The UNIFI Companies, Lincoln, Neb., has reported that it has exceeded its first year goals following the combining of Ameritas Life (Lincoln, Neb.), Acacia Life (Bethesda, Md.), and Union Central Life (Cincinnati, Ohio) and their affiliated companies on Jan. 1, 2006, under the UNIFI Mutual Holding Company structure.
According to Lawrence J. Arth, CFA, chairman and CEO, and John H. Jacobs, CLU, vice chairman, president and chief operating officer, the UNIFI Companies anticipated significant benefits from their combined financial strength and new growth opportunities. However, the 2006 results exceeded their own high expectations. “Record-setting sales performances by the UNIFI Companies Individual and Retirement Plans Division, Ameritas Group (Dental and Eye Care Insurance), and Calvert (Mutual Funds) led the way to sales increases across our diversified lines of business.” Jacobs said.
The first year of combined operations ended with pretax net income for diversified insurance and financial businesses at $241.3 million, an increase of 30.4% from the previous year. Total revenues during this period were $1.8 billion, up $104.3 million, or 6.3%, compared to the same period a year ago.
UNIFI Companies’ financial results were achieved during a year when integration efforts were nearly equal in focus to increasing sales, enhancing profitability, and building relationships. “Our commitment to smart growth and our common vision enabled the companies to make substantial progress on integrating the operations of our life insurance companies,” Arth said. “At the same time, we worked to keep our promises to our policyholders, customers, financial professionals, business partners, associates and the communities in which our companies are located.”
Arth continued, “While we’re proud of the UNIFI Companies’ exceptional accomplishments in 2006, we’re committed to keeping our eye on the continued growth of our businesses, development of diversified products and services, and strengthening relationships.”
Jacobs said. “These goals are critical to building the profitable growth that provides value to our members as we move forward.”
Other financial highlights:
- Total equity surpassed $2 billion–up 9.2% compared to year-end 2005.
- Total assets were $17.3 billion, an increase of $1.3 billion, or 8.4%, compared to the previous year.
- Total assets under management of $33.6 billion.
- Claims and payments to policyholders totaled $1.7 billion. These payments consisted of death, disability, dental, and eye care payments, as well as annuity and other contractual obligations.
For a full recap of the UNIFI Companies inaugural year of success and vision for the future, view the UNIFI Companies 2006 Annual Report at www.UNIFIcompanies.com.