2019 Annual Report

2019 Annual Report

Apr 01, 2020

It is my pleasure to report to you on this year’s company financials. The annual financial reporting has been completed and Western Fraternal Life remains financially strong. Assets have grown to more than $304 million and our net gain from operations continues to be positive. After paying dividends to our members, the Association recorded a net loss. Premium income from sales of insurance and annuity products, along with investment income, are our two main sources of revenue. These two sources of revenue continue to deliver a more than adequate cash flow necessary to provide for our insurance operations. A summary of our financial statements are below.

The insurance industry continues to be challenged by the prolonged low interest rate environment. The spread between interest earned on our investments and the amount of interest paid on our products continues to tighten. Bonds remain our primary investment option and comprise approximately 93% of our invested assets. The Association’s investment policy, reviewed annually, continues to focus on safety of principal in all investments.

The WFLA Education and Charitable Foundation continues to fund scholarships for our members. The foundation is supported by our annual golf outing and individual contributions. This summer will be the 14th year of our golf event. Donations to the foundation are welcomed.

I want to thank you for this opportunity to serve the Association and look forward to visiting with many of you this year. I wish everyone a healthy and prosperous 2020.

Jack Minder | Vice President and Treasurer


ASSETS 2018 2019
Bonds 277,962,835 271,504,526
Common stocks 660,409


Mortgage loans 8,162,773


Cash & short-term



Certificate loans 5,225,055


Accrued interest 2,767,001 2,614,081
Other assets 3,001,626 3,805,163
Total Assets 301,909,674 304,066,274











Certificate reserves 264,849,305 267,819,903

Liability for deposit-
type contracts

6,774,761 6,593,531

Provisions for
refunds payable

700,000 710,000

Premiums received
in advance

766,817 749,189
Securities valuation reserves 2,515,938 2,676,471
Other liabilities 2,642,358 2,402,626
Totals 278,249,179 280,951,720
Unassigned Funds 23,660,495 23,114,554
Total 301,909,674 304,066,274














INCOME 2018 2019
Premium Income 15,506,116 16,776,561
Net investment income 12,493,464 12,355,118
Other income 513,370 55,762
Total Income 28,512,950 29,187,441


Life Benefits 18,408,868 20,805,735
Refunds to Members 652,894 697,825
Additions to Reserves 4,261,588 2,970,598
Operating Expenses 5,599,387 5,115,659
Total Distributions 28,922,737 29,589,817

Net gain / (loss) from
operations after dividends

(409,787) (402,376)



Assets: $304,066,274
Liabilities & Reserves: $280,951,720
Surplus to Certificate Holders: $23,114,554
Adjusted Solvency Ratio: 108%
Insurance In Force: $1,142,766,177
Annuities In Force: $112,346,107
Certificates In Force: 43,443
Net Investment Earnings: 4.20%

Category: home office

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