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
Cash & short-term
|LIABILITIES & RESERVES||2018||2019|
Liability for deposit-
|Securities valuation reserves||2,515,938||2,676,471|
|Net investment income||12,493,464||12,355,118|
|DISTRIBUTION OF INCOME||2018||2019|
|Refunds to Members||652,894||697,825|
|Additions to Reserves||4,261,588||2,970,598|
Net gain / (loss) from
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%
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Call 877-935-2467 to speak with a Western Fraternal Life Representative.