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ANNUAL REPORT 2021 – 2022

end was contract loans. Contract loans were reported
at $3,896,962 and made up approximately 1.9% of the
total assets at year-end.
Liabilities as of December 31, 2022, declined and
are $189,781,962. These liabilities are largely made up
of the reserves being held to pay future policyholder
claims. These reserves are established when a mem-
ber purchases a financial product. They are adjusted
annually based on mortality tables and the present
value of the expected future payments based on the
contracts. The established reserves were $177,038,757
at the end of the year and made up 93.3% of total li-
abilities.
Woman’s Life’s surplus increased by $2,238,708,
primarily due to the reported net profit and the $2.1
million improvements in the liabilities for employee
and retiree health and welfare plans. This is the sec-
ond consecutive year of surplus growth.

Woman’s Life Chapter 72 Kaukauna, WI — Serving
Meals at Pillars Homeless Shelter

of $107.00. It is indications of our financial strength
like these that reassure members at the time they pur-
chase a life insurance or annuity product from us that
we will be here to pay the proceeds and provide finan-
cial security when the time comes.

communIty outreAch And ImpAct
Woman’s Life has always been committed to assisting
members as they build financial security while also
supporting their outreach efforts. It is through the sale
of our financial products and our continued financial
strength that we are able to partner with our members
and provide the financial support programs that are
Woman’s Life Chapter 830 Port Huron, MI — available to Woman’s Life Chapters to support their
Fundraiser for Sanborn Gratiot Memorial Home community outreach. In 2022, our active members,
through their Woman’s Life chapters, contributed
Woman’s Life’s financial position remains strong $513,611 and devoted 41,193 hours to support chari-
when compared to our peers and other leading life table causes and individuals in need in communities
insurance companies. Our surplus represents the across the United States. Including the value of vol-
amount of assets in excess of liabilities as of the bal- unteer time according to Independent Sector’s report,
ance sheet date. As of December 31, 2022, Woman’s Value of Volunteer Time, the total impact of Woman’s
Life reported a total surplus of $13,729,788. That Life active members in 2022 was $2,226,602.
number by itself may not mean much; our position Overall, 2022 was a good year for Woman’s Life
of strength is more clearly demonstrated when using with growth in premiums and surplus as well as sig-
key ratios to compare our financials to the average of nificant improvement in profitability. While we are
25 of the leading life insurance companies. For exam- encouraged by what has been accomplished, there re-
ple, Woman’s Life’s solvency ratio, which represents mains a lot of work ahead of us as we strive to reach
the amount of assets for each $100 of liabilities, as our vision that all women have a secure financial fu-
of December 31, 2022, was $107.23. Compare this to ture and opportunities to enrich the lives of others in
the average for those 25 leading companies for 2022 their communities.

SUMMER 2023 WOMANSLIFE.ORG 3