William Penn Life, 2012 (47. évfolyam, 1-12. szám)
2012-04-01 / 4. szám
WILLIAM PENN ASSOCIATION 2011 ANNUAL STATEMENT FINANCIAL REPORT An important index of service to members is the total amount paid to members. During 2011, the Association paid the significant amount of $17,817,000. A summary of these payments to members for the past two years is as follows: ITEM 2010 2011 Death Claims 1,757,000 1,861,000 Matured Endowments 99,000 107,000 Emergency Cash Surrender Benefits 669,000 441,000 A & H Supplementary Payments 51,000 70,000 Annuity and Old Age Benefits 7,608,000 8,719,000 Excess Interest on Funds to Members' Acct. 5,124,000 6,313,000 Dividends 317,000 306,000 Benefits to Members $15,625,000 $17,817,000 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. ASSETS Bonds $229,021,238 Stocks 6,306,270 Mortgage Loans 570,383 Real Estate 833,464 Cash and Short-Term Investments 546,529 Certificate Loans 952,624 Accrued Investment Income 3,632,363 Electronic Data Processing Equipment & Software 4,901 Premiums Due and Uncollected 25,928 Total Admitted Assets $241,893,700 LIABILITIES, SPECIAL RESERVES & SURPLUS CERTIFICATE RESERVES Life, Annuity and Accident & Health Policy Reserves $208,442,000 Liability for Deposit-Type Contracts 6,994,214 Life and Accident & Health Claim Reserves 189,051 Provision for Refunds Payable in Following Calendar Year 325,000 Premiums Paid in Advance 470,165 Officials' Retirement Program 1,895,752 Interest Maintenance Reserve 1,074,214 General Expenses and Taxes Due or Accrued 70,946 Asset Valuation Reserve 1,262,142 Trust Account 671,787 Other Liabilities 94,802 Total Liabilities $221,490,073 Unassigned Surplus 20,403,627 Total $241,893,700 INCOME Premiums & Annuity Considerations $26,909,621 Net Investment Income 13,291,145 Amortization of Interest Maintenance Reserve 198,624 Miscellaneous Income 30,367 Total Income $40,429,757 OUTGO Life Benefits Paid, Including Dividends $ 2,784,579 Annuity and Pension Benefits Paid 8,718,644 Interest on Funds to Members' Accounts 4,580,456 Increase in Aggregate Reserve for Life, Annuity and Accident & Health Certificates 17,770,000 Commissions on Premiums & Annuity Considerations 899,182 General Operating and Fraternal Expenses 4,030,222 Insurance Taxes, Licenses & Fees 161,607 Total Outgo & Reserve Increase $38,944,690 Net Gain from Operations after Refunds to Members $1,485,067 RECONCILIATION Net Gain from Operations $ 1,485,067 Realized Gainsl(Losses) (excluding transfers to the IMR) 237,708 Net lncome/(Loss) $ 1,722,775 Unassigned Funds as of 12/31/10 19,538,764 Change in Unrealized Gains (523,482) Change in Nonadmitted Assets (267,288) Change in Asset Valuation Reserve (67,142) Change in Reserves on Account of Valuation Basis Unassigned Funds as of 12/31/11 $20,403,627 William Penn Life 0 April 2012 ° 13
