William Penn Life, 2018 (53. évfolyam, 1-12. szám)
2018-04-01 / 4. szám
members. During 2017, the Association earned net investment income of $22,467,000 after deducting all investment expenses. Investment income exceeded requirements by $9,209,000 in 2016. 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 maintained its Security Valuation Reserves, to guard against adverse fluctuation in investments, at $5,200,000. The members' assets are well protected by this strong safety fund. The Association has set aside $407,853,000 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 2017 the Association paid the significant amount of $28,585,000. A summary of these payments to members for the past two years is as follows: ITEM 2016 2017 Death Claims $2,101,000 2,236,000 Matured Endowments 117,000 128,000 Emergency Cash Surrender Benefits 838,000 659,000 A&H Supplementary Payments 3,000 3,000 Annuity and Old Age Benefits 14,444,000 15,940,000 Excess Interest on Funds to Members' Acct. 8,210,000 9,209,000 Dividends 408,000 410,000 Benefits to Members $26,121,000 $28,585,000 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 law 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. Grant Hemphill is a senior actuary at Bruce & Bruce Company. Financial Report INCOME RECONCILIATION Premiums & Annuity Considerations Net Investment Income Amortization of Interest Maintenance Reserve Miscellaneous Income Total Income $43,544,007 22,239,834 227,064 86,646 $66,097,551 Net Gain from Operations Realized Gains/ILosses) (excluding transfers to the IMR) Net lncome/(Loss) Unassigned Funds as of 12/31/16 Change in Unrealized Gains Change in Nonadmitted Assets Change in Asset Valuation Reserve $ 3,363,033 473,680 $ 3,836,713 27,498,675 705,261 (319,426) OUTGO (1,289,873) Life Benefits Paid, Including Dividends $ 3,437,551 Unassigned Funds as of 12/31/17 $30,431,350 Annuity and Pension Benefits Paid 15,940,781 Interest on Funds to Members' Accounts 7,267,757 Increase in Aggregate Reserve for Life, Annuity and Accident & Health Certificates 30,025,397 Commissions on Premiums & Annuity Considerations 1,669,379 General Operating and Fraternal Expenses 4,151,000 Insurance Taxes, Licenses & Fees 242,653 Total Outgo & Reserve Increase $62,734,518 Net Gain from Operations after Refunds to Members $3,363,033 WILLIAM PENN LIFE 0 April 2018 ° 13
