Milwaukee-based fraternal benefits organization Catholic Financial Life has reported record growth in 2013.
Operating income was $10.3 million, and surplus was $12.3 million. Life insurance sales were up by 4.8 percent, the third straight year of sales growth. CFL also added 7 percent more members, the highest increase in new members in 15 years.
“By just about every metric, Catholic Financial Life experienced one of the most successful years in the organization’s history,” said Bill O’Toole, president and chief executive officer. “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.”
The charitable part of the organization also saw success, with almost $1 million raised by members for their parishes, schools and communities, matched by more than $500,000 from Catholic Financial Life. The organization also gave $500,000 to members as benefits, including 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,” O’Toole said. “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.”
Catholic Financial Life has more than $1.32 billion in assets and more than 114,000 members nationwide. It is the country’s second largest Catholic fraternal life insurance organization.