William Penn Life, 2003 (38. évfolyam, 1-12. szám)
2003 / Különszám
Maintaining superior performance through difficult times The Address ofthe National Vice President-Treasurerto the General Convention By Diane M Torma Dear Fellow Delegates, Guests and Friends: It is a privilege to welcome you to William Penn Association's 35th General Convention. I am honored to stand before you, having served in the capacity of National Vice President-Treasurer for nearly seven years-seven years which included many challenges, learning experiences and, through teamwork, many accomplishments. Naturally, one of the fundamental responsibilities of the office of the treasurer is to facilitate the investment and safeguarding of the Association's assets according to policies dictated and set forth by the Board of Directors. I am most appreciative of the trust placed in my ability to manage the Association's assets. My fellow officers and I take this responsibility very seriously and exercise due diligence in our decision-making. I am pleased to report that during the past four years, the Association has preserved its historical trend of superior financial performance. This is especially significant given the challenges confronted by the Board and by management. Since the last convention, we all have encountered unprecedented market conditions, terrorism, recession, corporate fraud and accounting scandals. Despite this volatile environment, William Penn Association has remained financially strong through these most difficult economic times. The finances will be presented in more detail later during the convention report. However, there are several significant statistics achieved in 2002 which warrant particular emphasis: 1. Admitted assets reached a record level of $147,270,000. This is an increase of nearly $18 million in a four-year period. The steady growth of admitted assets is a sure measure of strength and stability. 2. Surplus attained a remarkable $23,925,000, indicating the Association's secure financial position. 3. The solvency ratio maintained the strong level of 119.40 percent-meaning that for every one dollar in liabilities, the Association holds $1.19 in assets, reflecting quite an impressive safety margin. 4. Life insurance in force was in excess of $230,000,000. 5. Premium income reached a record level of $16,250,000. Of course, we realize that the loyal nature of our membership, as well as their premium dollars, was instrumental in fulfilling these achievements. It is important to note that the assets are prudently managed, primarily in investment-grade bonds. Despite record low interest rates, a competitive investment yield has been maintained, without sacrificing quality and liquidity. I cherish the experiences and friendships that have come about during my 16 years with William Penn Association and look forward to working with all of you for many years to come. I remain committed to maintaining the financial strength, security and growth of our Association in future years. I would like to thank the Board for affording me the opportunity to have served as treasurer for the past seven years. It is both professionally and personally rewarding. I thank my fellow officers for their guidance and support and our Home Office staff for their hard work and dedication. And I especially thank all of our members for their commitment to keeping the fraternal flame of William Penn Association burning strong. The future is certain to hold many challenges for our Association and for the fraternal industry as a whole. But, you and all of our members can rest assured that William Penn Association holds the resources-financial and otherwise-to meet these challenges with confidence and promise. And I am truly honored to share with all of you in the success of our beloved William Penn Association. May God bless you throughout your deliberations. Williu Pen Life, Special Convention Edition, November 2003 3
