William Penn Life, 2017 (52. évfolyam, 1-12. szám)
2017-04-01 / 4. szám
$8,210,000 in 2016. 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 $4,148,000. The members' assets are well protected by this strong safety fund. The Association has set aside $376,284,000 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 2016 the Association paid the significant amount of $26,121,000. A summary of these payments to members for the past two years is as follows: ITEM 2015 2016 Death Claims $2,273,000 $2,101,000 Matured Endowments 101,000 117,000 Emergency Cash Surrender Benefits 485,000 838,000 A&H Supplementary Payments 7,000 3,000 Annuity and Old Age Benefits 15,530,000 14,444,000 Excess Interest on Funds to Members' Acct. 7,196,000 8,210,000 Dividends 332,000 408,000 Benefits to Members $25,924,000 $26,121,000 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 $44,835,502 Net Investment Income 20,473,331 Amortization of Interest Maintenance Reserve 203,794 Miscellaneous Income 65,749 Total Income $65,578,376 OUTGO Life Benefits Paid, Including Dividends $ 3,468,046 Annuity and Pension Benefits Paid 14,444,391 Interest on Funds to Members' Accounts Increase in Aggregate Reserve for Life, 8,155,621 Annuity and Accident & Health Certificates Commissions on Premiums & Annuity 31,011,804 Considerations 1,583,428 General Operating and Fraternal Expenses 4,774,004 Insurance Taxes, Licenses & Fees 245,977 Total Outgo & Reserve Increase $63,683,271 Net Gain from Operations after Refunds to Members $1,895,105 RECONCILIATION Net Gain from Operations $ 1,895,105 Realized Gains/(Losses) (excluding transfers to the IMR)* (2,818,661) Net Incomel(Loss) $ (923,556) Unassigned Funds as of 12/31/15 25,946,797 Change in Unrealized Gains* 2,988,438 Change in Nonadmitted Assets 252,055 Change in Asset Valuation Reserve (765,059) Change in Reserves ......... Unassigned Funds as of 12/31/16 $27,498,675 *The realized capital loss was due to the sale of a subsidiary, Penn Scenic View, which was held as an equity investment. The loss was offset by an unrealized valuation increase, resulting in minimal effect to surplus. WILLIAM PENN LIFE 0 April 2017 0 11
