Securing Financial Futures
The President's Message
John H. Bultema III
President & Chief Executive Officer
The Lafayette Life Insurance Company delivers life insurance, annuity, retirement and small business planning solutions to individuals and businesses. Serving emerging affluent and affluent clients, we offer our protection strategies and resources through approximately 8,300 independent producers. We pride ourselves on a highly personalized experience with client access to our team members whenever needed.
Solid Financial Results
Unparalleled challenges were the norm in 2020. Despite the year’s adversities, our GAAP operating income from our life insurance and annuity business reached a record $61.4 million in 2020. Annualized sales in life premiums grew 30%, and new life policies increased 45% over 2019. In keeping with our tradition of paying dividends on our whole life products since our founding in 1905, we expensed record dividends of $73.3 million in 2020 while anticipating the same dividend rate in 2021.1
Expanded Service Capabilities
To better serve current and future customers, we expanded and enhanced our retirement services operations over the course of the year. For more than three decades, we have served the growing pension and planning needs of small businesses. Our clients value the advantages of partnering with a convenient, single resource for plan design, document services, administrative services, funding options and distribution planning.
Enhanced Digital Technology
During 2020, we expanded service through digital technology solutions by enhancing our customer website. Our policyowners now can take advantage of anytime access to make convenient and secure payments online. In addition, whole life annual statements for policies issued since 2005 were enhanced for greater clarity and ease of use.
Building Confidence Through Competence & Strength
In 2020, we marked the 15th anniversary of Lafayette Life joining Western & Southern. Backed by one of the strongest life insurance groups in the world, we remain committed to supporting both policyowners and producers as a financially sound, quality-driven, growth-oriented company helping to safeguard families and their futures.