William Penn Life, 2013 (48. évfolyam, 1-12. szám)
2013-04-01 / 4. szám
WILLIAM PENN ASSOCIATION 2012 ANNUAL STATEMENT FINANCIAL REPORT An important index of service to members is the total amount paid to members. During 2012, the Association paid the significant amount of $19,137,000. A summary of these payments to members for the past two years is as follows: ITEM 2011 2012 Death Claims 1,861,000 2,149,000 Matured Endowments 107,000 123,000 Emergency Cash Surrender Benefits 441,000 469,000 A & H Supplementary Payments 70,000 27,000 Annuity and Old Age Benefits 8,719,000 8,846,000 Excess Interest on Funds to Members' Acct. 6,313,000 7,237,000 Dividends 306,000 286,000 Benefits to Members $17,817,000 $19,137,000 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 $273,680,157 Stocks 7,420,630 Mortgage Loans 522,644 Real Estate 843,007 Cash and Short-Term Investments 4,771,156 Certificate Loans 1,003,161 Accrued Investment Income 4,339,557 Electronic Data Processing Equipment & Software 4,610 Premiums Due and Uncollected 25,080 Total Admitted Assets $292,610,002 LIABILITIES, SPECIAL RESERVES & SURPLUS CERTIFICATE RESERVES Life, Annuity and Accident & Health Policy Reserves $256,357,000 Liability for Deposit-Type Contracts 7,122,178 Life and Accident & Health Claim Reserves 116,006 Provision for Refunds Payable in Following Calendar Year 310,000 Premiums Paid in Advance 488,762 Officials' Retirement Program 1,766,101 Interest Maintenance Reserve 1,310,526 General Expenses and Taxes Due or Accrued 90,856 Asset Valuation Reserve 2,038,847 Trust Account 660,210 Other Liabilities 565,425 Total Liabilities $270,825,911 Unassigned Surplus 21,784,091 Total $292,610,002 INCOME Premiums & Annuity Considerations $57,572,941 Net Investment Income 14,759,581 Amortization of Interest Maintenance Reserve 255,554 Miscellaneous Income 29,684 Total Income $72,617,760 OUTGO Life Benefits Paid, Including Dividends $ 3,054,411 Annuity and Pension Benefits Paid 8,846,295 Interest on Funds to Members' Accounts 5,279,544 Increase in Aggregate Reserve for Life, Annuity and Accident & Health Certificates 47,915,000 Commissions on Premiums & Annuity Considerations 1,632,336 General Operating and Fraternal Expenses 3,995,943 Insurance Taxes, Licenses & Fees 170,311 Total Outgo & Reserve Increase $70,893,840 Net Gain from Operations after Refunds to Members $1,723,920 RECONCILIATION Net Gain from Operations $ 1,723,920 Realized Gains/ILosses) (excluding transfers to the IMR) 131,832 Net IncomeKLoss) $ 1,855,752 Unassigned Funds as of 12/31/11 20,403,627 Change in Unrealized Gains 349,581 Change in Nonadmitted Assets (48,164) Change in Asset Valuation Reserve (776,705) Change in Reserves on Account of Valuation Basis ....... Unassigned Funds as of 12/31/12 $21,784,091 William Penn Life 0 April 2013 0 13
