By Joann Blackwell
National Controller, ISDA
Financial results for the second quarter ending June 30, 2022, are solid. Assets have increased 17% to $324,845,430 since December 31. Investments in bonds and stocks make up 98% of the assets, and all are investment grade. Liabilities have increased 17% to $310,849,236. The reserve for life insurance and annuity policies makes up $285,330,000 of liabilities. Surplus has increased to $13,996,194, which is an increase of 15% since December 31. The solvency ratio is 104.5%, which means that we have $1.04 in assets for every $1.00 of liabilities. The Interest Maintenance Reserve and the Asset Value Reserve are additional member safety funds totaling $18.2 million.
Net income for June 30 is $2,643,611, as compared to $3,394,639 for the prior year. Annuity and life insurance premium income was $48,510,219 of revenue, while net investment income makes up $6,679,719 of revenue. Those amounts are an increase of 26% and 36%, respectively, over June 30, 2021. Expenses are higher by $11 million over the prior June 30 mostly because of the increase in reserves for life and annuity policies. The payment of annuity benefits decreased by $1.2 million as compared to June 30, 2021.
Heading into the third quarter of 2022, we expect to see similar profitable results for
September 30. Financial results for the third quarter will be available in the December issue of La Nostra Voce.