Message from the President...
As we leave 2007 behind there are many events occurring at Equitable Reserve Association that we can be thankful for:
- Last year we celebrated our 110th Anniversary. What an affirmation of the great works Equitable Reserve Association and its members, like you, have done over the years.
- Several years had passed since we had conducted Assembly officer training. So, in the spring of 2007, four regional training sessions were held. We had great attendance and many favorable comments and suggestions. As a result of those meetings, new budgeting processes are underway for our assemblies, and 2008 has been designated The Year of the Volunteer. We are leaping into this effort, with 2008 being a leap year, by encouraging more volunteer efforts in the home office as well as with the assemblies.
- Last year's strategic initiatives focused on profits, production and people. The home office staff accomplished 110 projects relating to our strategic goals.
- Our assets continue to grow even during tough economic times. None of our assets are invested in any mortgages relating to the subprime mortgage market. All of our assets continue to perform well and none are in default.
As a company and as part of the insurance industry we face challenges of growing our membership and hiring additional talent to meet and exceed your service expectations. Profitability continues to be a challenge, but we have solid strategic initiatives underway to improve our bottom line. Each of you is a very valuable customer.
One of these strategies to increase premium revenues is an initiative to focus on worksite marketing.
Like last year, I want to extend a sincere thank you to each and every member of the Association, the Board of Trustees, fellow officers and the employees of the Association. Holding true to our motto "Not for self but for each other" we can have a great 2008.
Fraternally,
Melvin L. Rambo
President & CEO
Assets
All dollars reported in millions
Life Insurance in Force
All dollars reported in millions
Financial Statement
For the Year Ended December 31, 2007
ASSETS |
2007 |
|
2006 |
| |
Bonds |
$110,192,147 |
|
$109,774,056 |
| |
Common Stocks |
3,030,016 |
|
2,641,735 |
| |
Real Estate |
118,584 |
|
63,407 |
| |
Data Processing Equipment |
34,538 |
|
59,048 |
| |
Certificate Loans and Liens |
4,780,965 |
|
4,361,355 |
| |
Cash on Hand and Short-Term Investments |
1,118,089 |
|
831,866 |
|
| |
Subtotal: |
$119,274,339 |
|
$117,731,467 |
|
| |
Insurance Premiums and Considerations |
158,882 |
|
117,211 |
| |
Investment Income Due and Accrued |
1,421,273 |
|
1,428,788 |
|
| |
Total Assets: |
$120,854,494 |
|
$119,277,466 |
LIABILITIES |
2007 |
|
2006 |
| |
Policy Reserves |
$105,567,500 |
|
$103,448,000 |
| |
Reserve for Supplementary Contracts |
882,925 |
|
213,032 |
| |
Reserve for Certificate and Contract Claims |
721,887 |
|
478,405 |
| |
Dividends Apportioned & Left on Deposit |
1,767,823 |
|
1,876,638 |
| |
Advance Premium Deposit Funds |
174,244 |
|
191,330 |
| |
General Expenses, Taxes, Commissions, etc. |
334,405 |
|
398,045 |
| |
Amounts Retained as Trustee |
1,262,535 |
|
1,380,065 |
| |
Interest Maintenance and Asset Valuation Reserves |
1,546,814 |
|
2,053,020 |
|
| |
Total Liabilities: |
112,258,133 |
|
110,038,535 |
| |
Unassigned Funds: |
8,596,361 |
|
9,238,931 |
| |
Total: |
$120,854,494 |
|
$119,277,466 |
2007 at a glance...
| |
Certificates in Force |
22,998 |
| |
Insurance in Force |
$543 million |
| |
Dividends to Members |
$235,443 |
| |
Premium Income |
$6.8 million |
| |
Net Investment Income |
$6.5 million |
| |
Surplus, Interest Maintenance Reserve,
and Asset Valuation Reserve |
$10.1 million |
|
