Growth of 89 percent over a decade for top-rated insurer
NEW HAVEN, Conn., Jan. 14, 2014 /PRNewswire-USNewswire/ -- The Knights of Columbus recorded its 13th consecutive year of growth in insurance sales with nearly $8.2 billion in new life insurance sold. The record sales are part of the organization's impressive 89 percent growth in business since 2003.
The Knights logged $72 billion in new insurance over the last 10 years, making for an annual growth rate in new policies of 4.6 percent despite recession and slow economic recovery during the second half of that period. With nearly 93,000 new contracts issued in all lines of business in 2013, the K of C now has nearly 2 million contracts in force.
"In 132 years of operation, the Knights of Columbus has helped meet the spiritual and financial needs of Catholic families while also serving the community through charitable works," said CEO and Supreme Knight Carl Anderson. "We are pleased to have had great success on both of these fronts, which comes from our continued commitment to our founding mission of serving our neighbor consistent with Catholic social teaching."
Anderson explained that record-breaking insurance results mean that the K of C has "helped its members to protect their families while simultaneously enabling the Knights to support those most in need and the many works of the Catholic Church."
The Knights enjoys a stalwart reputation for financial security, has one of the lowest lapse rates in the industry and offers a product line designed to provide life insurance, annuities, disability income and long-term care policies to meet the needs of Catholic families.
For 38 consecutive years, the Knights of Columbus has earned an A++ (Superior) rating from A.M. Best Company for its financial stability, and there is no more highly rated life insurer in North America. The organization is also at an all-time high in its number of agents, with more than 1,500 in service within the United States and Canada.
In addition to protecting the financial well-being of its members, the Knights of Columbus is one of the most active charitable organizations in North America. Knights also set charitable records in 2012, providing more than 70 million hours of charitable service and over $167 million in donations to charitable causes. Cumulative figures show that during the past decade the organization has donated $1.475 billion to charity and provided more than 673 million hours of volunteer service in support of charitable initiatives.
SOURCE Knights of Columbus