Just 4 Kidz - William Penn Life

WILLIAM PENN ASSOCIATION2012 ANNUAL STATEMENTFINANCIAL REPORTAn important index of service to members is thetotal amount paid to members. During 2012, the Associationpaid the significant amount of $19,137,000.A summary of these payments to members for thepast two years is as follows:ITEMDeath ClaimsMatured EndowmentsEmergency Cash Surrender BenefitsA & H Supplementary PaymentsAnnuity and Old Age BenefitsExcess Interest on Funds to Members’ Acct.DividendsBenefits to Members20111,861,000107,000441,00070,0008,719,0006,313,000306,000$17,817,000WPA continues to render a truly valuable financialservice to members.In our opinion, the amounts carried in the balancesheets on account of the various actuarial items:(1) are computed in accordance with commonlyaccepted actuarial standards consistently appliedand are fairly stated in accordance with soundactuarial principles;(2) are based on actuarial assumptions which producereserves at least as great as those called forin any contract provision as to reserve basis andmethod, and are in accordance with all othercontract provisions;(3) meet the requirements of the insurance laws andregulations of the Commonwealth of Pennsylvaniaand are at least as great as the minimumaggregate amounts required by the state in whichthis statement is filed;(4) are computed on the basis of assumptions consistentwith those used in computing the correspondingitems in the annual statement of thepreceding year end with any exceptions as notedbelow; and(5) include provision for all actuarial reserves andrelated statement items which ought to beestablished.It is apparent that the officers and directors continuethe skillful management of the members’ moneywhile maintaining very strong safeguards.R. E. Bruce is president of Bruce & Bruce Company.20122,149,000123,000469,00027,0008,846,0007,237,000286,000$19,137,000ASSETSBondsStocksMortgage LoansReal EstateCash and Short-Term InvestmentsCertificate LoansAccrued Investment IncomeElectronic Data Processing Equipment & SoftwarePremiums Due and UncollectedTotal Admitted Assets$273,680,1577,420,630522,644843,0074,771,1561,003,1614,339,5574,61025,080$292,610,002LIABILITIES, SPECIAL RESERVES& SURPLUS CERTIFICATE RESERVESLife, Annuity and Accident & Health Policy ReservesLiability for Deposit-Type ContractsLife and Accident & Health Claim ReservesProvision for Refunds Payable in FollowingCalendar YearPremiums Paid in AdvanceOfficials’ Retirement ProgramInterest Maintenance ReserveGeneral Expenses and Taxes Due or AccruedAsset Valuation ReserveTrust AccountOther LiabilitiesTotal LiabilitiesUnassigned SurplusTotalINCOMEPremiums & Annuity ConsiderationsNet Investment IncomeAmortization of Interest Maintenance ReserveMiscellaneous IncomeTotal IncomeOUTGOLife Benefits Paid, Including DividendsAnnuity and Pension Benefits PaidInterest on Funds to Members’ AccountsIncrease in Aggregate Reserve for Life,Annuity and Accident & Health CertificatesCommissions on Premiums & Annuity ConsiderationsGeneral Operating and Fraternal ExpensesInsurance Taxes, Licenses & FeesTotal Outgo & Reserve IncreaseNet Gain from Operations after Refunds to MembersRECONCILIATIONNet Gain from OperationsRealized Gains/(Losses) (excluding transfers to the IMR)Net Income/(Loss)Unassigned Funds as of 12/31/11Change in Unrealized GainsChange in Nonadmitted AssetsChange in Asset Valuation ReserveChange in Reserves on Account of Valuation BasisUnassigned Funds as of 12/31/12$256,357,0007,122,178116,006310,000488,7621,766,1011,310,52690,8562,038,847660,210565,425$270,825,91121,784,091$292,610,002$57,572,94114,759,581255,55429,684$72,617,760$ 3,054,4118,846,2955,279,54447,915,0001,632,3363,995,943170,311$70,893,840$1,723,920$ 1,723,920131,832$ 1,855,75220,403,627349,581(48,164)(776,705)-----$21,784,091William Penn Life º April 2013 º 13