Equitable Reserve Association
About Us |
2008 Annual Report |
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Message from the President...As President and CEO of Equitable Reserve Association, many words come to mind as I reflect on 2008. Challenging is one of them. With a strong strategic plan as it relates to growth, new insurance products, new fraternal benefits for our membership, and Bylaw changes dealing with governance and regulatory updates in place, I am very optimistic that the vision for Equitable Reserve Association is on the correct track. This plan is dynamic and is being continually reviewed and adjusted as we move forward and weather this economic storm. Remaining optimistic with a dose of reality illustrates that none of us were prepared personally or professionally for the financial crisis and meltdown that occurred in 2008. Many financial experts and economists are now predicting that we will begin to see "some recovery" later this year, but 2010 will show more turnaround. Following review of Equitable Reserve Association's bond portfolio with our external auditing team, our portfolio is one of the strongest in the industry. Even with a well diversified portfolio of stocks that we were carrying in 2008, we still took a hit (as did everyone) because no sector of the financial markets was immune to this crisis. The Association's Board and management team are keenly aware of the financial market changes to the Association's balance sheet and income statements. The key point is that all of your life insurance, annuity benefits and disability income plans are stable, and your policy benefits will be in place should you need them. During these tough times we have to tighten our belts and find more creative ways to do business as always. We will never forget our commitment and responsibility to you – our loyal members. In the true spirit of our motto, "Not for self but for each other" we continue to stand strong and will weather the challenges we face. Fraternally, Melvin L. Rambo President & CEO ![]() All dollars reported in millions ![]() All dollars reported in millions Financial StatementFor the Year Ended December 31, 2008
2008 at a glance...
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