William Penn Life, 1979 (14. évfolyam, 1-4. szám)
1979-04-01 / 2. szám
William Penn Actuary Report March 21, 1979 Officers and Directors William Penn Association 429 Forbes Ave. Pittsburgh, Pennsylvania 15219 RE: 1978 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 1978 continued the long history of successful and profitable operations for the Association. Unassigned funds increased by $58,965 and reached a new record high of $4,249,069. The gain from operations in 1978 was again highly satisfactory for the eleventh straight year, amounting to $266,686 after the payment of dividends of $206,577. Management is to be congratulated on the successful operations of the Association during the year. Assets continue their rapid ascent, reaching to a record high of $38,411,538 at year end. This represents an increase of $869,692 over the assets of December 31, 1977. The solvency ratio on December 31, 1978 was at the very favorable level of 112.44%. This means that the Association held $112.44 of admissible 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 5 year average of $112.27. The Association again enjoyed a favorable year from investments. The net rate of return on mean assets was 6.24%. During 1978, the Association earned investment income of $2,296,545 after deducting all investment expenses. The amount earned exceeded that required to be earned to maintain interest bearing liabilities by $1,420,806 which reflects an excellent gain over the 1977 excess earnings of $1,311,378. Notwithstanding the excellent investment returns, it is worth noting that the Association has set aside the sum of $722,468 over the past years into the ^Jerie L'próp It’s funny, but we trv to please each stranger so-and-so. And show our lack of courtesies to loved ones that we know. Mandatory Securities Valuation Reserve to guard against adverse fluctuation in investments. During 1978, the life certificates were issued for $11,914,059 of insurance. Total insurance in force amounted to $114,712,670 at the end of the year on 63,078 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 $28,811,140 of life reserves, and $322,020 of A & H reserves for the payment of future claims, which amounts are in addition to those 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 1978, the Association paid the significant amount of $2,136,282. A summary of these payments to members for the past two years is as follows: Item Death Claims Matured Endowments Surrender Benefits Payments to A&H Certificates Disability Benefits and Annuity Benefits Supplementary Contracts and Refund Accumulations Dividends TOTAL 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 those called for 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 R.E. Bruce, FCA, FFAA, MAAA 1977 $ 912,811 361,304 409,529 161,103 4,209 1978 $ 970,743 333,733 482,358 169,056 11,259 87,229 200,097 $2,136,282 89,029 206,577 $2,262,755 AUTO BATTERY HAZARDS NOTED Every day, and at any time of the year, many American motorists experiencing battery problems are checking their batteries and jumpstarting their vehicles. These procedures can be dangerous, if not done properly. Any contact, or even near contact, with a car battery can result in serious injury unless proper precautions are taken. These precautions are outlined in a fact sheet titled Battery Hazards, which you can have free of charge. Simply request it from General Services Division/Distribution, National Highway Traffic Safety Administration, 40Ó Seventh St., SW, Washington. D.C. 20590. 2
