William Penn Life, 2016 (51. évfolyam, 1-12. szám)
2016-04-01 / 4. szám
WPA continues to be a very safe, secure place to hold money for future delivery by R. E. Bruce, FCA, MAAA William Penn Association continues its long history of outstanding service to members while maintaining an increasingly strong margin of safety to members. Certain highlights from the financial reports to the regulatory authorities and the actuarial report to the Officers and Directors should be summarized for the benefit of the members. All numbers herein are taken from the official reports as filed. References are rounded for convenience. Emphasis in 2015 was, again, on controlled growth and development. The program has been proven to be eminently successful. Assets increased by 6 percent while premium income increased to $35,840,000. At the same time, profits before dividends were generated at $2,097,000. These profits are attributable to careful management of investments, favorable persistency and favorable mortality experience. The year 2015 continued the Association's long history of returning to the members the highest possible benefits consistent with safety. The major lines of business were again profitable. This is a fine record. The members should feel very proud of WPA and its financial strength to guarantee their benefits. WPA continues its emphasis on safety to members. The strong financial position of WPA should be emphasized. In its history, no WPA member suffered any loss in benefit value or reduction in dividends nor experienced a rate increase because of market fluctuations. WPA continues to be a very safe, secure place to hold money for future delivery. Assets at over $377,000,000 continue to be valued very conservatively, are of exceptionally high quality and fully comply with the strict standards of the National Association of Insurance Commissioners (NAIC). All members can continue to have confidence that the assets standing behind their policies are sound and will provide the required funds when needed. The safety margin on December 31,2015, continued at the very high level of 108 percent. This means that the Association held over $108 of admissible assets behind each $100 of liabilities as a safeguard and guarantee to all members that the benefits promised in the certificates will be paid when due. The Association enjoys a stronger safety margin than most of the very large companies. This strong safety margin will continue for the benefit of all members, even into the next generation. The Association enjoyed a very favorable year from investments. The net rate of return on mean assets was 5.44 percent, which supports the generous rates paid to members. During 2015, the Association earned net investment income of $19,402,000 after deducting all investment expenses. Investment income exceeded requirements by William Penn Association 2015 Annual Statemen ASSETS Bonds $358,554,559 Stocks 10,428,361 Life, Annuity and Accident & Health Policy Reserves $336,366,000 Mortgage Loans 483,457 Liability for Deposit-Type Contracts 8,284,939 Real Estate 784,452 Life and Accident & Health Claim Reserves 141,789 Cash and Short-Term Investments 648,419 Provision for Refunds Payable in Following Certificate Loans 1,167,015 Calendar Year 320,000 Accrued Investment Income 5,325,844 Premiums Paid in Advance 460,144 Electronic Data Processing Equipment & Software 7,922 Officials' Retirement Program 1,710,472 Premiums Due and Uncollected 34,448 Interest Maintenance Reserve 670,451 Total Admitted Assets $377,434,477 General Expenses and Taxes Due or Accrued 53,045 Asset Valuation Reserve 2,554,538 Trust Account 780,959 Other Liabilities 145,343 Total Liabilities $351,487,680 Unassigned Surplus 25,946,797 Total $377,434,477 LIABILITIES, SPECIAL RESERVES & SURPLUS CERTIFICATE RESERVES 12 0 April 2016 ° William Penn Life
