Catholic Financial Life Celebrates Insurance Financial Strength Rating Upgrade


KBRA Rating

MILWAUKEE, WI (December 4, 2023) - The Insurance Financial Strength Rating (IFSR) of Catholic Financial Life (CFL), a fraternal benefit society headquartered in Milwaukee, Wisconsin, has been upgraded to an A with a Stable Outlook by Kroll Bond Rating Agency (KBRA), a global, full-service rating agency. 

The agency’s report states, “The rating upgrade reflects CFL’s continued execution of its business strategy focused on relatively lower risk life products and the company’s consistent track record in risk-based capital and surplus growth.”

“Catholic Financial Life has never been stronger,” said CFL President and CEO John Borgen. “Our members trust us to be here for them through every stage of life. This independent rating affirms our ability to make good on the promises we make.”

Behind CFL’s record surplus are consistent earnings, a conservative and diversified investment portfolio, strong financial flexibility and a thorough Enterprise Risk Management (ERM) framework, all of which contributed to CFL’s Stable Outlook. KBRA’s report also recognized CFL’s leadership in the fraternal sector with respect to “enhancing/modernizing corporate governance.”

Progress Through People

The rating agency highlighted CFL’s highly experienced management team for its forward-looking growth strategy including “demonstrated success in acquiring and/or merging with other fraternals" and its technological strategy which supports “writing life products and growing membership within its current product offerings.” 

“Earning an A rating is the result of a compelling vision, disciplined execution of strategic plans and the sustained commitment of our Board, the management team, associates, advisors and brokers,” said Borgen. “If the last few years have taught us one thing, it is that organizations make progress through people. I am honored to lead such a talented team of passionate, authentic, member-focused professionals.”

Additional Qualitative Factors

Factored alongside CFL’s financial strength was the fraternal’s incorporation of Environmental, Social and Governance (ESG) considerations to its business. KBRA’s report notes that core to CFL’s mission are an “emphasis on charitable support for local nonprofit organizations” and maintaining an active volunteer network.

“ESG is in our DNA,” said Borgen. “As a faith-based, member-owned, not-for-profit, Catholic Financial Life’s values include a commitment to social good and sound governance. For 155 years we’ve kept a steadfast focus on those foundational principles while helping our members achieve financial security.”

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About Catholic Financial Life

Through services including life insurance, retirement planning and education savings, assets of $1.7 billion and members across the United States, Catholic Financial Life helps members protect their loved ones and achieve a secure financial future. We are different by design: impacting members with a faith-based, community-focused approach for 155 years. In 2023, Catholic Financial Life was recognized as a Top Workplace for the tenth year in a row. For more information, visit



Debbie Michalak, Director Marketing & Communications
(414) 278-6487  | 

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