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Third Quarter 2003 Results
Show Promise of a Good Year
Dear Members:
Continued deposits of
annuity funds by new members, as well as, life insurance certificate holders
have contributed to a successful nine months of premium increase for the
Polish Roman Catholic Union of America. As the report below reveals, the
PRCUA experienced a 120.45% increase in premiums for the first nine months
of this year.
As of this publication
date, continued deposits are affording the PRCUA much needed funds for our
investment goals.
As you examine the full
report, you should be aware that death claims, and cash surrender of
certificates are still increasing. Also, since the PRCUA is experiencing a
great increase in premium income, we must increase our reserve for life
contracts. In this quarter, we have increased our reserves by $4,051,593.
The success in the stock
market has given the PRCUA a $1,068,719 net realized capital gain. After
adjusting for our high dividend payout of $517,766 as of this quarter, the
PRCUA has realized a very positive net income of $437,587.
With less than six weeks
left in this year, I am still encouraging our members to recommend to others
to join our organization. We have a very successful life insurance program,
as well as, three outstanding annuity series. Please contact your deputy (PRCUA sales representative),
the
Philadelphia office or the
Home office.
In March of 2004, the
complete summary for this year will be available in the Narod Polski and on
this web site.
Fraternally yours,
Wallace M. Ozog, FICF
National President
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Summary of Operations |
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Current
Year
To 9/30/03 |
Prior
Year
To 9/30/02 |
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| |
INCOME |
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|
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| |
Premiums and annuity considerations
for life |
$7,835,372 |
$3,554,269 |
|
| |
Net investment income |
3,899,657 |
4,344,741 |
|
| |
Amortization of Interest Maintenance
Reserve |
6,730 |
8,140 |
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| |
Aggregate write-ins for
miscellaneous income |
7,372 |
7,671 |
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TOTAL |
11,749,131 |
7,914,821 |
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EXPENSES |
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Death Benefits |
1,638,772 |
1,566,721 |
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Matured Endowments |
190,370 |
157,677 |
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Annuity and old age benefits |
74,553 |
7,553 |
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Disability, accidental and health
benefits |
895 |
1,024 |
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Surrender benefits and withdrawals |
1,058,598 |
715,902 |
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Interest and adj. on contract or
deposit-type funds |
1,075 |
0 |
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Payments on supplementary contracts |
347,833 |
328,733 |
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Increase in aggregate reserve for
life |
5,854,434 |
1,802,841 |
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TOTAL |
9,166,530 |
4,580,451 |
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| |
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Commissions on premiums, annuity
considerations |
76,055 |
54,197 |
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| |
General insurance expenses &
fraternal expenses |
2,290,089 |
2,321,320 |
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| |
Insurance taxes, licenses and fees |
131,363 |
119,425 |
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| |
Aggregate write-ins for deductions |
198,460 |
236,516 |
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TOTAL |
11,862,497 |
7,311,909 |
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| |
|
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Net gain from operations before
refunds to members |
(113,366) |
602,912 |
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| |
Refunds to members |
517,766 |
597,660 |
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NET GAIN FROM OPERATIONS AFTER
REFUNDS
TO MEMBERS/BEFORE REALIZED CAPITAL GAINS |
(631,132) |
5,252 |
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Net realized capital gains |
1,068,719 |
99,082 |
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| |
NET INCOME |
437,587 |
104,334 |
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SURPLUS ACCOUNT |
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|
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Surplus, December 31, prior year |
16,214,837 |
18,710,814 |
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Net income from operations |
437,587 |
104,334 |
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Change in net unrealized capital
gains or (losses) |
620,335 |
(3,376,885) |
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Change in non-admitted assets &
related items |
113,309 |
81,433 |
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| |
Change in asset valuation reserve |
(2,080,471) |
150,888 |
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Aggregate write-ins for gains &
losses in surplus |
(300,000) |
(300,000) |
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Net change in surplus for the year |
(1,209,240) |
(3,340,230) |
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Surplus as of statement date |
15,005,597 |
15,370,584 |
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