2016 was a strong year for Degree of Honor, as it realized net income of $236,809 and increased total adjusted capital to $7.3 million – the result of successful expense management, solid investment performance, and improved mortality.
“We are pleased with the outcome of 2016” said Lisa Flanary, CEO of Degree of Honor. “Our improved financial results, combined with approximately $1 million in support for charitable organizations, are the culmination of our efforts to improve the financial health and fraternal impact of the organization.”
Further information regarding Degree of Honor’s financial and fraternal impact will be available to members in the upcoming 2016 Annual Report, to be published in June.
In December 2016, the Degree of Honor Board of Directors entered into a merger agreement with Catholic Financial Life, a Milwaukee, Wisconsin-based fraternal benefit society with a similar mission and focus. The agreement, currently pending approval by Wisconsin and Minnesota insurance regulators, is anticipated to close in early April, 2017.
The result of this merger will be a stronger society benefiting all members. The organization will have $1.62 billion of assets, $5.6 billion of life insurance in force and approximately 147,000 members primarily concentrated in Wisconsin, Minnesota and the Upper Midwest. The Degree of Honor name and brand will continue as a division of Catholic Financial Life.
“By merging with Catholic Financial Life, Degree of Honor’s two-fold mission of providing financial security and helping people in need will both be strengthened, and continue” said Flanary.
Catholic Financial Life reported 2016 net income of $11.6 million and increased total adjusted capital to a record $79.9 million.
For more information regarding the merger, click here.