William Penn Life, 1973 (8. évfolyam, 1-4. szám)

1973-04-01 / 2. szám

ANNUAL REPORT OF THE ACTUARY April 4, 1973 Officers and Directors William Penn Association 429 Forbes Avenue Pittsburgh, Pennsylvania 15219 RE: 1972 Year of Operations Gentlemen: The following statistics represent cer­tain highlights of information from the actuarial report prepared for the Board of Directors. The year 1972 was another profitable year for the Association, as indicated by the increase in surplus funds of $266,211. The gain from operations in 1972 were again higher than average for the fifth straight year, amounting to $208,698 after the payment of dividends of $161,165. 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 $34,266,124 as of Decem­ber 31, 1972, and representing an increase of $430,774 over the assets of December 31, 1971. The Association maintains ad­missible assets of $110.92 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 an in­crease from the corresponding figure of $110.11, as of December 31, 1971. The Association again enjoyed a favor­able year from investments. The net rate of return during 1972 on mean assets was 4.54% representing continuing gains over the 1971 and prior rates of return. During 1972, the Association earned in­vestment income of $1,511,283 after de­ducting all investment expenses. The amount earned exceeded that required to be earned to maintain interest bearing liabilities by $680,244, which reflects ex­cellent gains over the 1971 and 1970 ex­cess earnings of $652,578 and $600,090 respectively. Notwithstanding the excellent invest-STATEMENT OF OWNERSHIP, MANAGEMENT AND CIRCULATION (Act of October 23, 1962: Section 4369, Title 39, United States Code) 1. Date of Filing: October 6, 1972 2. Title of Publication: William Penn Life 3. Frequency of Issue; Quarterly published in Winter, Spring, Summer, Fall. 4. Location of Known Office of Publication: 163 Albany St., New Brunswick, N. J., 08901 5. Location of the Headquarters or General Business Offices of the Publishers: 429 Forbes Ave., Pittsburgh, Pa, - William P*enn Fraternal Association. 6. Names and Addresses of Publisher, Editor, and Managing Editor: Publisher- William Penn Fraternal Association, 429 Forbes Ave., Pittsburgh, Pa. 15219. ; Editor - Mr. Elmer Charles, 429 Forbes Ave., Pittsburgh, pa. 15219. ; Managing Editor - Same as Editor. 7. Owner: William Penn Fraternal Association - 429 Forbes Ave., Pitts­burgh, Pa., 15219. 8. Known Bondholders, Mortgages, and Other Security Holders Owning or Hold­ing 1 Percent or More of Total Amount of Bonds, Mortgages or Other Securi­ties: None 9. For Completion by Nonprofit Organizations Authorized to Mail at Special Rates (Section 132.122, Postal Manual): Have not Changed During Preced' ing 12 Months. 10. Extent and Nature of Circulation A. Total No. Copies Printed (Net Press Run) Average No. Copies Each Issue During Preceding 12 Months English: 22,000 Eng-Hun Comb. 1 1,000 Single Issue Nearest to Filing Date 22,000 11,000 B, C, D, E: None F. Office Use, Left-Over, Unaccounted, Spoiled After Printing 350 - 400 I certify that the statements made by me above are correct and complete. Mr. Elmer Charles Business Manager, William Penn Fraternal Association ment returns, it is worth noting that the Association has set aside the sum of $724,176 in the past 20 years into the Mandatory Security Valuation Reserve to guard against fluctuation in investments. During 1972, new life certificates were issued for $16,096,876 of insurance. Total insurance in force amounts to $106,905,932 at the end of the year on 67,311 certificates. In addition, the As­sociation has issued and has outstanding several thousand Sick Benefit, Accident and Health and Hospitalization certifi­cates. The Association has set aside $27,200,- 917 of life reserves, and $485,804 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 1972, the Association paid the significant amount of $2,461,100. A summary of the 1972 payments to mem­bers is as follows: Item 1972 Death Claims .................. $1,044,040 Matured Endowments ......... 606,654 Surrender Benefits .............. 405,694 A&H ...................................... 176,686 Disability Benefits ................ 1,174 Supple. Contracts and Refund Accumulations .... 65,687 Dividends .............................. 161,165 Total .............$2,461,100 WILLIAM PENN ASSOCIATION LEDGER ASSETS - DEC. 31, 1972 Bonds ................................. $29,741,191.49 Stocks ............................... 1,007,789.42 Mortgages .......................... 1,109,802.20 Real Estate ....................... 863,070.59 Policy Loans and Liens .... 963,328.03 Cash & Bank Deposits ...... 395,133.65 All Other Assets .............. 398,953.62 Total Ledger Assets ...... $34,479,269.00 Less: Liabilities —13,499.57 NET LEDGER ASSETS ... $34,465,769.43 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 R. E. Bruce, Consulting Actuary 8

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