Milwaukee-based life insurance organization Catholic Financial Life has reported record 2014 results.
The private nonprofit said its net income was $10.8 million in 2014, up from $7.2 million in 2013. Assets grew to $1.4 billion, while life insurance in force surpassed $5 billion.
Catholic Financial Life’s surplus was up 7 percent, to $45.9 million. Total adjusted capital was up 8.5 percent, to $54.6 million.
The company expects to pay members 2014 dividends that are 6 percent higher, on average, than in 2013.
“Last year at this time I said that I was bullish and our 2014 results affirm that optimism,” said Bill O’Toole, president and chief executive officer. “I remain optimistic about 2015 given our fiscally conservative approach combined with focused investments in our people and technology.
“When the organization does well financially our members share in that success. That’s how we have done business for 147 years.”
Catholic Financial Life has 112,000 members nationwide. It is the second largest Catholic fraternal life insurance organization in the country.