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
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.