William Penn, 1962 (45. évfolyam, 5-23. szám)
1962-04-04 / 7. szám
6-IK OLDAL 1962. április 4. William Penn VALUATION REPORT LIABILITIES, SPECIAL RESERVES AND UNASSIGNED FUNDS HARLEY N. BRUCE & ASSOCIATES 1Consulting Actuaries 7620 North Rogers Avenue, Chicago 26, Illinois. March 10, 1962 Officers and Directors William Penn Fraternal Association 436 — 4th Avenue Pittsburgh 19, Pennsylvania Re: 1961 Year of Operations Gentlemen: The following statistics represent certain highlights of information which will be contained in the actuarial report. This information is presented in advance of the longer and more detailed actuarial report so that it can be published for the benefit of your membership. The assets continued to climb, reaching a new high of $29,030,798.70 as of December 31, 1961, and representing an increase of $716,421.69 over the assets as of December 31, 1960. The Association maintains admissible assets of $106.51 behind each $100.00 of liabilities as a safeguard and guarantee to all members that the benefits promised in the certificates will be paid when due. The Association again enjoyed an exceptionally favorable year from an investment standpoint. The net rate of return during 1961 on mean ledger assets was 3.61%, representing a commendable gain over 1960 and 1959. During 1961, the Association earned $1,013,433.69 after deducting all investment expenses. The amount earned exceeded that required to be earned to maintain reserves by $281,127.69, which compares favorably with the 1960 and 1959 excess interest earnings of $216,315.98 and $196,033.89 respectively. In spite of the excess interest earnings and capital gains realized, the Association continues to build its Security Valuation reserve as a further protection to its members against the possibility of adverse market fluctuations. As of December 31, 1961, $698,256.99 had been set aside for this purpose. During 1961, 2845 new life certificates were issued for $5,684,802.00 of insurance. Total insurance in force amounted to $86,958,726.00 at the end of the year on 82,898 certificates. In addition, the Association has issued and has outstanding over 15,000 Sick Benefit, Accident and Health and Hospitalization certificates. The Association has set aside $24,845,311.00 of life reserves and $678,655.00 of A & H reserves for the payment of future claims, which amounts are in addition to the amounts set aside for claims currently in progress. Management continues its conservative practice of setting aside sufficient funds with which to meet all known and contingent liabilities. The most important index of service to members is the total amount paid to members. During 1961, the Association paid $2,290,812.01 to its members or $302,126.92 more than in 1J160. A comparison of the 1961 payments to members with the 1960 payments is as follows: Death Claims Matured Endowments Surrender Benefits A & H & Mise. Payments Dividends 1961 $ 973,524.56 656.031.00 369.149.01 174,240.97 117,866.47 1960 $ 828,583.91 531,466.00 344,546.26 178,175.24 105,913.68 Decrease — Increase + $+144,940.65 + 124,565.00 + 24,602.75 — 3,934.27 + 11,952.79 TOTAL $2,290,812.01 $1,988,685.09 $+302,126.92 In the opinion of the actuaries, the reserves and other liabilities set aside for payment of future claims, together with future premiums, will be sufficient to meet all future obligations as they arise without deduction or abatement. Respectfully submitted, HARLEY N. BRUCE & ASSOCIATES R. E. Bruce, Actuary REB/dsm COOK COUNTY, ILLINOIS Subscribed and sworn to before me this 10th day of March, 1962. R. W. Lyon Notary Public Aggregate reserve for life certificates and contracts .................. 24,845,311.00 Aggregate reserve for accident and health certificates ............... 678,655.00 Supplementary contracts without life contingencies .............. 20,806.07 Certificate and contract claims Life .............................................................................................. 54,920.05 Accident and Health ................................................................... 63,610.85 Refund accumulations ........................................................................ 70,845.08 Refunds due and unpaid $6,633.15: Accrued $6,646.89 ................ 13,280.04 Premiums and annuity considerations received in advance, including $18,216.31 accident and health premiums ............... 226,232.78 Commissions to fieldworkers due or accrued. Life and Annuity $14,612.46. Accident and Health $522.15 .................. 15,134.61 General expenses due or accrued....................................... 10,932.41 Taxes, licenses and fees due or accrued .......................................... 2,892.22 Unearned investment income ....................................................... 7,750.96 Amounts withheld or retained by Society as agent or trustee (Dec. 1961 Taxes Withhéld) ....................................... 8,485.91 Amounts held for fieldworkers account (including $4,251.26 fieldworkers credit balances) .................................. 4,251.26 Liability for benefits for employees and fieldworkers if not included above ....................... 335,460.33 Mandatory securities valuation reserve.......................... 698,256.99 Amounts retained by Society in Trust Acct. for Minor or unknown Beneficiaries ........................................ 47,005.03 Charity, Welfare and Other Amounts Held by Society ......... 152,584.30 TOTAL LIABILITIES .......................................................... 27,256,414.89 Unassigned funds .............................................................................. 1,774,383.81 TOTAL.................................................................................... 29,030,798.70 SUMMARY OF OPERATIONS (Accrual Basis) Premiums: Life ............................................................................................ Accident and health ............................................................... Considerations for supplementary contracts without life contingencies and refund accumulations ............................. Net investment income ................................................................. — Miscellaneous Income ..................................................................... TOTAL .............................................................................. DEDUCT: Death benefits .................................................................................. Matured endowments ..................................................................... Disability benefits (including premiums waived $78.27) ....... Surrender benefits ........................................................................ Accident and health benefits ...................................................... Payments on supplementary contracts without life contingencies and of refund accumulations ...................... Increased in aggregate reserve for certificates and contracts with life contingencies ........................................ Increase in reserve for supplementary contracts without life contingencies and for refund accumulations ...................... Increase in Reserve for A. and H. Certificates ........................ Subtotal .................................................................................... Commissions on premiums and annuity considerations ........... General insurance expenses and fraternal payments ............... Insurance taxes, licenses and fees................................................ Total ................................................................................... Net gain from operations before refunds to members and excluding capital gains and losses .................................... Refunds to members ...................................................................... NET GAIN FROM OPERATIONS AFTER REFUNDS TO MEMBERS AND EXCLUDING CAPITAL GAINS AND LOSSES ........................................................................... 2,426,692.98 187,813.86 51,904.09 1,013,433.69 (-674.94) 3,679,169.68 973,524.56 656.031.00 78.27 369.149.01 157,610.58 16,552.12 426,496.00 36,336.89 (-27,682.00) 2,608,096.43 314,907.18 560,068.54 24,425.04 3,507,497.119 171,672.49 117,866.47 53,806.02 Annual Statement For The Year 1961 OF THE WILLIAM PENN FRATERNAL ASSOCIATION ASSETS 'Bonds .......................................................................................... •Stocks ......................................................................................... Mortgage loans on real estate................................................ Real estate Properties occupied by the Society ..................$967,238.53 Investment real estate ..................................$255,694.32 Certificate loans and liens .................................................... Cash and bank deposits ............................................................ Premiums actually collected by subordinate lodges not yet remitted to Home Office .................................... Accident and health premiums due and unpaid effective after September 30th of current year............. Interest and other investment income due and accrued __ TOTAL .......................................................................... * State basis of valuation: Bonds — Amortized or Investment Value Stocks — Market Value 23,017,617.94 1,869,923.95 1,321,353.92 1,222,932.85 1,090,164.79 194,068.53 66,419.33 5,825.49 242,491.90 29,030,798.70 UNASSIGNED FUNDS AND SPECIAL RESERVES ACCOUNT Unassigned funds December 31, previous year ............................. 1,782,647.64 Net gain from operations ................................................................... 53,806.02 Net capital gains .............................. 188,307.53 TOTAL .......................................................................................... 2,024,761.19 Net loss from non-admitted and related items ............................... 14,347.12 Increase in mandatory securities valuation reserve .................... 220,726.36 Increase in Trust and Welfare Account and Pension Plan ........... 15,303.90 Unassigned funds December 31 of current year ........................... 1,774,383.81 TOTAL ..................... 2,024,761.19 EXHIBIT OF INSURANCE CERTIFICATES — 1961 At end of previous year Issued during year......... Revived during year .... Increased during year .. TOTAL .................... TOTAL .................... Number Amount 84,767 86,974,996.00 2,845 5,684,802.00 515 849,852.00 —0— 44,255.00 3,360 6,578,909.00 88,127 93,553,905.00
