William Penn Life, 2014 (49. évfolyam, 1-12. szám)
2014-04-01 / 4. szám
WILLIAM PENN ASSOCIATION 2013 ANNUAL STATEMENT FINANCIAL REPORT An important index of service to members is the total amount paid to members. During 2013, the Association paid the significant amount of $20,146,000. A summary of these payments to members for the past two years is as follows: ITEM 2012 2013 Death Claims 2,149,000 2,009,000 Matured Endowments 123,000 141,000 Emergency Cash Surrender Benefits 469,000 419,000 A & H Supplementary Payments 27,000 14,000 Annuity and Old Age Benefits 8,846,000 9,571,000 Excess Interest on Funds to Members' Acct. 7,237,000 7,697,000 Dividends 286,000 295,000 Benefits to Members $19,137,000 $20,146,000 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. ASSETS 1 Bonds $309,459,282 Stocks 9,967,413 Mortgage Loans 510,326 Real Estate 857,900 Cash and Short-Term Investments 970,154 Certificate Loans 1,002,431 Accrued Investment Income 4,877,922 Electronic Data Processing Equipment & Software 27,747 Premiums Due and Uncollected 26,196 Total Admitted Assets $327,699,371 LIABILITIES, SPECIAL RESERVES & SURPLUS CERTIFICATE RESERVES Life, Annuity and Accident & Health Policy Reserves $288,654,000 Liability for Deposit-Type Contracts 6,990,811 Life and Accident & Health Claim Reserves 86,384 Provision for Refunds Payable in Following Calendar Year 310,000 Premiums Paid in Advance 463,551 Officials' Retirement Program 1,691,712 Interest Maintenance Reserve 1,417,817 General Expenses and Taxes Due or Accrued 62,589 Asset Valuation Reserve 3,053,329 Trust Account 661,994 Other Liabilities 413,661 Total Liabilities $303.805,848 Unassigned Surplus 23,893,523 Total $327,699,371 INCOME ■ Premiums & Annuity Considerations $39,767,169 Net Investment Income 17,137,401 Amortization of Interest Maintenance Reserve 212,856 Miscellaneous Income 41,977 Total Income $57,159,403 t OUTGO Life Benefits Paid, Including Dividends $ 2,883,296 Annuity and Pension Benefits Paid 9,571,729 Interest on Funds to Members' Accounts 4,560,048 Increase in Aggregate Reserve for Life, Annuity and Accident & Health Certificates 32,297,000 Commissions on Premiums & Annuity Considerations 1,343,811 General Operating and Fraternal Expenses 4,281,475 Insurance Taxes, Licenses & Fees 177,698 Total Outgo & Reserve Increase $55,115,057 Net Gain from Operations after Refunds to Members $2,044,346 RECONCILIATION 1 Net Gain from Operations $ 2,044,346 Realized Gains/(Losses) (excluding transfers to the IMR) 115,945 Net Income/ILoss) $ 2,160,291 Unassigned Funds as of 12/31/12 21,784,091 Change in Unrealized Gains 737,531 Change in Nonadmitted Assets 226,092 Change in Asset Valuation Reserve (1,014,482) Change in Reserves on Account of Valuation Basis Unassigned Funds as of 12/31/13 $23,893,523 William Penn Life 0 April 2014 ° 13
