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ULLICO Inc. 2004 Semi-Annual Report

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ULLICO Inc. 2004 Semi-Annual Report ULLICO Inc. 2004 Semi -Annual Report ULLtCO Inc . Ullico 1625 Eye Street, NW Washington, 120006 202.682 .0900 www.ullico .com Dear Shareholders, This is an extremely exciting and hopeful time for ULLICO Inc. During the first six months of 2004, our efforts to turn ULLICO around began to pay off in big ways . First and foremost, we have posted two straight quarters of profit for the first time in three years . The hard evidence of new profitability and the renewed dynamism we observed during the first half of this year is just the beginning . We are well-positioned to meet our ultimate goal of becoming a company strong enough, innovative enough, and secure enough to provide America's jointly-managed trust funds and labor unions with the products and services they need . And, in so doing, we will also ensure that every union member has the opportunity to enjoy his or her fair share of the American Dream . ULLICO has demonstrated the vibrancy of the American labor movement and our ability to overcome great obstacles when we stick together . Our perseverance has resulted in real, measurable successes . In the first six months of 2004, ULLICO has seen strong results, including : • J for Jobs continues to report excellent performance while providing thousands of new union construction jobs for our partners . In fact, the investment fund notched its best new contributions month ever with $83 .8 million in June . • Trust Fund Advisors added two new products, Large Cap Core Growth and Small Cap Value Equity, provided through sub-advisory relationships with New Amsterdam Partners LLC and Lee Munder Capital Group . • We are partnering with a number of labor affiliated organizations and companies to provide even better products and services to America's working men and women . Our partnership with Amalgamated Life Insurance Company, owned by UNITE HERE, guarantees that all those covered by The Union Labor Life Insurance Company's health insurance policies will continue to receive excellent claims processing service based on state-of-the-art technology . New partnerships with Elite Underwriting Services, Gerber Life Insurance Company and State National Insurance Company, allow us to continue to offer A-rated fiduciary liability and stop loss insurance for local unions . Valuing Ullico Relationships To ensure sound financial governance, the ULLICO Board of Directors' Audit Committee appointed Ernst & Young as the company's outside accountants . We are proud to have Ernst & Young, one of the largest audit firms in the world and a leader in the financial services industry, as our new auditor. Throughout ULLICO, there is renewed excitement and commitment . In all divisions , new ideas in marketing, sales and product development are leading to new ways of serving working families and their unions . And, of course, we continue to fine-tune the operational efficiency of the corporation to provide a lean and profitable company while still serving the needs of our customers . In conclusion, I am pleased and honored to report that thanks to the hard work of many, this company is back on track . We will continue to shepherd the corporation with a steady hand, focusing on our customers and valuing all of our relationships . Sincerely, Terence M . O'Sullivan Chairman and CEO Valuing Ullico Relationships Insurance Operations Group Life and Health Unions, jointly managed trust funds and organized employers depend on The Union Labor Life Insurance Company's Group Life and Health division for insur- ance, care management, and administrative services . Operating under the brand name UIIiCare'", the division is a mainstay of the corporation . The first half of 2004 gave further proof of the division's vibrancy and creativity. Through its underwriting arrangement with Elite Underwriting Services, Inc ., the division reduced the loss ratio on its Stop Loss product from 107 percent overall in June 2003 to 80 percent in June 2004 . The new arrangement with Elite Underwriting Services, Inc . allows for the issuance of stop-loss insurance from an A-rated insurer, Gerber Life Insurance Company . An agreement with Amalgamated Life Insurance Company was finalized to provide health care claims administration and care management services for insured and fee based clients . The combination of Amalgamated and Union Labor Life strengthens the country's only labor-owned and labor-dedicated insurance companies . The division began discussions with First Health to aug- ment Union Labor Life's national Preferred Provider Organization (PPO) network and initiated negotiations with MagnaCare to access their PPO network in In March, the division launched UlliCareRx~ Insured, a new insured pharmacy product to assist health and New York and New Jersey. welfare funds that have capped or are considering cap- ping or restricting pharmacy benefits . Property and Casualty In January, 2004, Ulico Insurance Group announced that it will be offering jointly managed trust funds fiduciary liability insurance through the State National Insurance Company, rated "A" (excellent) by A .M . Best, the insur- ance company rating service . State National, based in Fort Worth, Texas, is part of State National Companies, a privately held group of insurance companies and agencies . Through the Ulico/State National partnership, labor unions have the opportunity to get the best possible protection at a very competitive price . 3 Valuing Ullico Relationships Also during the first half of 2004, Ulico completed state rate, form and application filings for its products that cover unions with fiduciary and other liability protection, and obtained a reinsurance treaty increasing the fiduciary limit of liability to $10 million (for qualifying accounts) . To cover increased loss and reinsurance expenses, Ulico continued to selectively implement modest price increases . Ulico also started the renewal process with Zurich North America to extend the ADR Workers' Compensation product offering . Direct Marketing Early in 2004, Direct Marketing focused on restructuring operations and improving customer service to position the division for future growth . Union Labor Life com- pleted its transition to a new third-party administrator . As a result, policyholders are experiencing significant service improvements . full program support for union benefit administrators will launch in December 2004 . In January, ULLICO Inc . and Union Privilege, the benefits marketing arm of the AFL-CIO, jointly Direct Marketing is also renewing efforts beyond launched UnionSecure. Underwritten by The Hartford, UnionSecure . Working with AIG Assurance, Union UnionSecure products provide affordable life and acci- Labor Life will offer life, accident and supplemental dent insurance to union members and their families . To health insurance to Canadian members of U .S . interna- date, 35 unions representing nearly 6,5 million working tional unions . Plans for 2005 include expansion of men and women have elected to participate in product offerings to Canadian union members and their UnionSecure's programs . families . UnionSecure has market-tested four products, includ- Union Labor Life will market insurance-related discount ing innovative Comprehensive Accident and Short-Term programs with CAREINGTON International Corporation . Recovery policies . Despite limited distribution, the pro- With over 24,000 participating dentists, CAREINGTON gram has issued over 50,000 policies and now provides offers one of the largest independent provider panels in nearly $400 million in financial protection to working the country. Enhanced products include ancillary bene- families . fits such as vision, pharmacy and chiropractic services . In May, UnionSecure launched www.unionsecure.com ULLICO's commitment to its customers is manifest in to provide insurance education, and convenient online the company-wide drive for excellence . Across the enrollment for guaranteed issue policies . An exciting company, research and development activities are next-generation UnionSecure website with enhanced underway that will result in the creation of new functionality, improved customer service abilities and products and services that our customers value . 4 Valuing Ullico Relationships Financial Services Operations Investment Services Third party investment management services are pro- vided through The Union Labor Life Insurance Company ("Union Labor Life") and Trust Fund Advisors ("TFA") . Union Labor Life and TFA are dedicated to meeting the specific needs of jointly managed and union pension funds. Together, their goal is to provide high quality, top performing investment products supported by superior client service. Union Labor Life offers an array of commingled invest- ment accounts, including the flagship J for Jobs Account . Through J for Jobs, pension plans can achieve superior risk-adjusted returns while creating jobs for union contractors and union construction work- Early in the year, TFA hired Boston's Lee Munder Capital ers. Recently, Union Labor Life opened a new account Group (LMCG) to provide small cap value equity invest- called the USA Realty Fund . Through the USA Realty ment strategies . By June, ULLICO had been awarded Fund, Union Labor Life will expand the creation of jobs a total of $11 2 million in new assets by two funds . to maintenance and service employees . Not only will construction projects be built by union workers, but Another one of TFA's new portfolio sub-advisors, New every employee supporting the commercial properties Amsterdam Partners
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