William Penn Life, 2006 (41. évfolyam, 2-12. szám)
2006-04-01 / 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 13th day of February 2006 Virginia S. Kiddle, Notary Public. Robert E. Bruce is president of Bruce & Bruce Company. EE] WILLIAM PENN ASSOCIATION 2005 ANNUAL STATEMENT FINANCIAL REPORT ...... ........i______ ASSETS _________ INCOME _A Bonds $1 Stocks Mortgage Loans Real Estate Cash and Short-Term Investments Certificate Loans Accrued Investment Income Electronic Data Processing Equipment & Software Premiums Due and Uncollected 74,384,769 9,140,569 395,983 792,381 4,647,302 1,014,377 2,667,473 25,010 36,822 Total Admitted Assets $193,104,686 LIABILITIES, SPECIAL RESERVES & SURPLUS CERTIFICATE RESERVESJ Life, Annuity and Accident & Health Policy Reserves $154,066,000 Liability for Deposit-Type Contracts 6,815,858 Life and Accident & Health Claim Reserves 125,539 Provision for Refunds Payable in Following Calendar Year 360,000 Premiums Paid in Advance 479,570 Officials' Retirement Program 1,618,916 Interest Maintenance Reserve 2,187,473 General Expenses and Taxes Due or Accrued 49,452 Asset Valuation Reserve 1,582,073 Trust Account 373,429 Other Liabilities 410,021 Total Liabilities $168,068,331 Unassigned Surplus 25,036,355 Total $193.104,686 Premiums & Annuity Considerations $23,642,968 Net Investment Income 10,768,060 Amortization of Interest Maintenance Reserve 202,287 Miscellaneous Income 1 7,802 Total Income $34,631,117 OUTGO T J 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 Total Outgo & Reserve Increase Net Gain from Operations after Refunds to Members $ 7,354,670 10,610,206 1 1,479,000 589,047 4,307,002 140,782 $34,480,707 $150,410 RECONCILIATION J Net Gain from Operations $ 150,410 Realized Gains (excluding transfers to the IMR) 268,485 Net Income Unassigned Funds as of 12/31/04 Change in Unrealized Gains Change in Nonadmitted Assets Change in Asset Valuation Reserve $ 418,895 24,691,463 (188,758) (57,465) 172,220 Unassigned Funds as of 12/31/05 $25,036,355 William Penn Life, April 2006 9
