William Penn Life, 2019 (54. évfolyam, 2-5. szám)

2019-04-01 / 4. szám

WILLIAM PENN ASSOCIATION 2018 ANNUAL STATEMENT FINANCIAL REPORT

ASSETS

An important index of service to members is the total amount paid to members. During 2018 the Association paid the noteworthy amount of $30,735,000. A summary of these payments to members for the past four years is as follows:

ITEM

2017

2018

Death Claims

2,236,000

2,260,000

Matured Endowments

128,000

100,000

Emergency Cash Surrender Benefits

659,000

748,000

A & H Supplementary Payments

3,000

3,000

Annuity and Old Age Benefits

15,940,000

18,047,000

Excess Interest on Funds to Members' Acct.

9,209,000

9,140,000

Dividends

410,000

437,000

Benefits to Members

$28,585,000

$30,735,000

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.

Grant Hemphill is a senior actuary at Bruce & Bruce Company.

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WILLIAM PENN LIFE 0 April 2019 0 9