William Penn Life, 2009 (44. évfolyam, 1-12. szám)
2009-04-01 / 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. |\ypl| Robert E. Bruce is president of Bruce & Bruce Company. WILLIAM PENN ASSOCIATION 2008 ANNUAL STATEMENT FINANCIAL REPORT ASSETS Bonds $162,591,032 Stocks 9,151,952 Mortgage Loans 727,422 Real Estate 953,253 Cash and Short-Term Investments 9,691,805 Certificate Loans 921,893 Accrued Investment Income 2,640,074 Electronic Data Processing Equipment & Software 53,951 Premiums Due and Uncollected 16,387 Total Admitted Assets $186,747,769 LIABILITIES, SPECIAL RESERVES & SURPLUS CERTIFICATE RESERVES Life, Annuity and Accident & Health Policy Reserves $153,549,000 Liability for Deposit-Type Contracts 6,500,798 Life and Accident & Health Claim Reserves Provision for Refunds Payable in Following 133,226 Calendar Year 360,000 Premiums Paid in Advance 487,907 Officials' Retirement Program 1,758,516 Interest Maintenance Reserve 1,253,246 General Expenses and Taxes Due or Accrued 55,785 Asset Valuation Reserve 49,177 Trust Account 720,888 Other Liabilities 270,476 Total Liabilities $165,139,019 Unassigned Surplus 21,608,750 Total $186,747,769 INCOME Premiums & Annuity Considerations Net Investment Income Amortization of Interest Maintenance Reserve Miscellaneous Income $13,298,092 10.917,744 168,525 42,635 Total Income $24,426,996 OUTGO 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 $ 2,890,867 7,788,524 4,335,770 4,541,000 431,449 4,203,457 145,732 Total Outgo & Reserve Increase $24,336,799 Net Gain from Operations after Refunds to Members $90,197 RECONCILIATION Net Gain from Operations $ 90,197 Realized Gains/(Losses) (excluding transfers to the IMR) (3,794,675) Net Incomel(Loss) $ (3,704,478) Unassigned Funds as of 12/31/06 26,555,026 Change in Unrealized Gains/(Losses) (2,161,328) Change in Nonadmitted Assets 13,757 Change in Asset Valuation Reserve 905,773 Unassigned Funds as of 12/31/08 $21,608,750 William Penn Life, April 2009 15
