William Penn Life, 2005 (40. évfolyam, 1-12. szám)
2005-04-01 / 4. szám
WPA is rendering a truly valuable financial service to members. 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 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 7th day of February 2005 Virginia S. Kiddle, Notary Public. Robert E. Bruce is president of Bruce & Bruce Company. m WILLIAM PENN ASSOCIATION 2004 ANNUAL STATEMENT FINANCIAL REPORT ASSETS Bonds $1 Stocks Mortgage Loans Real Estate Cash and Short-Term Investments Certificate Loans Accrued Investment Income Electronic Data Processing Eguipment Si Software Premiums Due and Uncollected 65,977,550 8,043,697 223,285 1,581,468 1,562,732 1,173,838 2,563,438 47,965 1 1,880 Total Admitted Assets $181,185,853 LIABILITIES, SPECIAL RESERVES & SURPLUS CERTIFICATE RESERVES Life, Annuity and Accident & Health Policy Reserves $142,587,000 Liability for Deposit-Type Contracts 6,756,858 Life and Accident & Health Claim Reserves Provision for Refunds Payable in Following 141,526 Calendar Year 400,000 Premiums Paid in Advance 367,497 Officials' (Directors') Retirement Program 1,547,190 Interest Maintenance Reserve 2,184,284 General Expenses and Taxes Due or Accrued 42,474 Asset Valuation Reserve 1,754,292 Trust Account 362,261 Other Liabilities 351,008 Total Liabilities $156,494,390 Unassigned Surplus 24,691,463 Total $181,185,853 INCOME Premiums & Annuity Considerations Supplementary Contracts with Life Contigencies Net Investment Income Amortization of Interest Maintenance Reserve Miscellaneous Income $24,440,789 29,927 10,129,352 195,230 12,713 Total Income $34,808,011 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 & Annuity Considerations General Operating and Fraternal Expenses Insurance Department Licenses, Taxes & Fees $ 6,394,295 6,972,933 16,493,000 597,005 4,156,024 157,062 Total Outgo & Reserve Increase $34,770,319 Net Gain from Operations after Refunds to Members $37,692 RECONCILIATION1 Net Gain from Operations Realized Gains (excluding transfers to the IMR) $37,692 35,629 Net Income Unassigned Funds as of 12/31/03 Change in Unrealized Gains Change in Nonadmitted Assets Change in Asset Valuation Reserve Unassigned Funds as of 12/31104 $73,321 24,500,398 459,407 7,657 (349,320) $24,691,463 William Penn Life, April 2005 9
