William Penn, 1963 (46. évfolyam, 5-23. szám)
1963-04-03 / 7. szám
1963 április 3. 5-IK OLDAL William Penn VALUATION REPORT HARLEY N. BRUCE & ASSOCIATES Consulting Actuaries 7620 North Rogers Avenue, Chicago 26, Illinois. February 25, 1963 Officers and Directors William Penn Fraternal Association 436 — 4th Avenue Pittsburgh 19, Pennsylvania Re: 1962 Year of Operations Gentlemen: The following statistics represent certain highlights of information which will be contained in the actuarial report. This information is presented in advance of the longer and more detailed actuarial report so that it can be published for the benefit of your membership. The assets continued to climb, reaching a new high of $29,653,760.41 as of December 31, 1962, and representing an increase of $624,361.71 over the assets as of December 31, 1961. The Association maintains admissible assets of $106.95 behind each $100.00 of liabilities as a safeguard and guarantee to all members that the benefits promised in the certificates will be paid when due. The Association again enjoyed a favorable year from an investment standpoint. The net rate of return during 1962 on mean ledger assets was 3.68%, representing a definite gain over 1961 and 1960. During 1962, the Association earned $1,056,632.01 after deducting all investment expenses. The amount earned exceeded that required to be earned to maintain reserves by $306,587.01, which compares favorably with the 1961 and 1960 excess interest earnings of $281,127.69 and $216,315.98 respectively. In spite of the excess interest earnings and capital gains realized, the Association continues to hold its Security Valuation reserve as a further protection to its members against the possibility of adverse market fluctuations. As of December 31, 1962, $661,518.88 had been set aside for this purpose. During 1962, 2,714 new life certificates were issued for $5,606,653.00 of insurance. Total insurance in force amounted to $87,640,517.00 at the end of the year on 81,287 certificates. In addition, the Association has issued and has outstanding approximately 15,000 Sick Benefit, Accident and Health and Hospitalization certificates. The Association has set aside $25,254,048.00 of life reserves and $647,539.00 of A & H reserves for the payment of future claims, which amounts are in addition to the amounts set aside for claims currently in process. Management continues its wise practice of setting aside sufficient funds with which to meet all known and contingent liabilities. The most important index of service to members is the total amount paid to members. During 1962, the Association paid $2,377,974.77 to its members or $87,162.76 more than in 1961. A comparison of the 1962 payments to members with the 1961 payments is as follows: Death Claims Matured Endowments Surrender Benefits A & H & Mise. Payments Dividends TOTAL 1962 $ 997,428.03 694,180.00 364,834.46 185,461.59 136,070.69 1961 $ 973,524.56 656.031.00 369.149.01 174,240.97 117,866.47 Decrease — Increase + $ + 23,903.47 + 38,149.00 — 4,314.55 + 11,220.62 + 18,204.22 $2,377,974.77 $2,290,812.01 $+87,162.76 In the opinion of the actuaries, the reserves and other liabilities set aside for payment of future claims, together with future premiums, will be sufficient to meet all future obligations as they arise without deduction or abatement. Respectfully submitted, HARLEY N. BRUCE & ASSOCIATES R. E. Bruce, Actuary REB/dsm COOK COUNTY, ILLINOIS Subscribed and sworn to before me this 25th day of February 1963. Richard W. Lyon Notary Public Annual Statement For The Year 1962 OF THE WILLIAM PENN FRATERNAL ASSOCIATION ASSETS •Bonds ................................................................................................... 23,046,820.87 •Stocks ....................... 2,165,416.12 Mortgage loans on real estate .......................................................... 1,461,953.81 Real estate Properties occupied by the Society ..................$324,800.41 Investment real estate .................................$1,082,840.49 1,407,640.90 Certificate loans and liens ............................................................... 1,120,915.76 Cash and bank deposits ..................................................................... 138,625.52 Cash and invested assets $29,341,372.98 Premiums actually collected by subordinate lodges not yet remitted to Home Office ............................................. 61,550.31 Accident and health premiums due and unpaid effective after September 30th of current year........................ 6,055.43 Interest and other investment income due and accrued .............. 244,781.69 TOTAL ................................................................................... 29,653,760.41 * State basis of valuation: Bonds — Amortized or Investment Value Stocks — Market Value LIABILITIES, SPECIAL RESERVES AND UN ASSIGNED FUNDS Aggregate reserve for life certificates and contracts .................. 25,254,048.00 Aggregate reserve for accident and health certificates ............... 647,539.00 Supplementary contracts without life contingencies .................... 17,481.84 Certificate and contract claims Life ........................................................................................... 60.741.56 Accident and Health ................................................................... 66,058.02 Refund accumulations ........................................................................ 120,086.23 Refunds due and unpaid ................................................................... 14,100.41 Premiums and annuity considerations received in advance, including $19,384.11 accident and health premiums ............. 232,650.50 Commissions to fieldworkers due or accrued. Life $12,770.10 Accident and Health $1,021.53 .................... 13,791.63 General expenses due or accrued ...................................................... 9,599.40 Taxes, licenses and fees due or accrued ......................................... 4,101.07 Unearned investment income ........................................................... 8,614.14 Amounts withheld or retained by Society as agent or trustee ..................................................................................... 11,481.48 Amounts held for fieldworkers account (including $4,098.75 fieldworkers credit balances) .................................. 4,098.75 Liability for benefits for employees and fieldworkers if not included above ...................................................................... 353,341.36 Mandatory securities valuation reserve .................................... 661,518.88 Amounts retained by Society in Trust Acct. for Minor (and Unknown Beneficiaries) ......................................... 46,330.10 Charity, Welfare and other Amounts held by Society ............... 200,011.52 TOTAL LIABILITIES .......................................................... 27,725,593.8» Unassigned funds .............................................................................. 1,928,166.52 TOTAL................................................................................... 29,653,760.41 SUMMARY OF OPERATIONS (Accrual Basis) Premiums and annuity considerations Life ................................................................................................. 2,427,358.19 Accident and health ..................................................................... 192,602.72 Considerations for supplementary contracts without life contingencies and refund accumulations .................................. 54,065.02 Net investment income ...................................................................... 1,056,632.01 Miscellaneous Income .......................................................................... (-2,117.37) TOT VL 3,728,540.57 DEDUCT: Death benefits ,....................................................................................... 997,428.03 Matured endowments .......................................................................... 694,180.00 Disability benefits .............................................................................. 170.47 Surrender benefits .............................................................................. 364,834.46 Accident and health benefits ................... 174,301.07 Payments on supplementary contracts without life contingencies and of refund accumulations ........................... 10,990.05 Increased in aggregate reserve for certificates and contracts with life contingencies ............................................. 40S,737.00 Increase in reserve for supplementary contracts without life contingencies and for refund accumulations ........................... 45,916.92 Increase in Reserve for A. and H. Certificates ............................. ( 31,116.00) Subtotal ........ 2AKM2M _ . . 307,394.92 Commissions on premiums ............................................................. 576 353 11 General insurance expenses and fraternal payments .................... ‘>"'.35104 Insurance taxes, licenses and fees...................................................................* -Total ................................................ 3’576’54L07 Net gain from operations before refunds to members and 999 50 excluding capital gains and losses ......................................................l_ „ , . , . 136,070.69 Refunds to members .......................................................................... NET GAIN FROM OPERATIONS AFTER REFUNDS TO MEMBERS AND EXCLUDING CAPITAL GAINS AND LOSSES ............................................................................... 15’928'81 UNASSIGNED FUNDS AND SPECIAL RESERVES ACCOUNT Unassigned funds December 31, previous year ............................. 1,774,383.81 Net gain from operations ................................................................... 15,928.81 Net capital gains ................................................................................. 110,721.32 Net gain from non-admitted and related items ........................... 9,348.09 Decrease in mandatory securities valuation reserve .................. 35,338.11 TOTAL .......................................................................................... 1,945,720.14 Increase in Pension Plan ................................................................. 17,553.62 Unassigned funds December 31 of current year ........................... 1,928,166.52 TOTAL .......................................................................................... 1,945,720.14 THE JOB
