William Penn, 1957 (40. évfolyam, 1-12. szám)

1957-03-06 / 3. szám

PAGE 10 March 20. 1957. William Penn VALUATION REPORT HARLEY N. BRUCE & ASSOCIATES Consulting Actuaries FOUNDED 1929 7620 North Rogers Avenue, Chicago 26, Illinois. March 4, 1957 William Penn Fraternal Association 436 Fourth Avenue Pittsburgh 19, Pennsylvania. Gentlemen: Re: 1956 Operations The William Penn Fraternal Association continued its strong growth through 1956 by increasing the insurance in force to $78,216,831.00. assets to $25,344,498.62 and surplus to $1,832,603.17. New business written in the amount of $6,421,219.00 reflects the favorable response of the public to the new pro­gram of increased coverage and protection initiated by the Officers of the As­sociation during 1956. A growing part of the membership has increased their insurance with the Association believing that the increased strength and efficiency of operation resulting from the merger of the Verhovay and Rákóczi enables the Associa­tion to improve the benefits to its membership in the form of savings, added protection, additonal security and dividends. The William Penn has increased its surplus to $1,832,603.17 reflecting a solvency ratio of 107.79%, which is higher than the previous year. This solvency ratio means that the Association holds $107.79 of net admitted assets behind each $100.00 or liabilities. Since many hundreds of thousands of dollars of extra reserve liabilities have been voluntarily established by the Association, the members have a further guarantee that all claims will be paid in full as they arise. The net rate of interest earned on the invested assets is 2.80%. The amount earned was $686,011.17, which is in excess of the amount of $668,176.00 re­quired by the Association to meet the interest bearing liabilities. This is a very favorable rate of return on an exceptionally high quality investment portfolio, particularly since the Association (in contrast to the practice of many other fraternals) deducts all investment expenses before computing the net return. The mortality ratio of 52.07% on the gross amount at risk basis is very favorable, and represents a continuation of comparable experience of previous years. Therefore, it is the conclusion of your actuaries that this experience! reflects superior underwriting selection as well as superior mortality exper­ience. Reserves are maintained on the conservative interest assumptions of 3% or 2|/j% with extra reserves voluntarily established as an additional safeguard to further guarantee the payment of all claims as they arise. Cash payments to the membership were over $1,925,000. The Association realized earnings of $148,002.00 from insurance operations after the aforesaid payments were made to members. In addition, the Association enjoyed $47,348.65 of net capital gains. CONCLUSION The William Penn is building and growing upon the solid foundations of intelligent progressive management and aggressive sales promotion, combined with maximum financial security to the members. The year 1956 represents« the first complete year of operation of the great new William Penn Fraternal Association, for which the trends and statistics mark the beginning of a new era of ever increasing success and prosperity. Respectfully submitted, HARLEY N. BRUCE & ASSOCIATES Consulting Actuaries Dollar Cents Refuhds Accrued ................................................................................ j 337.74 Premiums and annuity considerations received in advance; in­cluding $6,645.40 accident and health premiums .................. 138,331.56 Commissions to fieldworkers due or accrued. Life and Annuity $13,844.22 Accident and Health $8,866.52 ............................ 22,710.74 General expenses due or accrued ................................................... 13,613.00 Taxes, licenses and fees due or accrued ........................................ 7,659.15 Unearned investment income .......................................................... 8,741.17 Liability for benefits for employees and fieldworkers if not included above ................ 2.33,333.56 Mandatory Security Valuation Reserve .... 127,934.71 Amounts Retained By Society in Trust Account for Minor or unknown Beneficiaries ....... 55,606.01 Charity, Welfare and Other Amounts Held by Society ....... 85,979.99 TOTAL LIABILITIES ...................................................... 23,511,395.15 Unassigned funds ..................................................... 1,332.603.17 T0TAL ......................................,...................................... 25,344,498.62 SUMMARY OF OPERATIONS Dollars Cents Premium and annuity considerations Life ..........................-....................................'■............................. 2,774.385.03 Accident and health .................................................................. 199 774.01 Considerations for supplementary contracts without life con­tingencies and refund accumulations ..................................... 3,000.00 Net investment income ..................................................................... 686.011.17 Miscellaneous Income ..................................................................___ 5,450.56 TOTAL .......................................................-................3,668,620.77 DEDUCT: Death benefits ............................. 754,287.07 Matured endowments ......... 303,250.00 Disability benefits (including premiums waived $110.87) .......... 110.S7 Surrender benefits ........................................................................... 210,955.14 Accident and health benefits .......................................................... 174,883.38 Increase in aggregate reserve for certificates and contracts with life contingencies ............................ 1,149,086.00 Increase in reserve for supplementary contracts without life contingencies and for refund accumulations .......................... 3,134.77 Increase in Reserves for A & H Certificates ................................ —7,266.29 Subtotal ..................................................'................................. 2,583,440.94 .Commissions on premiums and annuity considerations ............... 319,077.19 General insurance expenses and fraternal payments .................. 570,232.28 Taxes, licenses and fees ...............................:................................... 12,868.36 Total ..............£m..................................................... 3,520,618.77 Net gain from operations before refunds to members and exclud­ing capital gains and losses .................................. ............... 148,002.00 Refunds to members ....................................................................... 3,817.31 NET GAIN FROM OPERATIONS AFTER REFUNDS TO MEMBERS AND EXCLUDING CAPITAL GAINS AND LOSSES ......................................................................................... 144,184.69 UNASSIGNED FUNDS AND SPECIAL RESERVES ACCOUNT ANNUAL STATEMENT FOR THE YEAR 1956 OF THE WILLIAM PENN FRATERNAL ASSOCIATION ASSETS Dollars Cents «Bonds .......................................................:........................................ 21,190.183.99 •Stocks ................................,.............................................................. 290,948.00 Mortgage loans on real estate ...................................................... 2,137,933.25 Real estate Properties occupied by the Society ................ $380,452.91 Investment real estate ..................................... 36,913.99 417,366.90 Certificate loans and liens .............................................................. 744,951.72 Cash and bank deposits .................................................................. 299.514.41 Premiums actually collected by subordinate lodges not yet re­mitted to Home Office ........................................................... 63,2.31.57 Interest and other investment income due and accrued .............. 200,368.78 TOTAL ........-................................................................... 25,344,498.62 * State basis of valuation: Bonds — Amortized or Investment Value Stocks — Market Value LIABILITIES, SPECIAL RESERVES AND UNASSIGNED FUNDS Dollars Cents Aggregate reserve for life certificates and contracts ............... 21,983,761.00 Aggregate reserve for accident and health certificates .............. 711,292.61 Supplementary contracts without life contingencies .................. 7,150.25 Certificate and contract claims Life ...........................................................-............._................ 40,000.00 Accident and Health ................................................................ 54,443.96 Dollars Cents Unassigned funds December 31, previous year .............................. 1,657,992.78 Net gain from operations ........................................ 144,184.69 Net capital gains ........................................... 47,348.65 TOTAL ..................................................................................... 1,849,526.12 Net loss from non-admitted and related items .............................. 425.09 Increase in Mandatory Security Valuation Reserve ................... 8,660.71 Increase in Trust and Welfare Account and Pension Plan ......... 7.837.24 Unassigned funds December 31 of current year ............................ 1,832,603.17 TOTAL ..................................................„............................... 1,849,526.12 TOTAL ......................................_............................................ 1,849,526.12 EXHIBIT OF INSURANCE CERTIFICATES Number Amount 1. At end of previous year ................................. 89,392 75,665,613.00 2. Issued during year ............................................. 3,708 6,421,219.00 3. Revived during year ......................................... 628 615,418.00 4. Increased during year ........ — 25,198.00 5. TOTAL, Lines 2 to 4, inclusive .............. 4,336 7.061,835.00 6. TOTAL, Line 1 plus Line 5 ...................... 93,728 82,727,448.00 Deduct ceased by: 7. Death .................................................................... 900 732,463.00 8. Maturity .............................................................. 415 303,250.00 9. Disability ........................................................... —.— —.— 10. Expiry ............................,.................................... 670 403,280.00 11. Surrender .................... 970 813,502.00 12. Lapse .................................................................... 2,106 2.191,936.00 13. Decrease .............................................................. — 66,186.00 14. TOT AI. TERMINATED, Lines 7 to 13, inclusive ......................................... 5,061 4,510,617.00 15. Outstanding end of year ................................ 88,667 78,216,831.00

Next

/
  • Layout
  • Zoom
  • Rotation
Thumbnails
Contents