William Penn Life, 2007 (42. évfolyam, 1-12. szám)
2007-04-01 / 4. szám
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 8th day of February 2007 Virginia S. Kiddle, Notary Public. m Robert E. Bruce is president of Bruce & Bruce Company. WILLIAM PENN ASSOCIATION 2006 ANNUAL STATEMENT FINANCIAL REPORT ASSETS Bonds $177,401,624 Stocks 7,038,725 Mortgage Loans 204,210 Real Estate 965,097 Cash and Short-Term Investments 2,608,087 Certificate Loans 995,653 Accrued Investment Income 2,780,657 Electronic Data Processing Equipment& Software 10,156 Premiums Due and Uncollected26,534 Total Admitted Assets $192,030,743 LIABILITIES, SPECIAL RESERVES ^ & SURPLUS CERTIFICATE RESERVES Life, Annuity and Accident & Health Policy Reserves $152,487,000 Liability for Deposit-Type Contracts 6,591,280 Life and Accident & Health Claim Reserves 135,236 Provision for Refunds Payable in Following Calendar Year 360,000 Premiums Paid in Advance 479,707 Officials' Retirement Program 1,632,437 Interest Maintenance Reserve 1,922,860 General Expenses and Taxes Due or Accrued 53,180 Asset Valuation Reserve 1,016,884 Trust Account 498,925 Other Liabilities 523,682 Total Liabilities $165,701,191 Unassigned Surplus 26,329,552 Total $192,030,743 INCOME J Premiums & Annuity Considerations Net Investment Income Amortization of Interest Maintenance Reserve Miscellaneous Income $10,187,340 1 1,135,531 193,202 85,347 Total Income $21,601,420 OUTGO 1 Life Benefits Paid, Including Dividends Annuity and Pension Benefits Paid Interest on Funds to Members' Accounts 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 $ 2,944,550 10,782,460 4,395,146 (1,579,000) 352,136 4,185,776 140,232 Total Outgo 8i Reserve Increase $21,221,300 Net Gain from Operations after Refunds to Members $380,120 RECONCILIATION J Net Gain from Operations Realized Gains (excluding transfers to the IMR) $ 380,120 493,763 Net Income Unassigned Funds as of 12/31/05 Change in Unrealized Gains Change in Nonadmitted Assets Change in Asset Valuation Reserve $ 873,883 25,036,355 (249,057) 103,182 565,189 Unassigned Funds as of 12/31/06 $26,329,552 William Penn Life, April 2007 13
