April 2, 2014 - Catholic Financial Life reported a record 2013 with financial, sales, and membership results all exceeding expectations and nearing all-time highs.
“By just about every metric, Catholic Financial Life experienced one of the most successful years in the organization’s history,” commented Bill O’Toole, President and CEO. “In 2013 the financial strength of the organization continued to increase as we realized the benefits of our conservative, long-term approach to investments and disciplined expense management.”
“Near record operating income of $10.3 million helped us add a record $12.3 million to surplus further building our financial strength. In addition, sales of life insurance increased for the third year in a row by 4.8%, at a time when sales in the industry were flat, and the number of new members increased by 7% to a 15-year high.”
“Financial results are only one aspect of our business. The other is our charitable and fraternal outreach. In 2013 nearly $1 million was raised by our members to support their local parishes, schools and communities. That was matched by over $500,000 from Catholic Financial Life and nearly another $500,000 was given to members in the form of benefits like educational scholarships and summer camp subsidies.”
“These outstanding results, financially and fraternally, are a testament to the leadership of our management team, the commitment of our associates, and the hard work of our advisors. I am honored to lead an organization that truly makes a difference in people’s lives as a result of our financial services, our fraternal outreach and our faith commitment. We protect the hard-working families of Main Street America because that is who we are. We share their values and, as a result, have strong bonds of trust that go back generations.”
With assets of over $1.32 billion, and more than 114,000 members across the United States, Catholic Financial Life is the second-largest Catholic fraternal life insurance organization in the country.