William Penn Life, 1972 (7. évfolyam, 1-4. szám)

1972-04-01 / 2. szám

WILLIAM PENN ACTUARY’S REPORT March 23, 1972 Officers, Directors and Members William Penn Fraternal Association 429 Forbes Avenue Pittsburgh, Pennsylvania 15219 RE: 1971 Year of Operations Gentlemen: The following statistics represent cer­tain highlights of information from the actuarial report prepared for the Board of Directors. The year 1971 was another profitable year for the Association, reflecting in­creases to surplus from both profits and surplus transactions. Profits in 1971 were again higher than average for the fourth straight year, amounting to $191,939 after the deduction of a dividend cost of $115,091. 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 $33,835,350 as of Decem­ber 31, 1971, and representing an in­crease of $300,052 over the assets of December 31, 1970. The Association main­tains admissible assets of $110.11 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 compares quite favorably with the corresponding figures of $110.50 as of December 31, 1970. The Association again enjoyed a favor­able year from investments. The net rate of return during 1971 on mean assets was 4.50%, representing continuing gains over the 1970 and prior rates of return. During 1971, the Association earned investment income of $1,481,635 after deducting in­vestment expenses. The amount earned ex­ceeded that required to be earned to main­tain interest bearing liabilities by $652,578, which reflects excellent gains over the 1970 and 1969 excess earnings of $600,090 and $573,374 respectively. Notwithstanding the excellent invest­ment returns, it is worth noting that the Association has accumulated the sum of $691,760 in the Mandatory Security Valu­ation Reserve to guard against future fluctuation in investments. During 1971, new life certificates were issued for $17,300.738 of insurance which represents a new high in the history of the Association. Total insurance in force amounts to $103,414,307 at the end of the year on 66,839 certificates. In addition, the Association has issued and has out­standing approximately 8,500 Sick Bene­fit, Accident and Health and Hospitaliza­tion certificates. The Association has set aside $27,142,194 of life reserves and $508,903 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 tc members is the total amount paid to members. During 1971, the Association paid the significant amount of $2,362,734. A summary of these payments to members is as follows: hem 1971 Death Claims ............................. $966,661 Matured Endowments ............... 573,687 Surrender Benefits..................... 448,921 A&H & Mise. Payments........... 258,374 Dividends .................................. 115,091 Total ..........$2,362,734 The mortality experience in the life department continues to be favorable. The 1971 mortality ratio was 56.71% and the 5 year average was 59.74%. These ratios indicate that mortality is well with­in the margins provided by the life in­surance premiums. 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 reduction or abatement. Respectfully submitted, Harley N. Bruce & Associates . . . Bowling Tournament Continued from page 1 The Board agreed that the cost of the banquet tickets will be only $5.00 per person. For free banquet tickets read membership campaign rules. Promptly at 6:30 P. M. Dinner will be served in the Grand Ballroom. Dinner music will be furnished by Jóska Mezei and his Gypsy Continentals from Phila­delphia. After the Dinner there will be Professional Entertainment. Hopefully we can begin the dancing by 9:00 P. M. At 10:00 P. M. we expect to announce the winners and make the pre­sentations. The bowling committee requests that you invite as many of your friends to come to Historic Philadelphia. We promise you a memorable occasion. See you in Philly. Stephen Lang, Jr., and Frank J. Radvany, Directors Co-Administrators Stephen Szemes, Tournament Secretary 1971 ANNUAL STATEMENT FINANCIAL REPORT ASSETS Bonds ................................................................................................. $29,333,061.49 Stocks ................................................................................................. 1,020,339.09 Mortgage Loans.................................................................................. 987,248.32 Real Estate.......................................................................................... 829,673.21 Certificate Loans................................................................................ 1,035,067.81 Cash ................................................................................................... 213,032.29 Branch Real Estate Loans................................................................. 13,637.15 PREMIUMS Life ....................................................................................................... 18,497.91 Accident and Health........................................................................... 1,672.68 Accrued Investment Income............................................................... 383,120.40 Total Admitted Assets....................................................$33,835,350.35 LIABILITIES, SPECIAL RESERVES AND SURPLUS CERTIFICATE RESERVES: Life....................................................................................................... $27,142,194.00 Accident and Health............................................................................ 508,903.44 Supplementary Contracts................................................................... 40,788.70 Miscellaneous ...................................................................................... 93,255.88 CERTIFICATE CLAIMS: Life ..................................................................................................... 62,772.00 Accident and Health........................................................................... 9,369.34 Refund (Dividend) Accumulations.................................................... 937,645.62 Refunds Due and Unpaid.......................................................................... - 0 -Advance Premiums.............................................................................. 621.963.35 Commissions, Taxes, General Expenses Due or Accrued................. 21,482.04 Pension Benefit Funds ....................................................................... 519,593.31 Security Valuation Reserve................................................................. 691.760.41 Trust Account .................................................................................... 51,547.20 Other Liabilities ................................................................................ 27,354.21 Total Liabilities........................................................... $30,728.629.50 Special Reserves ................................................................................ 28.437.62 Unassigned Surplus............................................................................ 3,078.283.23 Total ............................................................................. $33,835,350.35 3

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