494,826.86 respectively. In addition to the excess interest earnings, the Association added $210.94 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. While this amount of capital gains is small, this is a fine accomplishment as most insurers reported a decline in surplus from capital transactions. Special recognition should be given to the fact that the sum of $701,577 has been set aside the past 19 years from surplus into the Mandatory Security Valuation Reserve to guard against adverse fluctuation in investments. During 1969 new life certificates were issued for $16,432,973 of insurance. Total insurance in force amounts to $93,150,204 at the end of the year on 67,838 certificates. In addition, the Association has issued and has outstanding over 10,000 Sick Benefit, Accident and Health and Hospitalization certificates. The Association has set aside $26,658,- 576.00 of life reserves and $573,340.68 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 prudent and conservative practice of setting aside sufficient funds with which to meet all known and contingent liabilities. The most important index of services to members is the total amount paid to members. During 1969, the Association paid the significant amount of $2,218,-879.94. A summary of the 1969 payments to members is as follows: Item. 1969 Death Claims .....................$ 918,476.99 Matured Endowments .... 535,239,00 Surrender Benefits ............. 403,297.91 A&H & Mise. Payments .. 231,141.19 Dividends ............................. 130,724.85 Total .............................$2,218,879.94 In the opinion of the actuaries, the reserves, liabilities set aside for payment of future claims and future premiums will be sufficient to meet all future obligations as they arise without reduction or abatement. Respectfully submitted, Harley N. Bruce & Associates BETHLEHEM DISTRICT OFFICE This office handles all William Penn Fraternal Association administrative and servicing matters, except collection of premiums, for Branch 90 Allentown, Pa., Branch 98, Bethlehem, Pa., Branch 133 Phillipsburg, N. J. and Branch 216 Northampton, Pa. Mr. Frank Ehasz is the appointed Branch Manager for these Branches and is at the service of the members in the District Office located at 410 Adams St., Bethlehem, Pa. Tuesdays and Thursdays from 9 A.M. to 4 P.M. and on Saturdays from 9 A.M. to Noon. Office telephone is 868-4102. When the Office is not open, Mr. Ehasz can be reached at his residence where the telephone number is Area Code 201 - 454-1012. We urge all members of the (four branches listed above to cut out this Notice and use for reference when you have official William Penn business to transact. BRANCH MERGERS Branches 62 and 104, Cleveland, Ohio have been merged into Branch 45 Cleveland, Ohio effective April 1970. 5 1969 ANNUAL STATEMENT FINANCIAL REPORT ASSTES Bonds ...........................................................................................................$27,926,098.01 Stocks ......................................................................................................... 1,053,445.52 Mortgage Loans ....................................................................................... 967,299.21 Real Estate ............................................................................................... 839,839.57 Certificate Loans .................................................................................... 1,043,459.85 Cash ....................................................................................... 172,088.02 Branch Real Estate Loans ........................................................................ 28,163.45 Other Invested Assets .............................................................................. 500,281.25 PREMIUMS: Life ............................................................................................................ 42,480.06 Accident & Health .................................................................................... 3,980.47 Accrued Investment Income .................................................................. 340,888.64 Total Admitted Assets .................................................................$32,918,024.05 LIABILITIES, SPECIAL RESERVES AND SURPLUS Certificate Reserves: Life ..........................................................................................................$26,658,576.00 Accident & Health .............................................................................. 573,340.68 Supplementary Contracts ..................................................................... 37,831.22 Certificate Claims: Life ........................................................................................................ 69,422.00 Accident & Health .............................................................................. 11,258.47 Refund (Dividend) Accumulations ................................................... 731,916.58 Refunds Due and Unpaid ................................................................... 28,633.99 Advance Premiums .............................................................................. 415,526.29 Commissions, Taxes, General Expenses Due or Accrued ............... 30,602.32 Pension Benefit Funds ........................................................................ 462,416.36 Security Valuation Reserve ............................................................... 701,576.52 Trust Account ..................................................................................... 59,593.16 Other Liabilities .................................................................................... 92,152.45 Total Liabilities ...........................................................................$29,872,846.04 Special Reserves .................................................................................... 174,469.22 Unassigned Surplus ............................................................................ 2,870,708.79 Total ...............................................................................................$32,918,024.05 i
