By Joann Blackwell, National Controller, ISDA
The financial results are in for the second quarter ending June 30, 2023.
Assets have increased 11% from the prior year to $369,926,700 while liabilities have increased 11% to $354,690,800. Surplus has grown to $15.2 million. Bond holdings are 97% of assets and life and annuity reserves are 95% of liabilities. The solvency ratio remains steady at 104.3%. The Interest Maintenance Reserve and Asset Valuation Reserve, when added to surplus, provide total member safety funds of over $24.5 million.
Life and annuity premium of $43 million was an increase of $18 million over the prior year second quarter. Net investment income of $8 million was a considerable increase of almost $5 million over 6/30/22 due to increased interest rates. Life and annuity benefits, commissions and general insurance and fraternal expenses all increased over 6/30/22. Net income for 6/30/23 was $2.1 million after net realized capital gains of $484,000. This was an increase of $430,000 over 6/30/22.
Overall, the financial results are in line with our expectations.