William Penn Life, 1971 (6. évfolyam, 1-4. szám)
1971-05-01 / 2. szám
WILLIAM PENN ACTUARY’S REPORT March 23, 1971 Officers and Directors William Penn Fraternal Association 429 Forbes Avenue Pittsburgh, Pennsylvania 15219 Re: 1970 Year of Operations Gentlemen: The following statistics represent certain highlights of information from the actuarial report prepared for the Board of Directors. The year 1970 was another profitable year for the Association, reflecting increases to surplus from both profits and surplus transactions. Profits in 1970 were again higher than average for the third straight year, amounting to $163,386.90 after the payment of dividends of $160,627. The officers are to be congratulated on the judicious disposition of the money entrusted to them by the members. The assets continued to climb, reaching to a new high of $33,535,297.81 as of December 31, 1970, and representing an increase of $617,273.76 over the assets of December 31, 1969. The Association maintains admissable assets of $110.50 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. This represents a further increase from the corresponding figure of $110.19 as of December 31, 1969. The Association again enjoyed a favorable year from investments. The net rate of return during 1970 on mean assets was 4.37%, representing continuing gains over the 1969 and prior rates of return. During 1970 the Association earned investment income of $1,418,990 after deducting all investment expenses. The amount earned exceeded that required to be earned to maintain interest bearing liabilities by $600,090, which reflects excellent gains over the 1969 and 1968 excess earnings of $573,374 and $533,342 respectively. Notwithstanding the excellent investment returns, it is worth noting that the Association has set aside the sum of $626,896 in the past 20 years into the Mandatory Security Valuation Reserve to guard against fluctuation in investments. During 1970 new life certificates were issued for $14,862,592 of insurance. Total insurance in force amounts to $98,945,503 at the end of the year on 66,709 certificates. In addition, the Association has issued and has outstanding over 8,500 Sick Benefit, Accident and Health and Hospitalization certificates. The Association has set aside $27,043,673 of life reserves and $499,439 of A & H reserves for the payment of future claims, which amounts are in 8 addition to the amounts set aside for claims currently in process. Management continues its prudent and conservative practice of setting aside sufficient funds with which to meet all known and contingent liabilities. The most important index of services to members is the total amount paid to members. During 1970, the Association paid the significant amount of $2,398,372. A summary of the 1970 payments to members is as follows: Item 1970 Death Claims ...............................$1,062,812 Matured Endowments ............... 480,453 Surrender Benefits ................... 471,025 A&H & Mise. Payments ........... 223,455 Dividends .................................... 160,627 Total .......................................2,398,372 In the opinion of the actuaries, the reserves, liabilities set aside for payment of future claims and future premiums will be sufficient to meet all future obligations as they arise without reduction or abatement. Respectfully submitted, Harley N. Bruce & Associates 1970 ANNUAL STATEMENT FINANCIAL REPORT ASSETS Bonds ......................................................................................................................$28,741,661.63 Stocks ................................................................................................................... 978,606.73 Mortgage Loans ................................................................................................ 997,883.14 Real Estate ......................................................................................................... 834,756.39 Certificate Loans ............................................................................................ 1,072,027.26 Cash ...................................................................................................-............ ■ 308,772.75 Branch Real Estate Loans ............................................................................... 14,642.00 Other Invested Assets ..................................................................................... 200,000.00 PREMIUMS: Life .......................................................................................................................... 14,727.06 Accident & Health .............................................................................................. 9,101.99 Accrued Investment Income ........................................................................... 363,118.86 Total Admitted Assets ............................................................................$33,535,297.81 LIABILITIES, SPECIAL RESERVES AND SURPLUS Certificate Reserves: Life ......................................................................................................................$27,043,673.00 Accident & Health .......................................................................................... 499,439.00 Supplementary Contracts ............................................................................. 39,285.88 Certificate Claims: Life ..................................................................................................................... 48,519.00 Accident & Health ........................................................................................... 9,930.58 Refund (Dividend) Accumulations............................................................. 770,294.07 Refunds Due and Unpaid ............................................................................... 132,004.65 Advance Premiums .......................................................................................... 550,977.07 Commissions, Taxes, General Expenses Due or Accrued ................... 37,167.71 Pension Benefit Funds ................................................................................... 485,680.23 Security Valuation Reserve ........................................................................... 626,896.28 Trust Account .................................................................................................. 74,400.84 Other Liabilities .............................................................................................. 30,147.89 Total Liabilities .........................................................................................$30,348,416.20 Special Reserves .............................................................................................. 219,418.88 Unassigned Surplus ........................................................................................ 2,967,462.73 Total ........................................................................................................ $33,535,297.81 Participants of the New Jersey Scholarship Dinner Dance. National Officers, Members of the Board of Directors, Auditing Committee Members.
