FaithLife Financial sustains financial strength in 2010

WATERLOO, ON, May 6 /CNW/ - FaithLife Financial experienced very strong financial performance in 2010. Despite the challenges of continuing global financial instability and uncertainty, the organization grew its business in several key areas. Total assets under administration grew to $606 million. Surplus increased by 8.5% to $39.6 million, and over $1.7 million in net income was generated which will help fund future growth. Total revenue approached $47.5 million and investment funds increased significantly compared to 2009, as capital markets advanced, according to the organization's recently released Annual Report to Members.

We did well financially … and helped build a better world
Together with our members' contributions, we significantly increased our total charitable impact for causes our members care about - locally, nationally and globally - to over $2.8 million, which is an all-time record. Charitable impact comprises the value of special benefits for FaithLife Financial members and the Christian community, as well as disaster relief aid, charitable gifts, volunteer fundraising and the value of volunteer time.

The organization continued to nurture partnerships with several major Christian organizations. It also expanded distribution channels in order to enhance services and expand membership in Canada and beyond. "By leveraging our success in 2010, we will grow our business into the future, so that we can sustain our financial strength and multiply the good works of FaithLife Financial members," said President Karen Bjerland.

Sheryl Teed Callum joins Board of Directors
At the organization's Annual Meeting in February 2011, Sheryl Teed Callum joined the Board of Directors. A recently retired partner of Ernst & Young LLP, Sheryl is a Chartered Accountant with her CFA designation. Her primary focus during her 35-year career was financial services of all descriptions. Her passion is working with not-for-profit organizations.

About FaithLife Financial
FaithLife Financial is a Christian, not-for-profit, member-based financial services organization that provides insurance and investment solutions for more than 33,000 Christian members in Canada. The organization reinvests a portion of 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. FaithLife Financial operates in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Nova Scotia and Prince Edward Island.

SOURCE Faithlife Financial

For further information:

Ken Woods
Senior VP and CFO
Tel: 519-886-4617 ext. 244

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