BUILDING OUR FRATERNAL FAMILY
2023 FINANCIAL AND FRATERNAL IMPACT REPORT
We are a member-owned organization that shares your values and exists for your benefit.
PRESIDENT’S MESSAGE
DEAR MEMBER,
This Financial and Fraternal Impact Report highlights our 2023 financial results, member impact, and charitable efforts demonstrating mission fulfillment: to serve others, provide financial security, and enhance quality of life.
That mission is as relevant today as it was when we were founded over 155 years ago. Of course, since then our industry has changed, culture has changed, and the world has changed.
What hasn’t changed?
The trust our members place in us to be there for them and their loved ones when needed most.
More than 4,200 lives were insured with $275 million of death benefit.
Our support for schools and other civic organizations in local communities. $1.6 million was raised, matched and donated to fulfill our charitable purpose.
… Our track record of financial results and underlying financial strength. Total adjusted capital increased to a record $156.7 million, and our financial strength rating was increased to an “A” by the independent rating agency, KBRA.
We continue to adapt and innovate in an ever-changing world while holding true to who we are: a member-owned organization that shares your values and exists for your benefit.
As we move forward building the Trusted Fraternal Life family of brands, be assured we always act in your best interest and for the benefit of generations yet to come.
Thank you for your membership. It is our privilege to serve you.
God Bless,
John T. Borgen President and CEO
Degree of Honor is a Trusted Fraternal Life™ brand. Insurance products issued by Trusted Fraternal Life. All Rights Reserved. Copyright 2024
SERVING OTHERS
We were the first and only company in Southeast Wisconsin to receive the top award for social responsibility, and we were recognized as a Top Workplace for the eleventh consecutive year by the Milwaukee Journal Sentinel. Our mission attracts members and associates who enjoy being part of a purposeful organization. Our social impact in 2023 amounted to nearly $1.6 million raised and donated by members for local charities.
GIVING IMPACT
• Our chapters and lodges raised nearly $639,000 with close to $950,000 matched and donated.
• Nearly $341,000 was provided to our three charitable priorities: education, serving the poor, and helping people with special needs and their caregivers.
• We distributed $461,000 in member benefits.
VOLUNTEER IMPACT
• More than 78,500 hours were volunteered with an economic value of $2.5 million.
• Local chapters and lodges held more than 1,860 events with more than 170,800 attendees.
• More than 7,900 participants attended 22 regional events.
Serving others and giving generously is part of our DNA— it’s who we are and why we exist.
Members gather to celebrate 25- and 50-year memberships.
FINANCIAL STRENGTH
In December 2023, our Financial Strength Rating was upgraded to an “A” with a stable outlook by the Kroll Bond Rating Agency. We were recognized for our consistent track record in risk-based capital and surplus growth and our leadership’s forward-looking growth strategy, including demonstrated success in acquiring or merging with other fraternal organizations. The new rating affirms our ability to fulfill our promise to be there for our members.
FINANCIAL IMPACT
• $5.5 billion of life insurance in force
• $1.7 billion in assets
• $10 million net gain from operations
Bond Portfolio Composition (as of 12/31/2023)
92% of our portfolio is held in long-term, fixed income securities. 99% of that is invested in high-quality bonds carrying the top two ratings from the National Association of Insurance Commissioners.
Net Gain from Operations
Total Adjusted Capital (000s omitted)
Our trusted and dedicated producers help members prepare for the future and financially protect their loved ones.
Our top producers were celebrated and recognized at the Sales Conference and Awards gathering.
2023 FINANCIAL STATEMENTS
STATEMENT OF FINANCIAL POSITION
(000s omitted)
For the Year Ended December 31, 2023
STATEMENT OF OPERATIONS
(000s omitted)
For the Year Ended December 31, 2023
These are the unaudited financial statements for Catholic Financial Life as of December 31, 2023. In March 2024, Catholic Financial Life announced the creation of Trusted Fraternal Life. Catholic Financial Life and Degree of Honor continue as brands of Trusted Fraternal Life.
ENHANCING LIFE
Life is full of decisions that can greatly impact the people we love.
When members purchase life insurance and annuity products they’re making a promise of love to their families—that the financial resources they will need will be there if something should happen to them.
MEMBER IMPACT
• Lives protected – 4,271 new lives insured and $275 million of death benefit issued.
• Lives enhanced – $25.4 million of interest and $1.6 million of dividends paid to members.
• Lives impacted – $33.7 million of life insurance death benefit paid and $22.1 million of annuity death benefit paid to members’ families.
MEMBERS FIRST APPROACH
As a membership organization, we answer to our members and strive to enhance their lives and improve the communities in which they live. Our mission is to:
• Serve others,
• Provide financial security, and
• Enhance quality of life.
Life insurance and annuities provide the financial resources people need for the long term.
Members cheer on Special Olympians during the Special Olympics Basketball Tournament.
Take Control of Your Financial Future with
No matter your age or stage of life, making wise financial decisions just got easier. As a Degree of Honor member, you have free access to a NEW member benefit—the Financial Wellness Hub —where we put you in the driver’s seat to learn how to make wise financial decisions.
With easy-to-understand videos and articles, topics range from life insurance and annuities, to loans and investments, to financial planning and retirement, and everything in between!
We’ll help you gain the financial knowledge you need to confidently make financial decisions for you and your family.
To access the Financial Wellness Hub, go to degreeofhonor.com/financialwellness, or scan the QR code.