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PRCUA
Declares a Net Gain
Dear Members:
The PRCUA declares a net gain from operations of $330,525 for the first
quarter of 2010. This is the first quarterly gain in this area since March
31, 2005. Reduction in expenses over the last 12 months resulted in a
positive change of $640,318 from the first quarter of 2009. At that time, we
experienced a loss of ($309,793).
After adjusting for refunds to members and net realized losses of ($7,263),
the net income was $288,871.
Another positive effect on the organization includes an increase of assets
to $182,368,053 compared to $178,199,480 in
December 31, 2009. This is a
continued positive growth in assets of $4,168,573.
There was also positive growth in premium income from the March 31, 2009
figure of $3,607,714 to the March 31, 2010 figure of $4,888,234. This
$1,280,520 increase is a reflection of the positive nature of our membership
in the PRCUA. The members’ positive attitude will result in a continued
growth in their organization.
Net investment income has increased from $2,157,604 to $2,233,883 as of
March 31, 2010.
Contributing to this positive gain in operations was a reduction in expenses
in most areas of our organization: a reduction of salaries of officers,
reduction in staff, and cost savings in our official publication, the Naród Polski, from bi-monthly to monthly – only to mention a few changes.
The PRCUA administration continues to anticipate continued positive growth
in both net income from operations and our assets during this year.
The 2010 Growth Record Report recently produced by Standard Analytical
Service, Inc. compares PRCUA’s growth as of December 31, 2009 with the growth of
an average of the 25 largest life insurance companies. When comparing the
below listed categories, positive changes can be observed.
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Assets |
Net Investment Income |
Total Reserves |
Total Income |
|
PRCUA |
46.9% |
46.7% |
70.1% |
22.6% |
Average 25
of the largest
companies |
28.9% |
15.5% |
32.2% |
14.4% |
The PRCUA is currently promoting continued membership growth to our organization! We are
offering two life insurance specials - the 137th Anniversary and 60th
Convention specials.
More information can be found on our website at
www.PRCUA.org/SPECIALS.
Fraternally yours,
Wallace M. Ozog, FICF
National President
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