William Penn Life, 2018 (53. évfolyam, 1-12. szám)
2018-04-01 / 4. szám
WPA is doing an outstanding job of managing the members’ funds by Grant Hemphill, FSA, MAAA William Penn Association continues its long history of outstanding service to members while maintaining an increasingly strong margin of safety for members, with an emphasis on member guaranteed benefit contracts. 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 2017 was, again, on controlled growth and development. The program has been proven to be eminently successful. Assets increased by 9%, while premium income remained high at $43,544,000. At the same time, profits before dividends increased to $3,773,000. These profits are attributable to careful management of investments, favorable persistency, prudent control of expenses and favorable mortality experience. The year 2017 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 and is sufficient to sustain fraternal activities. 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 $447,000,000 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 at December 31, 2017 continued at the very high level of 108%. 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 5.37%, which remained remarkably consistent with the return in 2016 and which supports the generous rates paid to William Penn Association 2017 Annual Statement ASSETS Bonds $425,949,989 LIABILITIES, SPECIAL RESERVES & SURPLUS CERTIFICATE RESERVES Stocks 11,613,835 Life, Annuity and Accident & Health Policy Reserves $397,403,200 Mortgage Loans 453,231 Liability for Deposit-Type Contracts 10,450,054 Real Estate 841,739 Life and Accident & Health Claim Reserves 123,774 Cash and Short-Term Investments 1,288,008 Provision for Refunds Payable in Following Certificate Loans 1,391,245 Calendar Year 390,000 Accrued Investment Income 6,125,243 Premiums Paid in Advance 468,186 Electronic Data Processing Equipment & Software 305 Officials' Retirement Program 1,872,204 Premiums Due and Uncollected 26,880 Interest Maintenance Reserve 617,964 Total Admitted Assets 447,690,475 General Expenses and Taxes Due or Accrued 52,316 Asset Valuation Reserve 4,609,471 Trust Account 583,415 Other Liabilities 688,541 Total Liabilities 417,259,125 Unassigned Surplus 30,431,350 Total $447,690,475 12 0 April 2018 0 WILLIAM PENN LIFE
