William Penn Life, 1974 (9. évfolyam, 1-4. szám)

1974-04-01 / 2. szám

WILLIAM PENN ACTUARY’S REPORT March, 1974 Officers, Directors and Members William Penn Association 429 Forbes Avenue Pittsburgh, Pennsylvania 15219 Re: 1973 Year of Operations Gentlemen: The following statistics represent cer­tain highlights of information from the actuarial report prepared for the of­ficers and Board of Directors. The year 1973 was another successful and profitable year for the Association. Unassigned funds increased by $273,034 and reached a high of $3,645,966. The gain from operations in 1973 were again higher than average for the sixth straight year, amounting to $206,894, after the payment of dividends of $163,597. The officers are to be congra­tulated on the successful operations of the Association during 1973. The assets continued to climb, rea­ching to a new high of $34,773,377 on December 31, 1973. This represents an increase of $507,253 over the assets of December 31, 1972. The solvency ratio on December 31, 1973, was at the desirable level of 111.71%. This means that the Association held $111.71 of admissable assets behind each $100 of liabilities as a safeguard and guarantee to all members that the benefits promised in the certificates will be paid Item Death Claims______ Matured Endowments Surrender Benefits Payments on A&H Certificates Disability Benefits Supplementary contracts and Refund Accumulations Dividends__________ Total when due. This represents an increase from the corresponding figure of $110.92 as of December 31, 1972. The Association again enjoyed a favo­rable year from investments. The net rate of return during 1973 on mean assets was 4.67% representing conti­nuing gains over the prior rates of return. During 1973, the Association earned investment income of $1,573,252 after deducting all invest­ment expenses. The amount earned ex­ceeded that required to be earned to maintain interest bearing liabilities by $746,619 which reflects excellent gains over the 1972 and 1971 excess earnings of $680,244 and $652,578 respectively. Notwithstanding the excellent invest­ment returns, it is worth noting that the Association has set aside the sum of $652,840 in the past 20 years into the Mandatory Security Valuation Reserve to guard against fluctuation in invest­ments. During 1973, new life certificates were issued for $8,643,653 of insurance. Total insurance in force amounts to $105,738,614 at the end of the year on 68,004 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 $27,225,253 of life reserves, and $484,452 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 1973, the Association paid the significant amount of $2,337,266. A summary of these pay­ments to members is as follows: WILLIAM PENN ASSOCIATION LEDGER ASSETS AS OF DECEMBER 31, 1973 Bonds..............................$29,993,647.37 Stocks...................................1,100,006.09 Mortgages............................1,069,190.71 Real estate ..........................1,328,150.89 Policy loans and liens...........907,063.82 Cash and bank deposits.........206,487.73 All other assets ......................338,612.05 Total ledger assets ..$34,943,158.66 Less: Liabilities................27,694.62 NET LEDGER ASSETS. $34,915,464.04 In the opinion of the actuaries, the reserves and other amounts 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. We certify that reserves were determined in satisfaction of statutory requirements and were determined in accordance with generally accepted actuarial principles on a basis consistent with prior years. Respectfully submitted, Harley N. Bruce <bAssociates Consulting Actuaries 1972 $1,044,040 __ 606,654 __ 405,694 ___ 176,686 ____ 1,174 ___ 65,687 _ 161,165 $2,461,100 1973 $1,048,048 _ 520,614 _ 368,438 _ 178,409 ____ 1,103 _ 57,057 163,597 $2,337,266 226 MCKEESPORT, PA. Gus G. Nagy, Br. Mgr. 429 Forbes Ave. Pittsburgh, Pa. 15219 230 TERRE HAUTE, IND. Michael Sneer, Br. Mgr. 2000 N. 21st Street Terre Haute, Ind. 47804 248 MONAVILLE, W.VA. Peter Toth.Br. Mgr. 416 Diamond Street, Box 36 Holden, W.Vg. 25625 249 DAYTON, OHIO Mrs. Margaret Vassy, Br. Mgr. 2827 Ida Street Dayton, Ohio 45405 275 MILWAUKEE, WIS. László Tarjan, Br. Mgr. 1603 N. 43rd Street Milwaukee, Wis. 53208 276 BUCKNER, ILL. Alexander Alföldi, Br. Mgr. Box 205 Buckner, III. 62819 278 OMAHA, NEB. Mrs. Alex Papp, Br. Mgr. 3106 Evelyn Street Omaha, Neb. 68147 296 SPRINGDALE, PA. George Charles, Br. Mgr. 421 Orchard Street Springdale, Pa. 15144 302 HOOVERSVILLE, PA. Mrs. Watson Greathouse, Br.Mgr. R.F.D. 2. Stoystown, Pa. 15563 310 LYNCH, KY. Mrs. Frances A. Serrenho, Br.Mgr. 200 Seventh Avenue Cumberland, Ky. 40823 336 HARRISBURG, PA. Alex Fabiankowitz, Br.Mgr. 412 N. 36th Sreet Harrisburg, Pa. 17109 348 MONA, W.VA. Mrs. John Miranov, Br.Mgr. Box 304 Granville, W.Va. 26534 349 WEIRTON, W. VA. Louis A. Fodor, Br. Mgr. 328 N. Tenth Street Weirton, W. Va. 26062 352 CORAOPOLIS, PA. Stephen Borovich, Br. Mgr. 539 Glen Mitchell Road Sewickley, Pa. 15143 376 PITTSBURGH. PA. Gus G. Nagy, Br. Mgr. 429 Forbes Ave. Pittsburgh, Pa. 15219 383 BUFFALO, N Y. Thomas J. O’Roark, Br. Mgr. 200 Ontario Street Buffalo, N.Y. 14207 386 NANTYGLO, PA. William M. Somogyi, Br. Mgr. R.D. 1, Box 253 Nanty Glo, Pa. 15943 500 DETROIT, MICH. William Kovács, Gen.Agent 20600 Eureka, Suite 821 Taylor, Mich. 48180 525 LOS ANGELES, CALIF. Eugene A. Fintor, Br. Mgr. P.O. Box 2289 Gardena, Calif. 90247 700 MILWAUKEE, WIS. John Lippert, Br. Mgr. 6150 W. Fond du Lac Ave. Milwaukee, Wis. 53218 710 BOSTON, MASS. Francis X. Veader, Br. Mgr. 3 Benson Ave. Saugus, Mass. 01906 9

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