WATERLOO, ON, May 7, 2012 /CNW/ - FaithLife Financial successfully weathered the global economic challenges of 2011, ending the year with a net income of $779,000 (after expenditures for benevolent programs) and $38.7 million in surplus. We entered 2012 with a Minimum Continuing Capital and Surplus Requirement Ratio (the ratio of available capital to required regulatory capital) of 212%, which is well above the minimum regulatory requirements of 150%. Total assets at the end of 2011 were $483.4 million, up $7.7 million from the 2010 year-end.
Strong life insurance and investment sales: By fulfilling our members' needs to insure against risk and secure their financial futures, FaithLife Financial broke previous records in life insurance sales - surpassing our expectations for new annualized risk premium by 12%, an increase of 32% over 2010. Investment sales produced an impressive increase as our members purchased additional investment products. In 2011, we administered $144 million in Fortress Fund assets and $164 million in third-party assets managed by FI Capital, FaithLife Financial's wholly-owned investment management subsidiary.
Strategic risk management: Prudent and pro-active risk management at any time is important. At FaithLife Financial, our Board-led enterprise risk management principles and systems focus on business risk AND the social and faith dimensions of our organization. They act as a compass to guide decision-making, to leverage opportunity and to minimize adversity.
Building a better world: Locally, nationally and globally FaithLife Financial contributed more than $3 million (total of grants, member fundraising and dollar value of member volunteer hours). FaithLife Financial's strength lies in its prudent stewardship of resources and in our members. We are thankful for their generosity and compassion that feed the hungry, give to the homeless, and support shelters, hospitals and other causes they care about. President and CEO, Karen Bjerland says, "It is our goal to maintain a vibrant economic enterprise poised to meet the security needs of our members. This is done by assisting them to live out their values, which are organized around the dynamics of both social movement and Christian faith - recognizing that money is a means in this world and not an end unto itself."
About FaithLife Financial
FaithLife Financial is a Christian, not-for-profit, member-based financial services organization that provides insurance and investment solutions to more than 33,000 members in Canada. It administers assets of $644 million and has over $2.4 billion of in-force insurance as of December 31, 2011. 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.
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