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Third Quarter 2004 Results
Dear Members:
Once again, deposits of
annuity funds by new members, as well as, life insurance certificate holders
have contributed to a successful nine months of premium income increase for
the Polish Roman Catholic Union of America. According to the
report, the PRCUA experienced a 40.62%
increase in premiums for the first nine months of this year.
Throughout the
report, you can see a major increase in
annuity and insurance benefits, along with a rise in death claims. As in the
past, a raise in premium income means we must strengthen our reserve for
life contracts. This quarter we have increased our reserves by $3,196,161.
This was a 54.5% increase over 2003.
Unlike last year, the net
realized capital gains have decreased to $904,459. After adjusting for our
high dividend payout of $558,889 as of this quarter, the PRCUA has
experienced a reduction in income to -$167,762.
Although our
third quarter results are on the
negative side, I would like to reinforce my belief that the full year 2004
results will be very positive for us financially. These results will be made
public in late February 2005.
I encourage PRCUA members
to recommend membership in our organization to their family and friends. As
you know, we have a very successful life insurance program, as well as,
three outstanding annuity series. Satisfied customers are our best form of
advertisement.
Please refer a new prospect
member today by giving them contact information for your
deputy (PRCUA sales representative),
the Philadelphia Office at
1-800-558-8792 or the new PRCUA
Satellite Office in Ohio at 1-800-318-8234
Fraternally yours,
Wallace M. Ozog, FICF
National President
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Summary of Operations |
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Current Year
To 9/30/04 |
Prior Year
To 9/30/03 |
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INCOME |
|
|
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Premiums and annuity
considerations for life |
$11,017,980 |
$7,835,372 |
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Net investment income |
4,118,801 |
3,899,657 |
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| |
Amortization of Interest
Maintenance Reserve |
4,909 |
6,730 |
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| |
Aggregate write-ins for
miscellaneous income |
7,276 |
7,372 |
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TOTAL |
15,148,966 |
11,749,131 |
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EXPENSES |
|
|
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Death Benefits |
1,791,531 |
1,638,772 |
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Matured Endowments |
158,363 |
190,370 |
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Annuity and old age
benefits |
292,690 |
74,553 |
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Disability, accidental
and health benefits |
895 |
895 |
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Surrender benefits and
withdrawals |
822,683 |
1,058,598 |
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Interest and adj. on
contract or deposit-type funds |
0 |
1,075 |
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Payments on
supplementary contracts |
350,649 |
347,833 |
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Increase in aggregate
reserve for life |
9,050,595 |
5,854,434 |
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TOTAL |
12,467,406 |
9,166,530 |
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|
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Commissions on premiums,
annuity considerations |
125,709 |
76,055 |
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| |
General insurance
expenses & fraternal expenses |
2,677,187 |
2,290,089 |
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| |
Insurance taxes,
licenses and fees |
145,686 |
131,363 |
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| |
Aggregate write-ins for
deductions |
246,311 |
198,460 |
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TOTAL |
15,662,299 |
11,862,497 |
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| |
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Net gain from operations
before refunds to members |
(513,332) |
(113,366) |
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Refunds to members |
558,889 |
517,766 |
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NET GAIN FROM
OPERATIONS AFTER REFUNDS
TO MEMBERS/BEFORE REALIZED CAPITAL GAINS |
(1,072,221) |
(631,132) |
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Net realized capital
gains |
904,459 |
1,068,719 |
|
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NET INCOME |
(167,762) |
437,587 |
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| |
|
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SURPLUS ACCOUNT |
|
|
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Surplus, December 31,
prior year |
16,351,194 |
16,214,837 |
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Net income from
operations |
(167,762) |
437,587 |
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Change in net unrealized
capital gains or (losses) |
(613,782) |
620,335 |
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Change in non-admitted
assets & related items |
108,508 |
113,309 |
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Change in asset
valuation reserve |
(445,539) |
(2,080,471) |
|
| |
Aggregate write-ins for
gains & losses in surplus |
(600,000) |
(300,000) |
|
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Net change in surplus
for the year |
(1,718,575) |
(1,209,240) |
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Surplus as of statement
date |
14,632,619 |
15,005,597 |
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