William Penn Life, 1976 (11. évfolyam, 1-4. szám)
1976-04-01 / 2. szám
WILLIAM PENN ACTUARY REPORT March 10,1976 REPORT TO: Officers and Directors William Penn Association 429 Forbes Avenue Pittsburgh, Pa. 15219 RE: 1975 Year of Operation Gentlemen: The following statistics represent certain highlights of information from the actuarial report prepared for the officers and Board of Directors. The year 1975 was another successful and profitable year for the Association. Unassigned funds increased by $33,305 and reached a high of $3,799,769. The gain from operations in 1975 was again highly satisfactory for the eighth straight year, amounting to $226,489, after the payment of dividends of $178,064. Management is to be congratulated on the successful operations of the Association during 1975. The assets continued to climb, reaching to a new high of $35,645,448 on December 31, 1975. This represents an increase of $600,848 over the assets of December 31, 1974. The solvency ration on December 31, 1975 was at the desirable level of 111.93%. This means that the Association held $111.93 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 when due. This represents a slight decrease from the corresponding figure of $112.04 of December31, 1974. The Association again enjoyed a favorable year from investments. The net rate of return during 1975 on mean assets was 5.16%. During 1975, the Association earned investment income of $1,775,378 after deducting all investment expenses. The amount earned exceeded that required to be earned to maintain interest bearing liabilities by $952,779 which reflects excellent gains over the 1974 and 1973 excess earnings of $857,068 and $746,619. Notwithstanding the excellent investment returns, it is worth noting that the Association has set aside the sum of $663,014 in the past 20 years into the Mandatory Security Valuation Reserve to guard against fluctuation in investments. During 1975, new life certificates were issued for $7,527,089 of insurance. Total insurance in force amounts to $108,986,482 at the end of the year on 69,058 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 $27,500,822 of life reserves, and $399,506 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 1975, the Association paid the significant amount of $2,320,71 1. A summary of these payments to members is as follows: ITEM In our opinion the amounts carried in the balance sheet on account of the actuarial items identified above, (i) are computed in accordance with commonly accepted actuarial standards consistently applied and are fairly stated in accordance with sound principles; (ii) are based on actuarial assumptions which are in accordance with or stronger than tose called fro in certificate provisions; (iii) meet the requirements of the insurance laws of the Commonwealth of Pennsylvania;(iv) make a good and sufficient provision for all unmatured obligations of the Association guaranteed under the terms of its certificates; (v) are computed on the basis of assumptions consistent with those used in computing the corresponding items in the annual statement of the preceding year end; (vi) include provision for all actuarial reserves and related statement items which ought to be established. Respectfully submitted, BRUCE & ASSOCIATES Consulting Actuaries 1975 ANNUAL STATEMENT FINANCIAL REPORT ASSETS: Bonds -----------------------------------------------------$30,115,698 Stocks-------------------------------------------------------------------------------------------- 1,397,086 Mortgage Loans --------------------------------------------------------------------------------- 1,217,792 Real Estate------------------------------------------------------------------------------------------ 1,311,600 Certificate Loans------------------------------------------------------------------------------- 795,966 Cash --------------------------------------------------------------------------------------------------- 267,648 PREMIUMS: Life ----------------------------------------------------------------------------------------------------- 23, 562 Accident £ Health ----------------------------------------------------------------------------- 582 Accrued Investment Income------------------------------------------------------------- 515,510 Total Admitted Assets ---------------------------------------------------- 35,645,448 LIABILITIES, SPECIAL RESERVES AND SURPLUS CERTIFICATE RESERVES: Life ----------------------------------------------------------------------------------------------------- 27,500,822 Accident 6 Health ----------------------------------------------------------------------------- 399, 506 Supplementary Contracts Without Life Contingency ------------------- 49,683 Miscellaneous ------------------------------------------------------------------------------------- 160,000 CERTIFICATE CLAIMS: Life ----------------------------------------------------------------------------------------------------- 102,417 Accident £ Health ------------------------------------------------------------------------------ 15,182 Refund (Dividend) Accumulations-------------------------------------------------- 1,170,662 Advanced Premiums -------------------------------------------------------------------------- 796,615 Commissions, Taxes, General Expenses Due or Accrued --------------------------------------------------------------------------------------- 34,965 Pension Benefit Funds---------------------------------------------------------------------- 831,878 Security Valuation Reserve ----------------------------------------------------------- 663,014 Trust Account ----------------------------------------------------------------------------------- 57,721 Other Liabilities--------------------------------------------------------------------------------- 63,209 Total Liabilities----------------------------------------------------------- 31,845,679 Special Reserves -------------------------------------------------------------- 14,047 Unassigned Surplus ---------------------------------------------------------- 3,785,722 Total ---------------------------------------------------------- 35,645,448 1974 1975 Death Claims ____________________$1,063,232 $982,554 Matured Endowments ______________ 520,818____________________457,002 Surrender Benefits ________________ 444,984_______ 441,671 Payments to A&H Certificates________ 202,349____________________183,843 Disability Benefits__________________ 2,451 2,818 Supplementary Contracts and Refund Accumulations___________ 69,376_____________________74,759 Dividends_ 170,669__________ 178,064 TOTAL $2,473,879 $2,320,711 3 T
