William Penn Life, 2016 (51. évfolyam, 1-12. szám)
2016-04-01 / 4. szám
$7,196,000 in 2015. Excess interest continued to be the most important profit source to the Association. In addition to the excellent investment returns, it is worth noting that the Association maintained its Security Valuation Reserves, to guard against adverse fluctuation in investments, at $3,225,000. The members' assets are well protected by this strong safety fund. The Association has set aside $344,651,000 of life, annuity and A&H reserves, deposits and claims for future payments to members. Management continues its prudent and conservative practice of setting aside sufficient funds with which to meet all known and contingent liabilities. William Penn Association is doing an outstanding job of managing the members' funds. An important index of service to members is the total amount paid to members. During 2015, the Association paid the significant amount of $25,924,000. A summary of these payments to members for the past two years is as follows: ITEM 2014 2015 Death Claims $1,705,000 2,273,000 Matured Endowments 121,000 101,000 Emergency Cash Surrender Benefits 705,000 485,000 A&H Supplementary Payments 2,000 7,000 Annuity and Old Age Benefits 9,772,000 15,530,000 Excess Interest on Funds to Members' Acct. 7,738,000 7,196,000 Dividends 300,000 332,000 Benefits to Members $20,341,000 $25,924,000 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. inancial Report INCOME Premiums & Annuity Considerations Net Investment Income Amortization of Interest Maintenance Reserve Miscellaneous Income $35,840,404 19,169,026 232,742 62,670 Total Income $55,304,842 OUTGO Life Benefits Paid, Including Dividends Annuity and Pension Benefits Paid Interest on Funds to Members' Accounts Increase in Aggregate Reserve for Life, Annuity and Accident & Health Certificates Commissions on Premiums & Annuity Considerations General Operating and Fraternal Expenses Insurance Taxes, Licenses & Fees $ 3,202,537 15,530,412 7,586,995 21,264,339 1,440,550 4,196,349 318,678 Total Outgo & Reserve Increase $53,539,860 Net Gain from Operations after Refunds to Members $1,764,982 RECONCILIATION Net Gain from Operations $ 1,764,982 Realized Gains/(Losses) (excluding transfers to the IMR) ..... Net lncome/(Loss) $ 1,764,982 Unassigned Funds as of 12/31/14 25,837,598 Change in Unrealized Gains (685,1191 Change in Nonadmitted Assets (129,3601 Change in Asset Valuation Reserve 273,033 Change in Reserves (1,114,337) Unassigned Funds as of 12/31/15 $25,946,797 William Penn Life 0 April 2016 ° 13
