2011 statua tory annual statement
TRANSCRIPT
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7/27/2019 2011 Statua Tory Annual Statement
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ANNUAL STATEMENT
OF THE
Thrivent Financial for Lutherans
Of
Appleton
in the state of WI
to the Insurance Department
of the state of
For the Year Ended
December 31, 2011
2011FRATERNAL
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FRATERNAL ORDERS - ASSOCIATION EDITION
*56014201120100100*
ANNUAL STATEMENTFor the Year Ended December 31, 2011
of the Condition and Affairs of the
Thrivent Financial for LutheransNAIC Group Code.....2938, 2938 NAIC Company Code..... 56014 Employer's ID Number..... 39-0123480(Current Period) (Pr ior Period)Organized under the Laws of Wisconsin State of Domicile or Port of Entry Wisconsin Country of Domicile USIncorporated/Organized.... . November 24, 1902 Commenced Business..... August 15, 1902
Statutory Home Office 4321 North Ballard Road.. Appleton ..... WI ..... 54919-0001(Street and Number) (City or Town, State and Zip Code)
Main Administrative Office 625 Fourth Avenue South MS-Reg Financial.. Minneapolis ..... MN ..... 55415-1624 800-847-4836(Street and Number) (City or Town, State and Zip Code) (Area Code) (Telephone Number)
Mail Address 625 Fourth Avenue South MS-Reg Financial.. Minneapolis ..... MN ..... 55415-1624(Street and Number or P. O. Box) (City or Town, State and Zip Code)
Primary Location of Books and Records 625 Fourth Avenue South MS-Reg Financial.. Minneapolis ..... MN ..... 55415-1624 800-847-4836(Street and Number) (City or Town, State and Zip Code) (Area Code) (Telephone Number)
Internet Web Site Address www.thrivent.com
Statutory Statement Contact Joseph Edward Barnes 612-844-4243(Name) (Area Code) (Telephone Number) (Extension)
[email protected] 612-844-7373(E-Mail Address) (Fax Number)
OFFICERSName Title Name Title
1. Bradford Leigh Hewitt CEO & President 2. Teresa Joy Rasmussen Sr. VP, General Counsel &Secretary
3. Paul Bernard Zastrow Treasurer 4. Susan Oberman Smith Actuary
OTHERRandall Lee Boushek Senior Vice President Pamela Joyce Moret Senior Vice PresidentHolly Jane Morris Senior Vice President Knut Andrew Olson # Senior Vice PresidentAnne deBruin Sample # Senior Vice President Russell William Swansen Senior Vice PresidentJames Adlai Thomsen Senior Vice President Marie Alice Uhrich Senior Vice President
DIRECTORS OR TRUSTEESAddie Joyner Butler Kirk Douglas Farney # Bradford Leigh Hewitt Mark Andrew Jeske #Frederick George Kraegel Frederick Mark Kuhlmann Richard Charles Lundell Paul William MiddekeFrank Henry Moeller Bonnie Ellen Raquet Alice Marie Richter James Henry ScottKurt Martin Senske Albert K Wing-wong Siu Allan Roy Spies Adrian Martha Tocklin
State of........ MinnesotaCounty of..... Hennepin
The officers of this reporting entity being duly sworn, each depose and say that they are the described officers of said reporting entity, and that on the reporting periodstated above, all of the herein described assets were the absolute property of the said reporting entity, free and clear from any liens or claims thereon, except asherein stated, and that this statement, together with related exhibits, schedules and explanations therein contained, annexed or referred to, is a full and true statementof all the assets and liabilities and of the condition and affairs of the said reporting entity as of the reporting period stated above, and of its income and deductionstherefrom for the period ended, and have been completed in accordance with the NAIC Annual Statement Instructions andAccounting Practices and Proceduresmanual except to the extent that: (1) state law may differ; or, (2) that state rules or regulations require differences in reporting not related to accounting practices andprocedures, according to the best of their information, knowledge and belief, respectively. Furthermore, the scope of this attestation by the described officers alsoincludes the related corresponding electronic filing with the NAIC, when required, that is an exact copy (except for formatting differences due to electronic filing) of theenclosed statement. The electronic filing may be requested by various regulators in lieu of or in addition to the enclosed statement.
(Signature) (Signature) (Signature)
Bradford Leigh Hewitt Teresa Joy Rasmussen Paul Bernard Zastrow
1. (Printed Name) 2. (Printed Name) 3. (Printed Name)
CEO & President Sr. VP, General Counsel & Secretary Treasurer
(Title) (Title) (Title)
Subscribed and sworn to before me a. Is this an original filing? Yes [ X ] No [ ]
This 31st day of January 2012 b. If no 1. State the amendment number
2. Date filed
3. Number of pages attached
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Annual Statement for the year 2011 of the Thrivent Financial for Lutherans
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ASSETSCurrent Year Prior Year
1 2 3 4Net Admitted
Nonadmitted Assets NetAssets Assets (Cols. 1 - 2) Admitted Assets
1. Bonds (Schedule D)........................................................................................................... .........34,077,877,819 .................................... .........34,077,877,819 .........32,206,320,228
2. Stocks (Schedule D):
2.1 Preferred stocks....................................................................................................... .................60,183,381 .................................... .................60,183,381 .................89,027,914
2.2 Common stocks....................................................................................................... ...........1,116,468,600 .................................... ...........1,116,468,600 ...........1,156,234,019
3. Mortgage loans on real estate (Schedule B):
3.1 First liens.................................................................................................................. ...........7,539,859,109 .................................... ...........7,539,859,109 ...........7,460,967,154
3.2 Other than first liens................................................................................................. .................................... .................................... .................................0 ....................................
4. Real estate (Schedule A):
4.1 Properties occupied by the company (less $..........0
encumbrances)........................................................................................................ .................60,307,490 .................................... .................60,307,490 .................63,026,426
4.2 Properties held for the production of income (less $..........0
encumbrances)........................................................................................................ .................................... .................................... .................................0 ....................................
4.3 Properties held for sale (less $..........0 encumbrances).......................................... .................37,164,329 .................................... .................37,164,329 .................48,855,612
5. Cash ($.....(30,643,588), Sch. E-Part 1), cash equivalents ($.....1,357,866,648,
Sch. E-Part 2) and short-term investments ($.....663,641,621, Sch. DA)......................... ...........1,990,864,681 .................................... ...........1,990,864,681 ...........1,620,542,002
6. Contract loans (including $..........0 premium notes).......................................................... ...........1,261,431,538 .................................... ...........1,261,431,538 ...........1,262,606,022
7. Derivatives (Schedule DB)................................................................................................. ........................23,970 .................................... ........................23,970 ...................5,708,422
8. Other invested assets (Schedule BA)................................................................................ ...........2,131,349,923 ...................8,128,830 ...........2,123,221,093 ...........1,822,563,364
9. Receivables for securities.................................................................................................. .................34,639,685 .................................... .................34,639,685 ..............236,704,684
10. Securities lending reinvested collateral assets (Schedule DL)......................................... .................................... .................................... .................................0 ....................................
11. Aggregate write-ins for invested assets............................................................................. .................................0 .................................0 .................................0 .................................0
12. Subtotals, cash and invested assets (Lines 1 to 11)......................................................... .........48,310,170,527 ...................8,128,830 .........48,302,041,697 .........45,972,555,848
13. Title plants less $..........0 charged off (for Title insurers only)........................................... .................................... .................................... .................................0 ....................................
14. Investment income due and accrued................................................................................. ..............419,403,468 ...................2,056,425 ..............417,347,043 ..............404,306,596
15. Premiums and considerations:15.1 Uncollected premiums and agents' balances in course of collection..................... ...................2,088,018 .................................... ...................2,088,018 ...................4,912,344
15.2 Deferred premiums, agents' balances and installments booked but deferred
and not yet due (including $..........0 earned but unbilled premiums)...................... ..............108,126,271 .................................... ..............108,126,271 ..............107,612,812
15.3 Accrued retrospective premiums............................................................................. .................................... .................................... .................................0 ....................................
16. Reinsurance:
16.1 Amounts recoverable from reinsurers..................................................................... ...................3,466,243 .................................... ...................3,466,243 ...................2,798,882
16.2 Funds held by or deposited with reinsured compan ies........................................... .................................... .................................... .................................0 ....................................
16.3 Other amounts receivable under reinsurance contracts......................................... ..........................9,114 .................................... ..........................9,114 ..........................8,245
17. Amounts receivable relating to uninsured plans................................................................ .................................... .................................... .................................0 ....................................
18.1 Current federal and foreign income tax recoverable and interest thereon....................... .................................... .................................... .................................0 ....................................
18.2 Net deferred tax asset........................................................................................................ .................................... .................................... .................................0 ....................................
19. Guaranty funds receivab le or on deposit........................................................................... .................................... .................................... .................................0 ....................................
20. Electronic data processing equipment and software......................................................... .................65,604,144 .................57,094,785 ...................8,509,359 ...................5,458,989
21. Furniture and equipment, including health care delivery assets ($..........0)..................... .................14,153,172 .................14,153,172 .................................0 ....................................
22. Net adjustment in assets and liabilities due to foreign exchange rates............................ .................................... .................................... .................................0 ....................................
23. Receivables from parent, subsidiaries and affiliates......................................................... ...................8,882,571 .................................... ...................8,882,571 ...................7,496,471
24. Health care ($..........0) and other amounts receivable...................................................... ...................1,814,927 ...................1,814,927 .................................0 ....................................
25. Aggregate write-ins for other than invested assets........................................................... ..............129,894,791 ..............122,521,297 ...................7,373,494 ...................7,045,095
26. Total assets excluding Separate Accounts, Segregated Accounts and Protected
Cell Accounts (Lines 12 to 25)........................................................................................... .........49,063,613,248 ..............205,769,437 .........48,857,843,811 .........46,512,195,281
27. From Separate Accounts, Segregated Accounts and Protected Cell Accounts............... .........13,398,945,737 .................................... .........13,398,945,737 .........12,712,554,62228. TOTALS (Lines 26 and 27)................................................................................................ .........62,462,558,984 ..............205,769,437 .........62,256,789,548 .........59,224,749,903
DETAILS OF WRITE-INS
1101. ....................... ......................... ........................ ........................ ........................ .................... ....................... ............. ...................... .............. .................................0 ................... .................
1102. ....................... ......................... ........................ ........................ ........................ .................... ....................... ............. ...................... .............. .................................0 ................... .................
1103. ....................... ......................... ........................ ........................ ........................ .................... ....................... ............. ...................... .............. .................................0 ................... .................
1198. Summary of remaining write-ins for Line 11 from overflow page...................................... .................................0 .................................0 .................................0 .................................0
1199. Totals (Lines 1101 thru 1103 plus 1198) (Line 11 above)................................................ .................................0 .................................0 .................................0 .................................0
2501. Prepaid expenses............................................................................................................... ..............113,380,576 ..............113,380,576 .................................0 ....................................
2502. Miscellaneous assets and receivables.............................................................................. ...................8,496,917 ...................1,123,423 ...................7,373,494 ...................7,045,095
2503. Unsecured loans................................................................................................................ ...................8,017,298 ...................8,017,298 .................................0 ....................................
2598. Summary of remaining write-ins for Line 25 from overflow page...................................... .................................0 .................................0 .................................0 .................................0
2599. Totals (Lines 2501 thru 2503 plus 2598) (Line 25 above)................................................ ..............129,894,791 ..............122,521,297 ...................7,373,494 ...................7,045,095
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Annual Statement for the year 2011 of the Thrivent Financial for Lutherans
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LIABILITIES, SURPLUS AND OTHER FUNDS1 2
Current Year Prior Year
1. Aggregate reserve for life certificates and contracts (Exhibit 5, Line 9999999) (including $..........0 Modco Reserve)....................... ..............33,437,115,016 ..............32,246,873,197
2. Aggregate reserve for accident and health contracts (Exhibit 6, Line 16, Col. 1) (including $.........0 Modco Reserve)...................... ................4,136,054,845 ................3,848,870,233
3. Liability for deposit-type contracts (Exhibit 7, Line 14, Col. 1) (including $..........0 Modco Reserve)................................................... ................2,854,418,593 ................2,626,029,738
4. Contract claims:
4.1 Life (Exhibit 8, Part 1, Line 4.4, Column 1 less sum of Columns 9, 10 and 11)......................................................................... ...................189,007,283 ...................186,209,187
4.2 Accident and health (Exhibit 8, Part 1, Line 4.4, sum of Columns 9, 10 and 11)....................................................................... .....................32,395,950 .....................36,031,814
5. Refunds due and unpaid (Exhibit 4, Line 10)........................................................................................................................................ ..........................888,908 ..........................910,2136. Provision for refunds payable in following calendar year-estimated amounts:
6.1 Apportioned for payment.............................................................................................................................................................. ...................290,339,129 ...................304,987,326
6.2 Not yet apportioned...................... ........................ ..................... ........................ ........................ ......................... ........................ .. ...................... ................... ...................... ...................
7. Premiums and annuity considerations for life and accident and health contracts received in advance less $..........0discount; including $.....9,724,463 accident and health premiums (Exhibit 1, Part 1, Col. 1, sum of Lines 4 and 14)........................ .....................14,934,768 .....................15,848,509
8. Contract liabilities not included elsewhere:
8.1 Surrender values on canceled contracts..................................................................................................................................... ......................................... .........................................
8.2 Other amounts payable on reinsurance including $..........0 assumed and $..........0 ceded...................................................... ......................................... .........................................
8.3 Interest Maintenance Reserve (IMR, Line 6)............................................................................................................................... ...................347,190,329 ...................237,785,572
9. Commissions to fieldworkers due or accrued-life and annuity contracts $.....13,256,466 ; accident and health $......1,022,141and deposit-type contract funds $.....740,513....................................................................................................................................... .....................15,019,120 .....................16,082,275
10. Commissions and expense allowances payable on reinsurance assumed......................................................................................... ......................................... .........................................
11. General expenses due or accrued (Exhibit 2, Line 12, Col. 7)............................................................................................................. .....................54,517,042 .....................53,900,965
12. Transfers to Separate Accounts due or accrued (net) (including $.....(277,790,433) accrued for expense allowancesrecogn ized in reserves)... ......................... ........................ ........................ ........................ ......................... ........................ ..................... .................. (287,144,331) ..................(272,449,358)
13. Taxes, licenses and fees due or accrued (Exhibit 3, Line 8, Col. 6)..................................................................................................... .......................3,944,714 .......................4,208,520
14. Unearned investment income................................................................................................................................................................ .......................8,613,044 .......................8,526,581
15. Amounts withheld or retained by Society as agent o r trustee............................................................................................................... .....................12,673,727 .......................7,967,409
16. Amounts held for fieldworkers' account, including $..........0 fieldworkers' credit balances.................................................................. ......................................... .........................................
17. Remittances and items not allocated..................................................................................................................................................... .....................30,291,040 .....................19,456,912
18. Net adjustment in assets and liabilities due to foreign exchange rates................................................................................................ ......................................... .........................................
19. Liability for benefits for employees and fieldworkers if not included above.......................................................................................... ...................246,315,100 ...................264,309,512
20. Borrowed money $.....451,172 and interest thereon $..........0.............................................................................................................. ..........................451,172 .........................................
21. Miscellaneous liabilities:
21.1 Asset valuation reserve (AVR, Line 16, Col. 7)........................................................................................................................... ................1,245,000,574 ...................816,075,039
21.2 Reinsurance in unauthorized companies.................................................................................................................................... ......................................... .........................................21.3 Funds held under reinsurance treaties with unauthorized reinsurers......................................................................................... ......................................... .........................................
21.4 Payable to subsidiaries and affiliates........................................................................................................................................... .......................1,069,757 ..........................511,139
21.5 Drafts outstanding...... ......................... ........................ ..................... ........................ ......................... ........................ ................... ...................... ................... ...................... ...................
21.6 Funds held under coinsurance. ......................... ...................... ......................... ......................... ......................... ...................... ... ...................................... ... ...................... ...................
21.7 Derivatives.... ........................ ........................ ......................... ........................ ........................ ........................ ......................... ...... ...................... ................... ...................... ....531,251
21.8 Payable for securities................................................................................................................................................................... ................1,616,649,718 ................1,602,499,757
21.9 Payable for securities lending...................................................................................................................................................... ...................448,704,639 ...................341,508,147
22. Aggregate write-ins for liabilities............................................................................................................................................................ ...................319,034,782 ...................204,913,901
23. Total liabilities excluding Separate Accounts business (Lines 1 to 22)................................................................................................ ..............45,017,484,918 ..............42,571,587,841
24. From Separa te Accounts statement...................................................................................................................................................... ..............13,235,833,846 ..............12,557,585,447
25. Total liabilities (Lines 23 and 24)........................................................................................................................................................... ..............58,253,318,764 ..............55,129,173,287
26. Aggregate write-ins for other than liabilities and surplus funds............................................................................................................ ......................................0 ......................................0
27. Surplus notes...... ........................ ........................ ......................... ........................ ........................ ..................... ........................ ............. ...................... ................... ...................... ...................28. Aggregate write-ins for surplus funds.................................................................................................................................................... ..........................500,000 ..........................500,000
29. Unassigned funds.................................................................................................................................................................................. ................4,002,970,784 ................4,095,076,616
30. Total (Lines 26 through 29) (Page 4, Line 47) (including $.....163,111,893 in Separate Accounts statement)................................... ................4,003,470,784 ................4,095,576,616
31. Totals (Lines 25 + 30) (Page 2, Line 28, Col. 3)................................................................................................................................... ..............62,256,789,548 ..............59,224,749,903
DETAILS OF WRITE-INS
2201. Additional minimum pension liability...................................................................................................................................................... ...................239,041,780 ...................129,252,827
2202. Postretirement benefit liability................................................................................................................................................................ .....................77,795,955 .....................70,679,163
2203. Other liabilities........................................................................................................................................................................................ .......................2,197,046 .......................4,981,910
2298. Summary of remaining write-ins for Line 22 from overflow page.......................................................................................................... ......................................0 ......................................0
2299. Totals (Lines 2201 thru 2203 plus 2298) (Line 22 above).................................................................................................................... ...................319,034,782 ...................204,913,901
2601. ........................ ........................ ......................... ........................ ........................ ......................... ........................ ........................ .............. ...................... ................... ...................... ...................
2602. ........................ ........................ ......................... ........................ ........................ ......................... ........................ ........................ .............. ...................... ................... ...................... ...................
2603. ........................ ........................ ......................... ........................ ........................ ......................... ........................ ........................ .............. ...................... ................... ...................... ...................2698. Summary of remaining write-ins for Line 26 from overflow page.......................................................................................................... ......................................0 ......................................0
2699. Totals (L ines 2601 thru 2603 plus 2698) (Line 26 above).................................................................................................................... ......................................0 ......................................0
2801. Contingency reserve for Separate A ccount business........................................................................................................................... ..........................500,000 ..........................500,000
2802. ........................ ........................ ......................... ........................ ........................ ......................... ........................ ........................ .............. ...................... ................... ...................... ...................
2803. ........................ ........................ ......................... ........................ ........................ ......................... ........................ ........................ .............. ...................... ................... ...................... ...................
2898. Summary of remaining write-ins for Line 28 from overflow page.......................................................................................................... ......................................0 ......................................0
2899. Totals (Lines 2801 thru 2803 plus 2898) (Line 28 above).................................................................................................................... ..........................500,000 ..........................500,000
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Annual Statement for the year 2011 of the Thrivent Financial for Lutherans
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SUMMARY OF OPERATIONS1 2
Current Year Prior Year
1. Premiums and annuity considerations for life and accident and health contracts (Exhibit 1, Part 1, Line 20.4, Col. 1)................................ ............4,751,110,808 ............4,509,917,928
2. Considerations for supplementary contracts with life contingencies.............................................................................................................. ...............260,506,022 ...............299,474,460
3. Net investment income (Exhibit of Net Investment Income, Line 17)............................................................................................................. ............2,532,837,903 ............2,364,216,691
4. Amortization of Interest Maintenance Reserve (IMR, Line 5)......................................................................................................................... .................99,695,915 .................69,139,519
5. Separate Accounts net gain from operations excluding unrealized gains or losses...................................................................................... .................14,690,103 .................12,128,195
6. Commissions and expense allowances on reinsurance ceded (Exhibit 1, Part 2, Line 26.1, Col. 1)............................................................ .................19,793,499 .................17,935,504
7. Reserve adjustments on reinsurance ceded................................................................................................................................................... ..................................... .....................................8. Miscellaneous Income:
8.1 Income from fees associated with investment management, administration and contract guarantees from Separate Accounts........ ...............305,221,679 ...............259,554,436
8.2 Charges and fees for deposit-type contracts............... ........................ ........................ ......................... ........................ ........................ ... ..................... ................ ........... ......................... .
8.3 Aggregate write-ins for miscellaneous income........................................................................................................................................ ...................3,500,162 ......................991,391
9. Totals (Lines 1 to 8.3)...................................................................................................................................................................................... ............7,987,356,092 ............7,533,358,124
10. Death benefits.................................................................................................................................................................................................. ...............796,544,682 ...............738,415,533
11. Matured endowments (excluding guaranteed annual pure endowments)..................................................................................................... ...................8,919,956 ...................7,525,748
12. Annuity benefits................................................................................................................................................................................................ ...............759,952,943 ...............682,985,950
13. Disability benefits and benefits under accident and health contracts, including premiums waived $.....31,660,604.................................... ...............263,581,117 ...............255,398,316
14. Surrender benefits and withdrawals for life contracts..................................................................................................................................... ............1,625,295,894 ............1,767,526,598
15. Interest and adjustments on contract or deposit-type contracts funds........................................................................................................... ...............114,637,813 ...............108,636,441
16. Payments on supplementary contracts with life contingencies....................................................................................................................... ...............229,024,679 ...............197,222,243
17. Increase in aggregate reserve for life and accident and health contracts...................................................................................................... ............1,477,403,697 ............1,630,182,43318. Totals (Lines 10 to 17)..................................................................................................................................................................................... ............5,275,360,780 ............5,387,893,262
19. Commissions on premiums, annuity considerations and deposit-type contract funds (direct business only)
(Exhibit 1 , Part 2, L ine 31, Col. 1 less Col. 5).................................................................................................................................................. ...............214,232,945 ...............204,769,168
20. Commissions and expense allowances on reinsurance assumed (Exhibit 1, Part 2, Line 26.2, Col. 1 less Col. 5)..................................... ..................................... .....................................
21. General insurance expenses and fraternal expenses (Exhibit 2, Line 10, Cols. 1, 2, 3, 4 and 6)................................................................. ...............623,822,437 ...............575,396,597
22. Insurance taxes, licenses and fees (Exhibit 3, Line 6, Cols. 1, 2, 3 and 5).................................................................................................... .................30,726,961 .................28,811,753
23. Increase in loading on deferred and uncollected premiums........................................................................................................................... ..................(2,187,775) ..................(3,506,772)
24. Net transfers to or (from) Separate Accounts net of reinsurance................................................................................................................... ............1,063,325,048 ...............749,300,800
25. Aggregate write-ins for deductions.................................................................................................................................................................. ...................9,994,937 .................12,046,447
26. Totals (Lines 18 to 25)..................................................................................................................................................................................... ............7,215,275,333 ............6,954,711,254
27. Net gain from operations before refunds to members (Line 9 minus Line 26)............................................................................................... ...............772,080,758 ...............578,646,870
28. Refunds to members (Exhibit 4, Line 17, Cols. 1 + 2).................................................................................................................................... ...............291,835,074 ...............309,726,884
29. Net gain from operations after refunds to members and before realized capital gains (losses) (Line 27 minus Line 28)............................ ...............480,245,684 ...............268,919,987
30. Net realized capital gains (losses) less capital gains tax of $..........0 (excluding $.....209,100,672 transferred to the IMR)......................... ................(56,232,348) ................(19,619,494)
31. Net income (Lines 29 + 30).............................................................................................................................................................................. ...............424,013,336 ...............249,300,493
SURPLUS ACCOUNT32. Surplus, December 31, previous year (Page 3, Line 30, Col. 2).................................................................................................................... ............4,095,576,616 ............4,126,774,255
33. Net income from operations (Line 31)............................................................................................................................................................. ...............424,013,336 ...............249,300,493
34. Change in net unrealized capital gains (losses) less capital gains tax of $..........0........................................................................................ .................16,174,028 ...............156,500,878
35. Change in net unrealized foreign exchange capital gain (loss)...................................................................................................................... ..................(6,944,707) ..................(8,199,952)
36. Change in nonadmitted assets........................................................................................................................................................................ ...................5,075,937 .................16,283,430
37. Change in liab ility for reinsurance in unauthorized companies...................................................................................................................... ..................................... .....................................
38. Change in reserve on account of change in valuation basis, (increase) or decrease (Exhibit 5A, Line 9999999, Col. 4)............................ ..................................... .....................................
39. Change in asset valuation reserve.................................................................................................................................................................. ..............(428,925,535) ..............(481,913,090)
40. Surplus (contributed to) withdrawn from Separate Accounts during period................................................................................................... .................14,827,333 .................15,956,33141. Other changes in surplus in Separa te Accounts statement............................................................................................................................ ..................(6,537,271) .................27,179,051
42. Change in surplus notes...... ........................ ......................... ........................ ........................ ...................... ....................... ......................... ..... ......................... ............ ....................... ..............
43. Cumulative effect of changes in accounting principles................................................................................................................................... ..................................... .....................................
44. Change in surplus as a result of reinsurance.................................................................................................................................................. ..................................... .....................................
45. Aggregate write-ins for gains and losses in surplus........................................................................................................................................ ..............(109,788,953) ..................(6,304,780)
46. Net change in surplus for the year (Lines 33 through 45)............................................................................................................................... ................(92,105,832) ................(31,197,639)
47. Surplus December 31, current year (Lines 32 + 46) (Page 3, Line 30).......................................................................................................... ............4,003,470,784 ............4,095,576,616
DETAILS OF WRITE-INS
08.301. Miscellaneous income.............................................................................................................................................................................. ...................3,500,162 ......................991,391
08.302. ....................... ........................ ......................... ........................ ........................ ......................... ........................ ........................ ................. ......................... ............ ....................... ..............
08.303. ....................... ........................ ......................... ........................ ........................ ......................... ........................ ........................ ................. ......................... ............ ....................... ..............
08.398. Summary of remaining write-ins for Line 8.3 from overflow page........................................................................................................... .................................0 .................................0
08.399. Totals (Lines 08.301 thru 08.303 plus 08.398) (Line 8.3 above)............................................................................................................ ...................3,500,162 ......................991,391
2501. Retirement and disability benefits............................................................................................................................................................ ...................6,157,646 ...................6,557,182
2502. Employee benefits.................................................................................................................................................................................... ...................3,837,415 ...................4,115,372
2503. Miscellaneous expense............................................................................................................................................................................ ............................(124) ...................1,373,893
2598. Summary of remaining write-ins for Line 25 from overflow page............................................................................................................ .................................0 .................................0
2599. Totals (Lines 2501 thru 2503 plus 2598) (Line 25 above)...................................................................................................................... ...................9,994,937 .................12,046,447
4501. Change in additional minimum pension liability...................................................................................................................................... ..............(109,788,953) ..................(6,304,780)
4502. ....................... ........................ ......................... ........................ ........................ ......................... ........................ ........................ ................. ......................... ............ ....................... ..............
4503. ....................... ........................ ......................... ........................ ........................ ......................... ........................ ........................ ................. ......................... ............ ....................... ..............
4598. Summary of remaining write-ins for Line 45 from overflow page............................................................................................................ .................................0 .................................0
4599. Totals (Lines 4501 thru 4503 plus 4598) (Line 45 above)...................................................................................................................... ..............(109,788,953) ..................(6,304,780)
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CASH FLOW1 2
Current Year Prior Year
CASH FROM OPERATIONS
1. Premiums collected net of reinsurance.......................................................................................................................................... ..................5,015,201,730 ..................4,809,313,987
2. Net investment income................................................................................................................................................................... ..................2,472,621,036 ..................2,388,488,792
3. Miscellaneous income.................................................................................................................................................................... .....................328,515,340 .....................278,481,331
4. Total (Lines 1 through 3)................................................................................................................................................................ ..................7,816,338,107 ..................7,476,284,111
5. Benefit and loss related payments................................................................................................................................................. ..................3,799,463,082 ..................3,753,981,724
6. Net transfers to Separate Accounts, Segregated Accounts and Protected Cell Accounts.......................................................... ..................1,062,263,612 .....................796,715,778
7. Commissions, expenses paid and aggregate write-ins for deductions......................................................................................... .....................875,156,238 .....................813,677,944
8. Dividends paid to policyholders..................................................................................................................................................... .....................306,504,577 .....................321,240,296
9. Federal and foreign income taxes paid (recovered) net of $..........0 tax on capital gains (losses).............................................. ........................................... ...........................................
10. Total (Lines 5 through 9)................................................................................................................................................................ ..................6,043,387,509 ..................5,685,615,742
11. Net cash from operations (Line 4 minus Line 10).......................................................................................................................... ..................1,772,950,597 ..................1,790,668,369
CASH FROM INVESTMENTS
12. Proceeds from investments sold, matured or repaid:
12.1 Bonds................................................................................................................................................................................... ................23,062,302,837 ................20,796,373,124
12.2 Stocks................................................................................................................................................................................... ..................1,489,692,242 ..................2,253,687,939
12.3 Mortgage loans.................................................................................................................................................................... .....................722,946,555 .....................711,081,409
12.4 Real estate........................................................................................................................................................................... .......................11,440,261 .........................1,940,217
12.5 Other invested assets.......................................................................................................................................................... .....................423,848,556 .....................253,140,511
12.6 Net gains or (losses) on cash, cash equivalents and short-term investments................................................................... ............................120,253 ..............................10,552
12.7 Miscellaneous proceeds...................................................................................................................................................... .....................221,899,413 .....................286,597,595
12.8 Total investment proceeds (Lines 12.1 to 12.7).................................................................................................................. ................25,932,250,117 ................24,302,831,346
13. Cost of investments acquired (long-term only):
13.1 Bonds................................................................................................................................................................................... ................24,807,562,298 ................23,088,789,353
13.2 Stocks................................................................................................................................................................................... ..................1,448,851,777 ..................2,092,963,072
13.3 Mortgage loans.................................................................................................................................................................... .....................825,209,168 .....................670,420,499
13.4 Real estate........................................................................................................................................................................... ........................(5,694,984) .......................44,170,499
13.5 Other invested assets.......................................................................................................................................................... .....................419,643,798 .....................521,785,467
13.6 Miscellaneous applications.................................................................................................................................................. .......................51,567,936 .....................186,104,050
13.7 Total investments acquired (Lines 13.1 to 13.6)................................................................................................................. ................27,547,139,993 ................26,604,232,940
14. Net increase (decrease) in contract loans and premium notes..................................................................................................... ........................(1,174,484) .......................11,559,570
15. Net cash from investments (Line 12.8 minus Lines 13.7 minus Line 14)..................................................................................... .................(1,613,715,392) .................(2,312,961,164)
CASH FROM FINANCING AND MISCELLANEOUS SOURCES
16. Cash provided (applied):
16.1 Surplus notes, capita l notes....................... ........................ ........................ ....................... ........................ ........................ ... ........................ ................... .......................... .................
16.2 Capital and paid in surplus, less treasury stock.................................................................................................................. ........................................... ...........................................
16.3 Borrowed funds.................................................................................................................................................................... ............................451,172 ...........................(183,750)
16.4 Net deposits on deposit-type contracts and other insurance liabilities............................................................................... .....................104,631,712 .......................96,164,832
16.5 Dividends to stockholders...................... ........................ ........................ ........................ ........................ ....................... ....... ........................ ................... ...................... .....................
16.6 Other cash provided (applied)............................................................................................................................................. .....................106,004,590 .....................141,227,78017. Net cash from financing and miscellaneous sources (Lines 16.1 to 16.4 minus Line 16.5 plus Line 16.6)................................. .....................211,087,474 .....................237,208,862
RECONCILIATION OF CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS
18. Net change in cash, cash equivalents and short-term investments (Line 11 plus Line 15 plus Line 17).................................... .....................370,322,680 ....................(285,083,933)
19. Cash, cash equivalents and short-term investments:
19.1 Beginning of year................................................................................................................................................................. ..................1,620,542,002 ..................1,905,625,936
19.2 End of year (Line 18 plus Line 19 .1)................................................................................................................................... ..................1,990,864,682 ..................1,620,542,002
Note: Supplemental disclosures of cash flow information for non-cash transactions:20.0001 ........................ ....................... ........................ ........................ ........................ ........................ ........................ ....................... ........................ ................... ...................... .....................
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ANALYSIS OF OPERATIONS BY LINES OF BUSINESS1 Insurance 8 9
2 3 4 5 6 7Aggregate of Total
L ife Ind iv id ua l S up pl em en ta ry A cc id en t A ll O th er L in es ( Co lu mn s 2 )Total Insurance Annuities Contracts and Health of Business through 6) Fraternal Expense
1. Premiums and annuity considerations for life and accident and health contracts....................................................................................... ... .. ..........4,751,110,808 .....1,516,899,275 .....2,915,637,450 .............................. ........318,574,083 .......................... ......4,751,110,808 ............................... ...............................2. Considerations for supplementary contracts with life contingencies.............................................................................................................. ...............260,506,022 .............................. .................. ............ ........260,506,022 .............................. ........................ .. .........260,506,022 ............................... ...............................3. Net investment income............................................................................................... ........................................................................ ............. ............2,532,837,903 .....1,225,094,304 ........699,748,315 ........216,049,546 ........255,927,808 .....136,017,930 ......2,532,837,903 ............................... ............................ ...4. Amortization of interest maintenance reserve (IMR)................................................................. ...................................................................... .................99,695,915 ..........38,960,061 ..........29,551,005 ............6,539,528 ............1,798,755 .......22,846,566 ........ ....99,695,915 .. ............................. .... ...........................5. Separate Accounts net gain from operations excluding unrealized gains or losses...................................................................................... .................14,690,103 .............................. ............6,640,074 .............................. .............................. .........8,050,029 ............14,690,103 ............................... ...............................6. Commissions and expense allowances on reinsurance ceded....................................................................................... ............................... .................19,793,499 ..........19,793,499 .............................. .................... .......... .............................. .......................... ............19,793,499 ............................... ...............................7. Reserve adjustments on reinsurance ceded...................................................................................... ............................................................. .................................0 .............................. .............................. .............................. .............................. ........................ .. ............................0 ............................... ...............................8. Miscellaneous Income:
8.1 Fees associated with income from investment management, administration and contract guarantees from Separate Accounts....... ...............305,221,679 ..........35,798,035 ........268,928,555 ...............495,089 .............................. .......................... .........305,221,679 ............................... ...............................8.2 Charges and fees for deposit-type contracts............................................................................................. .............................................. .................................0 .............................. .............................. .................... .......... .............................. .......................... ............................0 ............................... ...............................8.3 Aggregate write-ins for miscellaneous income............................................................................................. ........................................... ...................3,500,162 .................19,025 ...................1,076 ........................40 ........................20 .........3,480,001 ..............3,500,162 ............................0 ............................0
9. Totals (Lines 1 to 8.3)......................................................................... ........................................................................ ..................................... ............7,987,356,091 .....2,836,564,199 .....3,920,506,475 ........483,590,225 ........576,300,666 .....170,394,526 ......7,987,356,091 ............................0 ............................010. Death benefits............................................................................................... ........................................................................ ........................... ...............796,544,682 ........796,544,682 .............................. .............................. .............................. .......................... .........796,544,682 ............................... ............................ ...11. Matured endowments (excluding guaranteed annual pure endowments)....................................................................................... .............. ...................8,919,956 ............8,919,956 .............................. .................... .......... .............................. .......................... ..............8,919,956 ............................... ...............................12. Annuity benefits..................................................................................... ........................................................................ ................................... ...............759,952,943 .............................. ........759,952,943 .............................. .............................. .......................... ........ .759,952,943 ............................... ...............................13. Disability benefits and benefits under accident and health contracts, including premiums waived $.....31,660,604.................................... ...............263,581,117 ..........15,058,288 .................34,530 .............................. ........248,488,299 .......................... .........263,581,117 ............................... ...............................
14. Surrender benefits and withdrawals for life contracts............................................................................................ ......................................... ............1,625,295,894 ........377,557,475 .....1,247,663,899 .................74,520 .............................. .......................... ......1,625,295,894 ............................... ...............................15. Interest and adjustments on contract or deposit-type contract funds.................................................................................... ......................... ...............114,637,813 ............8,254,310 ..........31,320,527 ..........75,062,973 ..........................3 .......................... .........114,637,813 ............................... ...............................16. Payments on supplementary contracts with life contingencies................................................................................................................. ...... ...............229,024,679 .............................. ...............373,639 ........228,651,041 .............................. .......................... .........229,024,679 ............................... ...............................17. Increase in aggregate reserve for life and accident and health certificates and contracts............................................................................ ............1,477,403,697 ........769,352,502 ........301,197,980 ........119,668,603 ........287,184,611 .......................... ......1,477,403,697 ............................... ...............................18. Totals (Lines 10 to 17)............................................................................. ........................................................................ ................................ ............5,275,360,780 .....1,975,687,213 .....2,340,543,518 ........423,457,137 ... .....535,672,913 ... ....................0 ......5,275,360,780 . ...........................0 ............................019. Commissions on premiums and annuity considerations and deposit-type funds (direct business only)....................................................... ...............214,232,946 ..........66,949,781 ........122,258,003 ..........10,513,387 ..........14,511,775 .......................... .........214,232,946 ............................... ...............................20. Commissions and expense allowances on reinsurance assumed..................................................................................................... ............ .................................0 .............................. ............................. . .............................. .............................. .......................... ............................0 ............................... ...............................21. General insurance expenses and fraternal expenses..................................................................................................... ................................ ...............623,822,437 ........203,632,777 ........216,776,470 ..........20,571,722 ..........22,357,281 .......................... .........463,338,250 .........160,484,187 ...............................22. Insurance taxes, licenses and fees............................................................................. ...................................................................... .............. .................30,726,961 ..........12,237,919 ..........14,747,262 ............1,428,899 ............1,246,295 .......................... ............29,660,375 ..............1,066,586 ...............................23. Increase in loading on deferred and uncollected premiums........................................................................................................ ................... ..................(2,187,775) ...........(2,187,749) .......................(26) .................... .......... .................... .......... ........................ .. ............(2,187,775) ............................... ...............................24. Net transfers to or (from) Separate Accounts net of reinsurance................................................................................................................... ............1,063,325,048 ..........40,879,381 .....1,021,035,848 ............1,409,819 .............................. ........................ .. ......1,063,325,048 ............................... ...............................25. Aggregate write-ins for deductions.................................................................................................... .............................................................. ...... .............9,994,937 . .......106,476,434 ....... ...49,684,440 ........ ..12,367,750 . ..............908,530 .........2,108,557 .........171,545,710 ........(161,550,773) ............................026. Totals (Lines 18 to 25)............................................................................. ........................................................................ ................................ ............7,215,275,334 .....2,403,675,755 .....3,765,045,515 ........469,748,713 ........574,696,793 .........2,108,557 ......7,215,275,334 ............................0 ............................027. Net gain from operations before refunds to members (Line 9 minus Line 26)..................................................................... .......................... ...............772,080,758 ........432,888,444 ........155,460,960 ..........13,841,511 ............1,603,873 .....168,285,969 .........772,080,758 ............................0 ............................028. Refunds to members............................................................................................... ........................................................................ ................. ...............291,835,074 ........280,544,336 ........... .1,225,996 ............3,094,270 ............6,970,473 .......................... .........291,835,074 ............................... ...............................29. Net gain from operations after refunds to members and before realized capital gains or (losses) (Line 27 minus Line 28)........................ ...............480,245,684 ........152,344,108 ........154,234,965 ..........10,747,242 ...........(5,366,600) .....168,285,969 .........480,245,684 ............................0 ............................0
DETAILS OF WRITE-INS08.301. Miscellaneous income............................................................................................ ...................................................................... ............ ...................3,500,162 .............. ...19,025 ...................1,076 ........................40 ........................20 .........3,480,001 ..............3,500,162 ............................... ...............................08.302. ..................................................................... ....................................................................... ...................................................................... ................. ................0 .............................. .............................. .............................. .............................. .......................... ............................0 .............. ................. ...............................08.303. ..................................................................... ....................................................................... ...................................................................... ................. ................0 .............................. .............................. .............................. .............................. .......................... ............................0 .............. ................. ...............................08.398. Summary of remaining write-ins for Item 8.3 from overflow page............................................................................... ........................... .................................0 ..........................0 ..........................0 ..........................0 ..........................0 .......................0 ............................0 ............................0 ............................008.399. Totals (Lines 08.301 thru 08.303 plus 08.398 above) (Line 8.3 above)............................................................................................. .... ...... .............3,500,162 .................19,025 ...................1,076 ........................40 ........................20 .........3,480,001 ..............3,500,162 ............................0 ............................02501. Retirement and disability benefits............................................................................................... ............................................................. ...................6,157,646 .............................. .............................. .............................. .............................. .........6,157,646 ..............6,157,646 ............................... ...............................2502. Employee benefits....................................................................................... ....................................................................... ...................... ...................3,837,415 .................. ............ .............................. .............................. .............................. .........3,837,415 ..............3,837,415 .......................... ..... ...............................2503. Miscellaneous expense........................................................................................... ............................................................................ ..... ............................(124) .............................. .............................. .............................. .................... .......... ..................(124) .......................(124) ............................... ...............................2598. Summary of remaining write-ins for Item 25 from overflow page................................................................................ ........................... .................................0 ........106,476,434 ..........49,684,440 ..........12,367,750 ...............908,530 .......(7,886,380) ........ .161,550,773 ........(161,550,773) ............................02599. Totals (Lines 2501 thru 2503 plus 2598 above) (Line 25 above).............................................................................................. ............. ...................9,994,937 ........106,476,434 ..........49,684,440 ..........12,367,750 ...............908,530 .........2,108,557 .........171,545,710 ........(161,550,773) ............................0
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ANALYSIS OF INCREASE IN RESERVES DURING THE YEAR1 2 3 4
Life SupplementaryTotal Insurance Annuities Contracts
Involving Life or Disability Contingencies (Reserves)
(Net of Reinsurance Ceded)
1. Reserve December 31, prior year............................................................................. .................................................................. ..................................................32,246,873,201 ..................................................19,164,500,494 ..................................................11,519,104,135 ....................................................1,563,268,572
2. Tabular net premiums or considerations..................................................................................................................... ................ ...................... ..............................4,974,693,164 ....................................................1,862,759,353 ....................................................2,859,903,266 .......................................................252,030,545
3. Present value of disability claims incurred............................................................................................. ..................................... .........................................................24,960,116 .........................................................24,960,116 ................................................................. ............ .......................... ...XXX.........................................
4. Tabular interest.............................................................................................. ........................................................................ ...... ....................................................1,205,112,328 ......................... ..............................747,637,466 ............................................. ..........377,051,100 .........................................................80,423,762
5. Tabular less actual reserve released...................................................................................................... .................................... .......................................................125,624,061 .........................................................10,948,474 .......................................................101,716,756 .........................................................12,958,831
6. Increase in reserve on account of change in valuation basis............................................................................................. ........ ............................................................. .............0 ................................................................... .......... ................................................................. ............ .............................................................. ...............
7. Other increases (net)............................................................................... ........................................................................ ............ .......................................................125,581,622 .......................................................114,948,650 .........................................................10,318,619 ...................................... .........................314,353
8. Totals (Lines 1 to 7).................................................................................. ....................................................................... ............ ........................... .......................38,702,844,492 ..................................................21,925,754,553 ..................................................14,868,093,876 ....................................................1,908,996,063
9. Tabular cost............................................................................ ........................................................................ ............................. ....................................................1,169,455,663 .................... ................................1,169,455,663 ............................................................................. .............................XXX.........................................
10. Reserves released by death............................................................................. ........................................................................ ... ........................... ............................384,484,513 .......................................................384,484,513 .............................XXX......................................... .......................... ...XXX.........................................
11. Reserves released by other terminations (net).......................................................................................... ................................. ....................................................1,083,406,805 .......................................................408,142,856 .......................................................675,263,949 .............................................................. ...............
12. Annuity, supplementary contract and disability payments involving life contingencies.............................................................. ....................................................1,548,395,500 .........................................................15,056,710 ....................................................1,306,961,262 .......................................................226,377,528
13. Net transfers to or (from) separate accounts..................................................................................................... ......................... ....................................................1,079,986,992 .........................................................14,512,569 ....................................................1,065,745,236 .............................................................(270,813)
14. Total deductions (Lines 9 to 13)................................................................................... ............................................................... ....................................................5,265,729,473 ....................................................1,991,652,311 ....................................................3,047,970,447 .......................................................226,106,715
15. Reserve December 31, current year....................................................................................... .................................................... ..................................................33,437,115,019 ..................................................19,934,102,242 ..................................................11,820,123,429 ....................................................1,682,889,348
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EXHIBIT OF NET INVESTMENT INCOME1 2
Collected EarnedDuring Year During Year
1. U.S. government bonds.............................................................................................................................................................. (a)...........................41,208,124 ...............................37,379,223
1.1 Bonds exempt from U.S. tax.............. ......................... ........................ ........................ ........................ ......................... ............... (a)..................... ....................... ... ....................... ........................ ....
1.2 Other bonds (unaffiliated)........................................................................................................................................................... (a)......................1,632,325,606 ..........................1,647,740,315
1.3 Bonds of affiliates................... ........................ ......................... ........................ ........................ ......................... ..................... ...... (a)............. ....................... ........... ....................... ........................ ....
2.1 Preferred stocks (unaffiliated)..................................................................................................................................................... (b).............................5,013,000 .................................5,102,786
2.11 Preferred stocks of affiliates.................... ........................ ........................ ........................ ......................... ........................ ........... (b)............. ....................... ........... ....................... ........................ ....
2.2 Common stocks (unaffiliated)..................................................................................................................................................... ...............................14,343,540 ...............................14,379,4472.21 Common stocks of affiliates........................................................................................................................................................ ...............................27,406,700 ...............................27,406,701
3. Mortgage loans........................................................................................................................................................................... (c).........................468,525,987 .............................469,310,554
4. Real estate.................................................................................................................................................................................. (d)...........................24,961,424 ...............................24,961,424
5. Contract loans............................................................................................................................................................................. ...............................89,383,152 ...............................89,575,141
6. Cash, cash equivalents and short-term investments................................................................................................................. (e).............................4,781,999 .................................5,820,991
7. Derivative instruments................................................................................................................................................................ (f)................................................ ...................................(514,032)
8. Other invested assets................................................................................................................................................................. .............................253,616,493 .............................253,109,472
9. Aggregate write-ins for investment income...................