William Penn Life, 2015 (50. évfolyam, 1-12. szám)
2015-04-01 / 4. szám
An important index of service to members is the total amount paid to members. During 2014, the Association paid the significant amount of $20,276,000. A summary of these payments to members for the past two years is as follows: ITEM 2013 2014 Death Claims 2,009,000 1,705,000 Matured Endowments 141,000 121,000 Emergency Cash Surrender Benefits 419,000 705,000 A & H Supplementary Payments 14,000 2,000 Annuity and Old Age Benefits 9,571,000 9,772,000 Excess Interest on Funds to Members' Acct. 7,697,000 7,671,000 Dividends 295,000 300,000 Benefits to Members $20,146,000 $20,276,000 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. WILLIAM PENN ASSOCIATION 2014 ANNUAL STATEMENT FINANCIAL REPORT ASSETS Bonds $335,121,683 Stocks 10,473,988 Mortgage Loans 497,550 Real Estate 807,074 Cash and Short-Term Investments 1,714,810 Certificate Loans 1,050,730 Accrued Investment Income 5,106,037 Electronic Data Processing Equipment & Software 15,570 Premiums Due and Uncollected 32,310 Total Admitted Assets $354,819,752 LIABILITIES, SPECIAL RESERVES & SURPLUS CERTIFICATE RESERVES Life, Annuity and Accident & Health Policy Reserves $313,987,324 Liability for Deposit-Type Contracts 7,356,070 Life and Accident & Health Claim Reserves 168,753 Provision for Refunds Payable in Following Calendar Year 310,000 Premiums Paid in Advance 467,550 Officials' Retirement Program 1,670,026 Interest Maintenance Reserve 831,509 General Expenses and Taxes Due or Accrued 85,509 Asset Valuation Reserve 2,827,572 Trust Account 692,926 Other Liabilities 584,915 Total Liabilities $328,982,154 Unassigned Surplus 25,837,598 Total Liabilities & Surplus $354,819,752 INCOME Premiums & Annuity Considerations $31,801,708 Net Investment Income 18,940,838 Amortization of Interest Maintenance Reserve 246,246 Miscellaneous Income 31,514 Total Income $51,020,306 OUTGO Life Benefits Paid, Including Dividends $ 2,837,870 Annuity and Pension Benefits Paid 9,772,189 Interest on Funds to Members' Accounts 4,917,158 Increase in Aggregate Reserve for Life, Annuity and Accident & Health Certificates 25,333,324 Commissions on Premiums & Annuity Considerations 1,418,409 General Operating and Fraternal Expenses 4,177,132 Insurance Taxes, Licenses & Fees 320,971 Total Outgo & Reserve Increase $48,777,053 Net Gain from Operations after Refunds to Members $2,243,253 RECONCILIATION Net Gain from Operations $ 2,243,253 Realized Gains/(Losses) (excluding transfers to the IMR)Net lncome/(Loss) $ 2,243,253 Unassigned Funds as of 12/31/13 23,893,523 Change in Unrealized Gains (466,119) Change in Nonadmitted Assets (58,817) Change in Asset Valuation Reserve 225,758 Change in Reserves on Account of Valuation Basis Unassigned Funds as of 12/31/14 $25,837,598 William Penn Life 0 April 2015 ° 13
