William Penn Life, 2011 (46. évfolyam, 1-12. szám)
2011-04-01 / 4. szám
expenses. Investment income exceeded requirements by $4,866,000 in 2010. Excess interest continued to be the most important profit source to the Association. In addition to the excellent investment returns, it is worth noting that the Association maintains $2,191,000 in Security Valuation Reserves to guard against adverse fluctuation in investments. The members' assets are well protected by this strong safety fund. The Association has set aside $197,597,000 of life, annuity and A&H reserves, deposits and claims for future payments to members. Management continues its prudent and conservative practice of setting aside sufficient funds with which to meet all known and contingent liabilities. William Penn Association is doing an outstanding job of managing the members' funds. An important index of service to members is the total amount paid to members. During 2010, the Association paid the significant amount of $15,625,000. A summary of these payments to members for the past two years is as follows: ITEM 2009 2010 Death Claims $2,023,000 1,757,000 Matured Endowments 112,000 99,000 Emergency Cash Surrender Benefits 672,000 669,000 A&H Supplementary Payments 28,000 51,000 Annuity and Old Age Benefits 6,138,000 7,608,000 Excess Interest on Funds to Members' Acct. 4,438,000 5,124,000 Dividends 325,000 317,000 Benefits to Members $13,736,000 $15,625,000 WPA continues to render 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. R. E. Bruce is president of Bruce & Bruce Company. 'inancial Report INCOME RECONCILIATION Premiums & Annuity Considerations $30,638,529 Net Gain from Operations $ 150,043 Net Investment Income 12,020,268 Realized Gains/ILosses) (excluding transfers to the IMR) 45,254 Amortization of Interest Maintenance Reserve 160,595 Net lncome/(Loss) $ 195,297 Miscellaneous Income 26,888 Unassigned Funds as of 12/31/09 19,894,192 Total Income $42,846,280 Change in Unrealized Gains 62,574 Change in Nonadmitted Assets & Annuities OUTGO Certain Calculation (172,039) Change in Asset Valuation Reserve (441,260) Life Benefits Paid, Including Dividends $ 2,893,090 Change in Reserves on Account of Valuation Basis Annuity and Pension Benefits Paid 7,608,304 Unassigned Funds as of 12/31/10 $19,538,764 Interest on Funds to Members' Accounts 3,492,519 Increase in Aggregate Reserve for Life, Annuity and Accident & Health Certificates 23,487,000 Commissions on Premiums & Annuity Considerations 844,723 General Operating and Fraternal Expenses 4,217,347 Insurance Taxes, Licenses & Fees 153,254 Total Outgo & Reserve Increase $42,696,237 Net Gain from Operations after Refunds to Members $150,043 William Penn Life 0 April 2011 0 15
