William Penn Life, 1977 (12. évfolyam, 1-4. szám)
1977-04-01 / 2. szám
William Penn Actuary Report March 25, 1977 1977 TOUR TO HUNGARY (Continued from Page One) application form below and return with your deposit of $100.00. Due to the fact that there is space for only 180 passengers we urge you to return your application and deposit because seats will be reserved in first come, first served order. Members intending to participate in this Trip must obtain their own U.S. Passports, non-American Citizens must obtain their own re-entry permits to the United States of America. The Association will obtain Hungarian Visas for all who request us to do so. Visa applications will be furnished to all those who have made the initial deposit. Those participants who will visit one or more of the neighboring countries such as Czecoslovakia, Roumania or Jugoslavia must get a double or triple visa depending on how many countries they will visit from Hungary. The Association will also make arrangements for rental of automobiles in Hungary, provided the Home Office is informed in sufficient time. A deposit of $100.00 is required for reserving an automobile. Any questions about the Trip to Hungary in 1977 should be directed to the Home Office. In connection with the Trip to Hungary, the Association is conducting a MEMBERSHIP CAMPAIGN. The purpose of this campaign is two-fold, first Officers and Directors William Penn Association 429 Forbes Avenue Pittsburgh, PA 15219 Re: 1976 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 1976 was another successful and profitable year for the Association. Unassigned funds increased by $224,338 and reached a record high of $4,024,108. The gain from operations in 1976 was again highly satisfactory for the ninth straight year, amounting to $378,255 after the payment of dividends of $195,- 575. These profits are the highest in the Association’s history. Management is to be congratulated on the successful oper-Participate With Us At Our National Bowling Tournament and Scholarship Days of all its success will, we hope, substantially increase the membership of the Association and secondly it affords a contestant the opportunity to earn part or all of the cost of the Trip to Hungary. We urge all contestants to accelerate their efforts in the remaining time of the membership campaign. ations of the Association during the year. The assets continued to climb, reaching to a new high of $36,503,748 at year end. This represents an increase of $858,300 over the assets of December 31, 1975. The solvency ratio on December 31, 1976 was at the very favorable level of 112.39%. This means that the Association held $112.39 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 increase from the corresponding figure of $111.93 of December 31, 1975 and the 5 year average of $111.80. The Association again enjoyed a favorable year from investments. The net rate of return on mean assets was 5.75%. During 1976, the Association earned investment income of $2,016,787 after deducting all investment expenses. The amount earned exceeded that required to be earned to maintain interest bearing liabilities by $1,177,744 which reflects excellent gains over the 1975 excess earnings of $952,779. Notwithstanding the excellent investment returns, it is worth noting that the Association has set aside the sum of $741,861 over the past 20 years into the Mandatory Security Valuation Reserve to guard against fluctuation in investments. During 1976, the life certificates were issued for $14,858,309 of insurance. Total insurance in force amounts to $110,254,- 520 at the end of the year on 66,902 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 $27,720,- 072 of life reserves, and $365,011 oi 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 1976, the Association paid the significant amount of $2,306,- 899. A summary of these payments to members for the last two years is as follows: APPLICATION 2ND ANNUAL TOUR TO HUNGARY I am a member of the William Penn Association and hereby make reservation for Charter Airflight leaving Greater Pittsburgh International Airport, Wednesday, August 17, 1977, for Budapest, Hungary — Cost: $415.00. My deposit of $100.00 is enclosed. (Make check payable to: 1st State Savings Association.) I would also like to participate in the following land-tour in Hungary. (Check tour desired) □ Pre-Tour Days in Budapest — Aug. 18-20 and Sept. 7, 1977 — $84.70 □ Tour No. 1 — Trans-Danubia (Dunántúl) — Aug. 21-27, 1977 — $207.00 □ Tour No. 2 — Northeast Hungary — August 21-27, 1977 — $207.00 Name ......................................................................................................................................... Street ......................................................................................................................................... City ................................................................ State ................................... Zip .................. Telephone (Area Code ..................) ......................................... Branch Number 6 (Continued on Page Seven)
