WATERLOO, ON, Dec. 21 /CNW/ - FaithLife Financial received federal
regulatory approval today from the Office of the Superintendent of
Financial Institutions Canada (OSFI) to become the insurer for the
Canadian policies previously held with Woman's Life Insurance Society,
a not-for-profit fraternal benefit society, based in Port Huron,
Michigan. This means that FaithLife Financial has assumed direct
responsibility for all the duties, obligations and liabilities set out
in the policies originally issued by Woman's Life effective January 1,
Details of the transaction between these two fraternal benefit societies
The addition to FaithLife Financial of approximately 1,400 policies in
NB, QB, ON, AB and BC, totaling approximately $18 million of in-force
The acquisition of very high quality assets to support liabilities; a
reduction of unit costs, contributing to earnings going forward, and a
strengthened surplus position;
The terms and conditions of the policies, previously held with Woman's
Life Insurance Society, remain in full force and unchanged;
The dividend rates will continue to be set by Woman's Life. FaithLife
Financial will directly pay any and all future dividends in relation to
the policies at the rates set by Woman's Life, and in accordance with
the selected dividend option under each certificate.
"We look forward to serving the Canadian members of Woman's Life with
the same care that we extend to all of our members. This acquisition is
a significant growth opportunity for FaithLife Financial, which
benefits all FaithLife Financial members, old and new," said Karen
Bjerland, President and CEO, FaithLife Financial.
Janice Whipple, National President of Woman's Life Insurance Society
noted, "We are so very pleased that FaithLife Financial will be taking
care of our Canadian members. Their long history as a financially sound
fraternal organization and their commitment to their members, as well
as their charitable and outreach programs, made them an ideal choice.
We know our Canadian members will be well taken care of."
Administrative conversion of the business to FaithLife Financial is
expected to be completed by the end of January, 2011.
About FaithLife Financial
FaithLife Financial is a not-for-profit, member-based financial services
organization that provides insurance and investment solutions to more
than 31,000 members. It administers assets of $440 million and has over
$2.2 billion of in-force insurance. The organization reinvests its
earnings in programs that support members, their congregations and
communities, as well as people in need worldwide. Its mission is to
help Canadian Christians protect their financial future, live their
Christian values and build a better world.
About Woman's Life Insurance Society
Founded more than 116 years ago, Woman's Life is a fraternal benefit
society serving the life insurance, financial and fraternal needs of
women and their families.Woman's Life connects women with other women
through a unique local chapter network that provides social activities,
individual support programs, and monetary support for community service
activities, as well as access to life insurance and annuity products.
SOURCE FaithLife Financial
For further information: For further information:
President & CEO
Bus: 519-886-4617 ext. 240