Issue link: http://read.dmtmag.com/i/121911
Statutory Statements of Admitted Assets, Liabilities & Surplus at December 31, 2012 & 2011 2012 2011 ___________________ ___________________ Admitted Assets Bonds, at amortized cost 146,648,162118,020,733 Common stocks, at market value 5,540,5984,984,675 Properties occupied by the Society, less accumulated depreciation of $1,755,911 and $1,714,965 in 2012 and 2011, respectively 683,004 719,640 Certificate loans and liens 2,754,877 2,746,501 Cash and short-term investments 4,913,499 2,860,271 Electronic data processing equipment and software, less accumulated depreciation of $127,425 and $1,231,581 in 2012 and 2011, respectively 55,904 78,447 Receivables for securities Premiums deferred and uncollected 22,814 30,308 Investment income due and accrued 1,948,062 1,596,517 Amounts recoverable from reinsurers 0 0 Other assets 0 100 ___________________ Total 162,566,919131,037,192 admitted assets ___________________ LIABILITIES AND SURPLUS Certificate liabilities and reserves: Aggregate reserve for life certificates and contracts 136,967,028 107,855,150 Liability for deposit-type contracts 3,844,034 4,087,683 Certificate and contract claims 845,905 574,064 Provision for refunds payable 340,000 335,000 Premiums received in advance 27,507 24,496 ___________________ Total certificate liabilities and reserves 142,024,474 112,876,393 Other liabilities: Interest maintenance reserve 881,964 1,013,517 Accrued expenses and other liabilities 3,792,976 813,067 Provision for future conventions 56,160 31,750 Post-retirement benefit obligation 481,095 481,220 Asset valuation reserve 1,563,374 854,401 ___________________ Total liabilities 148,800,043 116,070,348 ___________________ Surplus: Unassigned funds 13,766,87614,966,844 ___________________ TOTAL LIABILITIES AND SURPLUS 162,566,919 131,037,192 ___________________ ___________________ Statement Notes In 2012, your Society showed a large growth in the admitted assets, which is the amount that a life insurance entity shows to the state to meet its obligations. This increase came in a couple of areas, one being the (above) 'Bonds, at amortized cost' which is to say that we do not take the current market price for the bond, but rather the bond at the time of purchase plus a portion of the discount or premium of the bond. Also the equities 22 showed an increase in 2012 as the stock market started to rally back. Because of the increase in sales the Society also held more cash on hand at year-end. 'Investment income due' was also higher because of the increase in investments. On the liabilities side of the balance sheet, that increase was due to the fact that we had to increase the reserves for the new business that was brought in 2012. You will also notice that the accrued expense and other liabilities were higher because of the influx of business that came in the fourth quarter and had not been settled. This amount was settled in the first quarter and will reflect as income in 2013. The surplus showed a little strain in 2012, due to a number of factors which will be addressed on the analysis of the operating statement. A large part of the decrease in the surplus was due to the operating loss as well as the change in National Catholic Forester — 2012 Annual Report