Ullico Inc. Announces Second-Quarter 2024 Financial and Business Highlights
Ullico Inc., the only labor-owned insurance and investment company, shared select financial and business results for its fiscal second quarter ended June 30, 2024.
“Ullico experienced another tremendous quarter, during which the company’s business units outperformed our expectations,” said Darin Hardy, chief financial officer for Ullico Inc.
“You don’t have to be a bad corporate citizen to be a profitable corporation. You can thrive and improve your community. And I think that’s what’s powerful about Ullico—we are proof of that,” said Brian Hale, CEO and president of Ullico Inc.
Investment Services
• Investment Services continued to prepare for the first close of the Value-Add Real Estate Fund.
• Investment Services experienced growth during the quarter with assets under management ending the quarter at $11.2 billion, a $1.2 billion increase in Q2 of 2023.
• Investment Services posted another strong quarter with respect to top line revenue growth and pre-tax income.
Life & Health
• The Union Labor Life Insurance Company achieved $21 million in new Medical Stop Loss sales, reflecting a 6% close ratio.
• Union Labor Life maintained 99% retention for its Group Life and Specialty Health on an overall block of $61 million in 2024 annualized premium.
• Union Labor Life’s Supplemental division, Ullico Select, initiated a Renewal Term Life mailing to 482,000 union members.
Property & Casualty
• Ullico Casualty Group experienced Q2 2024 professional liability policyholder retention rates of 96%.
• Ullico Casualty Group incurred losses of $6.5 million for all lines of professional liability claims during Q2 2024.
• Ullico Casualty Group experienced growth of 7.7% in gross written premium for commercial lines during Q2 2024.
About Ullico
The Ullico Inc. family of companies provides insurance and investment solutions for labor organizations, union employers, institutional investors and union members. Founded over 95 years ago, the company takes a proactive approach to anticipating labor’s needs, developing innovative financial and risk solutions and delivering value to our clients. Our products are tailored to promote financial security and stability for American workers.
The Ullico Inc. family of companies includes The Union Labor Life Insurance Company; Ullico Casualty Group, LLC.; Ullico Investment Company, LLC.; and Ullico Investment Advisors, Inc. For additional information, visit www.ullico.com.