The Unity Financial Life Insurance Company (UFL) reported improved earnings over 2015, record assets, and record capital and surplus for year-end 2016.
Jay C. Hardy, President, reported that pre-need sales and premium reached a record high, beating last year by about 2%. Assets increased by 9% to $227 million. Mr. Hardy commented that, “Although interest rates declined for most of the year, operating income and after tax net income both improved to levels we haven’t seen in the last three years.” Capital and surplus (net worth) grew 7.5%, continuing a streak of increases going back every year since 2002. All securities held by the company maintained their investment grade status.
2016 was also a good year for actions that don’t flow directly into UFL’s financial statements. Mr. Hardy said, “A full test of the disaster recovery system was very successful, our new advance funding business, Unity Funding Company (UFC), grew exponentially, and our field force was able to recruit hundreds of new agents.” UFC advanced over $2 million to funeral homes in 2016, beating beginning of year expectations by approximately $750,000. Additionally, UFL announced that its program to accept credit card payments was implemented without incident.
Unity Financial Life continues to be one of the fastest growing national pre-need insurance companies in America. As reported by Inc. Magazine, Unity Financial Life has been the fastest growing privately owned life insurance company in the country every year from 2008-2013, among companies with at least $10 million of premium. Founded in 1964, Unity Financial Life is an Ohio-based life insurance company, currently licensed in 48 jurisdictions, including the District of Columbia.
The company can be reached on their website Contact Us Page at www.uflife.com or by calling (877) 523-3231.