Catholic Financial Life posts 13 net increase

Special to The Freeman

April 2, 2014

MILWAUKEE Catholic Financial Life on Wednesday reported net income of $7.2 million in 2013, up from almost $2.8 million in 2012.

The Milwaukee-based life insurer said sales of life insurance rose for the third consecutive year, with premiums growing 4.8 percent. Catholic Financial Life in 2013 had an investment loss of $1.1 million, compared with a loss of about $4.9 million in 2012, according to a statement.

The company added $12.3 million to its surplus and had operating income of $10.3 million.

"By just about every metric, Catholic Financial Life experienced one of the most successful years in the organization's history, said Bill O'Toole, president and chief executive. "In 2013, the financial strength of the organization continued to increase as we realized the benefits of our conservative, long-term approach to investments and disciplined expense management.

With more than 114,000 members across the U.S., Catholic Financial Life has assets of more than $1.3 billion.