FaithLife Financial strengthens surplus in 2009

WATERLOO, ON, March 23 /CNW/ - FaithLife Financial experienced one of the best years in its 38 year history, with strong growth in several key areas in 2009. Surplus increased by 14.6% to $36.5 million and over $1.3 million in net income was generated, more than 40% higher than in 2008. Total revenue was a healthy $48.4 million, up from $39.1 million in 2008, according to the organization's Annual Report to Members. New life insurance sales grew by almost 20% and total life insurance in-force climbed to nearly $2.23 billion. Total assets under administration grew by 6.7%.

Led by President and CEO Dr. Dieter Kays, the organization continued to nurture partnerships with several major Christian organizations and expanded distribution channels, in order to enhance services and expand membership within the Christian community, in Canada and beyond.

FaithLife Financial's charitable impact to the Christian community surpassed $2.3 million in 2009. Charitable impact comprises the value of special benefits for FaithLife Financial members and the Christian community, as well as disaster relief aid, charitable gifts, volunteer fundraising and the value of volunteer time.

"While challenges remain as we move through 2010, there are also tremendous opportunities to serve our members, and add value to community and global causes our members care about," said President Kays.

Wayne Musselman re-elected Board Chair

At the organization's Annual Meeting earlier this year, Wayne Musselman of Toronto, ON. was re-elected to a second one-year term as Board Chair. Mr. Musselman has served on the FaithLife Financial Board since 2006. He brings extensive financial and business experience, both domestically and internationally including experience as the Chief Agent for several foreign fraternal benefit societies. Newly-elected director Ronald Walter of Saskatoon, SK, joined the Board bringing a background in the education sector, where he served as Secretary-Treasurer of a school division, as well as extensive experience serving on many non-profit boards and committees.

FaithLife Financial is a financial services organization that provides life insurance, income protection and investment products for 31,000 Christian Canadians. As a not-for-profit, fraternal benefit society, it reinvests earnings in its members, their congregations and communities, as well as people in need worldwide.

FaithLife Financial operates in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Nova Scotia and Prince Edward Island

For further information: Ken Woods, VP, Finance and CFO, Tel: [phone] ext. 244, [email protected], http://www.faithlifefinancial.ca