William Penn Life, 2003 (38. évfolyam, 1-12. szám)
2003-04-01 / 4. szám
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 laws 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 14th day of February 2003 Virginia S. Kiddle, Notary Public. Robert E. Bruce is president of Bruce & Bruce Company. Ifflll WILLIAM PENN ASSOCIATION 2002 ANNUAL STATEMENT FINANCIAL REPORT ASSETS Bonds $117,196,605 Stocks 8,758,861 Mortgage Loans 256,409 Real Estate 1,401,427 Certificate Loans 1,357,720 Electronic Data Processing Equipment & Software 47,838 Cash and Short-Term Investments 15,995,071 Premiums Due and Uncollected Life 9,143 Accident & Health 127 Accrued Investment Income 2,242,614 Receivable for Securities 6,492 Total Admitted Assets $147,272,307 LIABILITIES, SPECIAL RESERVES & SURPLUS CERTIFICATE RESERVES Life, Annuity and Accident & Health Policy Reserves $110,701,000 Life and Accident & Health Claim Reserves 135,161 Liability for Deposit-Type Contracts 6,151,822 Provision for Refunds Payable in Following Calendar Year 400,000 Premiums Paid in Advance 362,550 Officials' (Directors') Retirement Program 1,364,818 Interest Maintenance Reserve 1,888,613 Commissions, Taxes, General Expenses Due or Accrued 39,275 Asset Valuation Reserve 666,074 Trust Account 315,406 Other Liabilities 1,321,972 Total Liabilities $123,346,691 Unassigned Surplus 23,925,616 Total $147,272,307 INCOME Premiums & Annuity Considerations Net Investment Income Amortization of Interest Maintenance Reserve Miscellaneous Income Total Income $16,250,060 9,296,310 163,948 16,028 $25,726,346 OUTGO Life Benefits Paid, Including Dividends Annuity and Pension Benefits Paid Increase in Aggregate Reserve for Life, Annuity and Accident & Health Certificates, Commissions on Premiums 8i Annuity Considerations General Operating and Fraternal Expenses Insurance Department Licenses, Taxes & Fees Total Outgo & Reserve Increase Net Gain from Operations after Refunds to Members $6,916,075 4,395,543 9,557,000 443,006 3,610,066 98,008 $25,019,696 $706,648 RECONCILIATION Net Gain from Operations $ 706,648 Realized Losses (excluding transfers to the IMR) (264,022) Net Income $ 442,626 Unassigned Funds as of 12/31/01 23,928,811 Change in Unrealized Losses (1,033,240) Change in Not Admitted Assets 40,841 Change in Asset Valuation Reserve 206,882 Change in Special Reserves 339,696 Unassigned Funds as of 12/31/02 $23,925,616 Wiliu Pm Lift, April 2003 13
