William Penn Life, 2004 (39. évfolyam, 1-12. szám)
2004-04-01 / 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 2004 Virginia S. Kiddle, Notary Public. Robert E. Bruce is president of Bruce & Bruce Company. ED — WILLIAM PENN ASSOCIATION 2003 ANNUAL STATEMENT FINANCIAL REPORT ASSETS Bonds $144,742,194 Stocks 4,176,794 Mortgage Loans 232,728 Real Estate 1,415,679 Cash and Short-Term Investments 9,811,032 Certificate Loans 1,291,446 Accrued Investment Income 2,444,529 Electronic Data Processing Equipment & Software 41,664 Premiums Due and Uncollected 10,493 Total Admitted Assets $164,166,559 LIABILITIES, SPECIAL RESERVES & SURPLUS CERTIFICATE RESERVES , Life, Annuity and Accident & Health Policy Reserves$126,094,000 Liability for Deposit-Type Contracts6,272,235 Life and Accident & Health Claim Reserves196,009 Provision for Refunds Payable in Following Calendar Year400,000 Premiums Paid in Advance357,546 Officials' (Directors') Retirement Program1,424,177 Interest Maintenance Reserve2,148,863 Commissions, Taxes. General Expenses Due or Accrued32,792 Asset Valuation Reserve1,404,973 Payable for Securities600,469 Trust Account428,901 Other Liabilities306,196 Total Liabilities $139,666,161 Unassigned Surplus 24,500,398 Total $164,166,559 INCOME Premiums & Annuity Considerations Supplementary Contracts with Life Contigencies Net Investment Income Amortization of Interest Maintenance Reserve Miscellaneous Income Total Income $20,745,327 107,143 9,214,167 185,674 17,978 $30,270,289 OUTGO Life Benefits Paid, Including Dividends $5,752,936 Annuity and Pension Benefits Paid 4,555,047 Increase in Aggregate Reserve for Life, Annuity and Accident & Health Certificates, 15,393,000 Commissions on Premiums & Annuity Considerations 530,899 General Operating and Fraternal Expenses 3,532,692 Insurance Department Licenses, Taxes & Fees 122,227 Total Outgo & Reserve Increase $29,886,801 Net Gain from Operations after Refunds to Members $ 383,488 RECONCILIATION______J Net Gain from Operations $ 383,488 Realized Losses (excluding transfers to the IMR) (563,451) Net Income $ (179,963) Unassigned Funds as of 12/31/02 23,925,616 Change in Unrealized Losses 1,403,424 Change in Nonadmitted Assets (24,152) Change in Asset Valuation Reserve (738,899) Change in Special Reserves 114,372 Unassigned Funds as of 12/31/03 $24,500,398 V. j
