Maintaining Security in an Insecure World
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- Lindsay Harrison
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2 Maintaining Security in an Insecure World hat does not destroy me, makes Wme stronger. The past year certainly put those words, penned by German philosopher Friedrich Nietzsche, to the test. During 2008, we saw the Dow Jones Industrial Average plummet from a 13,264 start to a 8,579 finish one of Wall Street s most historic drops. The unprecedented consequences proved unsettling for both businesses and individuals. Proud of Our Past Though impacted, Catholic Order of Foresters ended 2008 as we have for the past 125 years, strong and stable. For this, we can applaud our fiscally responsible, conservative investment approach. Let me enumerate some of this strategy s results. COF possesses a high quality, well-diversified portfolio that generates income necessary to foster insurance operations and grow fraternal activity. This solid portfolio consists of primarily high-quality, fixed income securities. COF carries zero debt, which means we can meet cash flow needs. We have no need to liquidate assets or borrow cash. COF holds a substantial surplus enabling us to withstand the tough economic and investment climate. In addition, our strong surplus allowed us to distribute $6.3 million in policy owner dividends, one of the highest among fraternal benefit societies. COF works diligently to contain expenses, which decreased nearly six percent from In addition, our new administration system should come in on time and under budget. Technology Not only have we maintained a strong position in a tumultuous environment, but we have taken steps to strengthen COF going forward. May 1, 2009, our new LifePRO administration system goes into full operation, providing for more efficient, accurate, and customer responsive service. This new technology allows us to react and adapt quickly to changing needs. Manpower The high road to service is traveled with integrity, compassion, and understanding... people don t care how much we know until they know how much we care. Unknown COF insurance professionals show they care by providing innovative solutions that enhance members lives. Agents believe their work continues long after delivering a policy. Meeting members regularly demonstrates their ongoing commitment to helping Forester families achieve today s as well as tomorrow s dreams and challenges. Fundamental to this mission is the ability to attract top talent who share a common bond and strong belief in Catholic Order of Foresters core principles and who display high ethical standards. We have put an emphasis on developing field representatives
3 who not only provide member services but also assist courts in building memberships. Fraternal Outreach Miracles happen all the time in America. They happen because loving souls take time out of their lives to spread compassion and love. And lives are changing... one heart and one soul at a time. President George W. Bush Catholic Order of Foresters continues partnering with state and local courts to assist localized interests through our Matching Funds Program. However, we must go further by expanding COF s principles of friendship, unity, and true Christian charity into the wider community, as we did following 9/11 and Hurricane Katrina. To provide momentum, COF developed a 2009 Join Hands Day program Feeding God s Children. We chose this theme because food insecurity (not having enough food to sustain a healthy life) touches every corner of our world. The statistics are staggering 923 million people worldwide, 35 million Americans, 12 million American children, one-third of all seniors and single-parent families, 11.5 percent of rural America. Investment Outlook 2008 proved challenging for investors, including Catholic Order of Foresters. As market disruptions came to a head with Lehman Brothers collapse, AIG s bailout, and the government s take over of Fannie Mae and Freddie Mac, even the best companies experienced exigent circumstances. Deepening recession and continued financial market volatility led to unprecedented government market intervention and increased investor uncertainty. As of March 2009, various capital market segments showed some stabilization signs. Nevertheless, disruption continues and the expectation exists that economic news will get worse before better. COF s investment portfolio has not been immune to this turmoil. However, prudent investment policies and overall financial strength allowed us to largely avoid significant economic loss. Strong cash flow and liquidity provided opportunistic investing enabling the Order s basic business model to become more profitable. COF wrote down several investment securities in 2008 resulting in a $3.6 million realized loss. However, the portfolio remains high quality and well diversified. Continuing a multi-year trend, assets increased in 2008 from $619 to $634 million, and investment income increased about $1 million to $33.5 million. Gross surplus, which includes the Asset Valuation Reserve and the Interest Maintenance Reserve, remains a healthy $41.5 million. We recognize the tremendous responsibility we have to members as stewards of their funds. The potential for further losses exists, but we expect those to be limited. We will continue to be deliberate in our investment process with a strong emphasis on risk management. The investment portfolio will weather this economic storm and support life insurance operations and fraternal activity growth. Committed to Our Future As I close this message, Catholic Order of Foresters 125th anniversary year officially ends. The Order has weathered some of the most treacherous economic and financial periods in history. Through good times and bad, we always emerge stronger, learning from past experience that the economy will get back on track, confidence will return, and we will continue helping members pursue their goals. And while challenges remain, Catholic Order of Foresters is positioned to prosper. David E. Huber, FLMI High Chief Ranger/President
4 Statements of Financial Condition For years ended December 31 Assets Cash and Short-Term Investments $ 22,726,851 $ 9,619,385 Bonds 558,469, ,098,673 Preferred and Common Stock 21,959,277 14,926,931 Real Estate and Mortgage Loans 13,050,663 13,045,528 Policy Loans 9,266,788 8,918,179 Electronic Data Processing Equipment 91, ,649 Accrued Investment Income 7,114,925 6,568,756 Premiums Due and Reinsurance Receivable 240, ,037 Total Assets $ 632,920,706 $ 618,796,138 Reserves, Liabilities, and Surplus Reserve for Policy Obligations $ 512,706,981 $ 489,912,800 Policy Claims in Process 3,181,461 2,355,773 Liability for Deposit Type Contracts 55,937,443 56,213,206 Dividends Unpaid 629, ,518 Provisions for Next Year s Dividends 6,454,506 6,956,482 Premiums Paid in Advance 6,987,143 7,419,834 Asset Valuation Reserve 1,478,821 5,237,333 Interest Maintenance Reserve 4,344,609 4,988,359 Miscellaneous Liabilities 5,527,192 6,038,392 Unassigned Funds 35,672,764 39,053,441 Total Reserves, Liabilities, and Surplus $ 632,920,706 $ 618,796,138 *Includes honorary members Amounts are rounded to nearest dollar. $536,745,046 $562,575,075 Assets $606,774,404 $618,796,138 $632,920,706 Insurance in Force $2,602,393,000 $2,680,065,495 $2,694,381,367 $2,751,963,317 $2,777,334, ,631 Membership * 138, , , ,908 Statements of Financial Operations For years ended December 31 Income Premium, Annuity, and Supplementary Contract Income $ 69,938,472 $ 47,814,498 Net Investment Income 34,130,973 33,204,726 Net Realized Gains from Investments (3,635,464) 492,969 Total Income $ 100,433,981 $ 81,512,193 Benefits and Expenses Policy Death Benefits $ 7,209,140 $ 6,459,853 Matured Endowments 365, ,851 Annuity and Old Age Benefits 27,280,520 16,728,002 Surrender Benefits 13,445,540 14,890,074 Interest and Supplementary Contract Payments 11,204,253 10,078,315 Increase in Life and Annuity Reserves 22,794,181 11,994,873 Fraternal Benefits 2,852,575 2,770,407 Expenses, Taxes, and Commission Payments 10,640,864 10,655,901 Total Benefits and Expenses $ 95,792,950 $ 73,984,276 Net Gain from Operations $ 4,641,031 $ 7,527,917 Dividends to Members 6,368,797 6,806,848 Net Contribution from Operations to Unassigned Funds $ (1,727,766) $ 721,069 Unassigned Funds Net Contributions from Operations $ (1,727,766) $ 721,069 Net Unrealized Capital Gains (5,457,222) (531,336) Change in Non-admitted Assets (63,445) (161,701) Change in Securities Valuation Reserve 3,758,512 (567,209) Change in Ledger Liabilities 109,244 (302,394) Total Changes to Unassigned Funds $ (3,380,677) $ (841,571) Unassigned Funds Prior Year $ 39,053,441 $ 39,895,012 Unassigned Funds at Year-End $ 35,672,764 $ 39,053,441 Investment Income Net Insurance Sales Surplus Amounts are rounded to nearest dollar. $26,635,285 $28,542,781 $32,024,423 $33,204,726 $34,130,973 $153,662,000 $201,092,562 $163,198,399 $201,257,800 $151,113,773 $36,196,678 $36,064,385 $39,895,012 $39,053,441 $35,672,764
5 About Catholic Order of Foresters As a trusted, century-old Catholic fraternal benefit society, we are dedicated to providing members with financial security and opportunities for spiritual, social, and charitable growth. We offer quality term and whole life insurance plans, annuities, and added-value fraternal membership benefits. Local member volunteers support Catholic and community causes. Our successful Matching Funds Program of charitable giving allows members to raise money for school, parish, community, and humanitarian needs. Established in 1883, Catholic Order of Foresters is a not-for-profit fraternal insurance organization with more than 140,000 members nationwide. Operations are conducted through 300 agents in 31 states and the District of Columbia. COF ranks among the largest fraternal life insurance societies in the United States. Catholic Order of Foresters received an A- (Excellent) rating in June 2008 by A.M. Best, the most recognized insurance rating service worldwide. 355 Shuman Boulevard, PO Box 3012 Naperville, IL Toll-free: TTY: PR-147 (04/09)
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