William Penn Life, 2001 (36. évfolyam, 1-12. szám)
2001-04-01 / 4. szám
In our opinion, the amounts carried in the balance sheets on account of the various actuarial items: (1) are computed in accordance with commonly accepted actuarial standards consistently applied and are fairly stated in accordance with sound actuarial principles; (2) are based on actuarial assumptions which produce reserves at least as great as those called for in any contract provision as to reserve basis and method, and are in accordance with all other contract provisions; (3) meet the requirements of the insurance law and regulations of the Commonwealth of Pennsylvania and are at least as great as the minimum aggregate amounts required by the state in which this statement is filed; (4) 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 with any exceptions as noted below; and (5) include provision for all actuarial reserves and related statement items which ought to be established. It is apparent that the officers and directors continue the skillful management of the members' money while maintaining very strong safeguards. Subscribed and sworn to before me this 7th day of February 2001 Virginia S. Kiddle, Notary Public. Robert E. Bruce is president of Bruce & Bruce Actuaries. E WILLIAM PENN ASSOCIATION 2000 ANNUAL STATEMENT FINANCIAL REPORT ASSETS Bonds $117,229,904 Stocks 9,130,061 Mortgage Loans 343,270 Real Estate 1,370,246 Certificate Loans 1,522,898 Electronic Data Processing Equipment 70,110 Cash and Short-Term Investments Premiums Due and Uncollected 1,589,525 Life 10,417 Accident 81 Health 139 Accrued Investment Income 2,165,882 Total Admitted Assets $133,432,452 LIABILITIES, SPECIAL RESERVES & SURPLUS CERTIFICATE RESERVES Life, Accident & Health and Supplementary Contracts Without Life Contingencies, Policy Reserves $98,097,198 Life and Accident & Health Claim Reserves 164,696 Refund (Dividend) Accumulations 5,642,319 Provision for Refunds Payable in Following Calendar Year 400,000 Premiums Paid in Advance 359,347 Officials' (Directors') Retirement Program 1,278,577 Interest Maintenance Reserve 1,965,372 Commissions, Taxes, General Expenses Due or Accrued 50,252 Asset Valuation Reserve 861,042 Trust Account 301,255 Other Liabilities 481,678 Total Liabilities $109,601,736 Unassigned Surplus 23,830,716 Total $133,432,452 INCOME Premiums & Annuity Considerations Considerations for Supplementary Contracts Without Life Contingencies and Refund Accumulations Net Investment Income Amortization of Interest Maintenance Reserve Miscellaneous Income Total Income OUTGO Life Benefits Paid, Including Dividends Annuity and Pension Benefits Paid Increase in Aggregate Reserve for Life, Accident & Health Certificates, Supplementary Contracts Without Life Contingencies and Refund Accumulation Commissions on Premiums 8t Annuity Considerations General Operating and Fraternal Expenses Insurance Department Licenses, Taxes 8> Fees Total Outgo & Reserve Increase Net Gain from Operations after Refunds to Members $4,103,097 346,604 9,278,379 140,420 15,458 $13,883,959 $5,874,789 2,880,717 470,834 188,285 3,099,621 84,478 $12,598,724 $1,285,235 RECONCILIATION Net Gain from Operations $1,285,235 Realized Losses (excluding transfers to the IMR) (22,4531 Net Income $1,262,782 Unassigned Funds as of 12/31199 23,096,686 Change in Unrealized Losses (93,555) Change in Not Admitted Assets (351,936) Change in Asset Valuation Reserve (83,986) Change in Special Reserves 725 Unassigned Funds as of 12/31/00 $23,830,716 William Penn Lilt1, April 200 I 19
