Record caps off year of milestones for company
NEW HAVEN, Conn., Jan. 12, 2015 /PRNewswire-USNewswire/ — The Knights of Columbus recorded its 14th consecutive year of growth in insurance sales in 2014 with $8.24 billion in new life insurance sold. The K of C now has more than $96 billion of life insurance in force. The record sales have led to an increase of nearly $50 billion in the last decade.
"In 133 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 Supreme Knight and CEO 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 values."
The Knights logged $74 billion in new insurance over the last 10 years, making for an annual growth rate in new sales volume of 2.85 percent despite the slow economic recovery since 2008. With 90,544 new contracts issued in all lines of business in 2014, the K of C now has 2.025 million contracts in force. "The continued growth in our insurance sales is a testament to our business model," said Anderson, "and to our close to 1,400 professional agents, who are the cornerstone of that model."
Anderson explained that record-breaking 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." This record concludes a year of milestones and accolades for the organization. In March, the Knights of Columbus was named a 2014 "World's Most Ethical Company" by the Ethisphere Institute, an independent center for research promoting best practices in corporate ethics and governance. It was one of two companies named in the life insurance category and one of fewer than 150 total companies worldwide to earn this distinction.
A Fortune 1000 company, the Knights of Columbus earned its 39th consecutive A++, Superior rating for financial strength — the highest rating available — in June from ratings agency AM Best. No insurer in North America is more highly rated than the Knights of Columbus. The Knights enjoys a solid 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. 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.
The Knights set charitable records in 2013, providing more than 70 million hours of charitable service and over $170 million in donations to charitable causes.