2019 was a great year for Unity Financial Life Insurance Company. The company ramped up its new product line, added to distribution sources, improved the overall quality of the investment portfolio, added employees to the Home Office and made several investments in technology and software that should serve us well into the future.
The most significant change was the increase in our new Single Premium Immediate Annuity (SPIA). Like traditional preneed insurance and our Irrevocable Funeral Trust business, the SPIA is a Medicaid compliant product that helps applicants to Medicaid manage the spend-down process. SPIA revenue is considered a “deposit type” contract and will not contribute to our “premium” line in the annual statement.
Although financial results for the full year are not available yet, 2019 will turn out to be a record year for Unity Financial. Investment Income, Fee Income, Total Assets and Capital & Surplus all set new records during 2019. Despite falling interest rates, the company made no changes to agent commission rates.
At the Home Office, we have started the process of upgrading our Policy Administration Software. We will still be using the same vendor we have used for the last 9 years; we are just going to implement several upgrades that should speed up and improve most service requests for customers and agents.
We look forward to 2020 and expect that it will also be a record year for the company. Thank you for all you have done to help us this year!