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2020 Annual Report

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2020 Annual Report 2020 Annual Report W FH Working Remotely, Breaking Records In March 2020, Ullico employees began of our employees proved us right. Not only working remotely due to the COVID-19 did the company survive, it thrived. We pandemic. At the time, no one could adapted quickly and continued to deliver the predict the pandemic’s effect on business products and services that union workplaces operations. But when times are tough, it’s require, and at the same time we sought all about the people, and we have the best. to maximize shareholder value. As a result, A year later, we’re proud to report that the 2020 was another outstanding year, with patience, cooperation and positive attitude several record-breaking achievement: Remote Workforce Shareholder Liquidity All-Time Highs Ullico’s 223 employees worked Ullico repurchased $4.2 million Investment assets under management, efficiently and effectively from of company stock, resulting property and casualty premiums, and remote locations during the in the largest shareholder stop loss new business all reached COVID-19 pandemic. liquidity event in recent history. recent or record highs in 2020. Winning At A Glance $30.3 Million $315.1 Million $29.10 Net Income Revenue (net earned Book Value per Share. An premiums plus fee income) increase of 19% over prior year $4.2 Million $7.1 Billion Repurchase of Ullico stock, the Ullico’s Investment Services increased largest shareholder liquidity its assets under management (AUM) event in recent history by approximately $704 million Life & Health $283.1 Million $37.5 Million $1.1 Million $4.5 Million Gross written premium, In new Stop Loss sales, a Sales of supplemental Paid dividends to a new high record high and retained insurance participating health 95% of its current business and welfare funds Union Labor Life continues to be a leader in covering union members for life insurance, with over 95% of current group life business retained and over 2.2 million members covered. Through the year, Union Labor Life paid over $45 million in group life insurance claims. Union Labor Life also maintained its leadership Since the program’s inception in 2012 to the end role in providing medical stop loss coverage of 2020, Union Labor Life has paid $32.7 million to health and welfare funds. The Life & Health in dividends to participating health and welfare division achieved $37.5 million in new stop loss funds in these stop loss programs. sales and retained 95% of its current business. The supplemental insurance division, UnionCare, The Stop Loss International Union dividend achieved $1.1 million in new sales and continues program allows policyholders and their health to enhance direct response distribution channels. and welfare funds to earn dividends based on annual premium and/or claims experience. Property & Casualty $71 Million $8.2 Million 6,000 Program premium, In new business, Labor organizations and a new high a record high benefit plans covered Ullico Casualty Group, LLC (UCG) demonstrated its unmatched commitment to safeguarding union leaders and multiemployer fund fiduciaries from personal liability. By updating coverages and loss control services as exposures evolve, UCG’s expert underwriters and claims professionals help protect its policyholders. In 2020, Professional Liability Program premiums Business Owners policies underwritten by member reached a record $71 million, with 97% of policies companies of Markel. It also promoted a new renewing. The business unit also achieved a collaboration with NFP to insure construction and record number of insureds, with over 6,000 labor infrastructure projects. organizations and benefit plans covered. UCG also rolled out new cyber liability tools in its The division continued to provide new products to risk management portal, the Ullico Resource Center. the union marketplace. In 2020, it began offering Investment Services $7.1 Billion $685 Million $600 Million $756 Million During calendar year 2020, Ullico’s REIG invested Over $600 million Ullico’s fixed-income Investment Services increased its in 15 projects in invested in 3 platform assets under assets under management (AUM) 2020 infrastructure management (AUM) at by approximately $704 million transactions in 2020 year-end in 2020 Ullico’s Investment Services division offers investment products and services specifically designed for the union marketplace and their benefit plans. Our signature real estate and infrastructure products offer investors the opportunity to earn appropriate risk-adjusted returns while promoting union job creation. During calendar year 2020, Ullico’s Investment Services division increased its assets under management (AUM) by approximately $704 million to reach $7.1 billion. Real Estate Investment Group (REIG) Ullico’s real estate debt products, including its economic activity, including the creation of over flagship Separate Account J (J For Jobs), have 13,500 jobs and 27 million working hours. Since its provided more than $19 billion in loan financings for inception, J for Jobs has created over 335,000 jobs more than 500 projects since inception in 1977. In and 676 million working hours for union workers. 2020, REIG invested $685 million in fifteen projects. Including loan participations from other lenders, total Ullico’s real estate debt products are managed for financing amounted to over $3.25 billion for these Union Labor Life by the Real Estate Investment Group transactions. Projections indicate that construction of Ullico Investment Advisors. It ended the calendar financed by these loans will generate significant year with $3.7 billion in AUM. Continued on next page. Investment Services Ullico Infrastructure Fund (UIF) deal opportunity pipeline, and investor interest. UIF UIF finished calendar year 2020 with $2.4 billion currently has in excess of $3.3 billion in investor in AUM. The portfolio consisted of 18 completed commitments. UIF’s objectives are to provide transactions covering 494 assets throughout North investors with appropriate risk adjusted returns, America. These assets represent all major sectors, promote the creation of union jobs, and contribute to including wind, solar, natural gas energy generation, economic growth in the nation’s communities. electricity transmission, water distribution and wastewater collection and treatment, and UIA Investment Management (UIA-IM) transportation and social infrastructure. Four active Launched in 2018, UIA-IM managed $756 million UIF investments have created an estimated 6.7 in fixed-income assets at 2020 year-end. As an million working hours for union members. affiliated investment platform, UIA-IM expands Ullico’s in-house capability to provide focused Responding to investment needs for the nation’s fixed-income investment management services to infrastructure, UIF was established in 2010 to assist institutional fund sponsors. in the construction, maintenance and refurbishment of America’s infrastructure. Since its creation, UIF has experienced significant growth in its AUM, its Supporting the American Labor Movement $2.13+ Million 135+ Total contributions in 2020 Organizations supported Founded and owned by labor, Ullico is committed to giving back to the labor movement and exerting a positive influence on the communities in which we work and live. To honor that commitment, Ullico has contributed to various nonprofit organizations and charitable causes that share the same goals that we do to make the world a better place for working Americans. In 2020: $592,100 $240,150 $398,500 Community Organizations Education Health & Wellness $38,500 $269,900 $310,000 Military Workers’ Rights COVID-19 Relief Letter From the CEO & Chairman Winning From Home The success of the Labor’s company in 2020 is in the numbers — but also what’s behind those numbers. In a year that was both tumultuous and tragic, in which most And despite the health and economic turmoil of 2020, our working families faced as much or more hardship, challenge A- excellent rating from A.M. Best was reaffirmed. and loss as they ever have, Ullico stood strong and steady. We achieved record results in our business units, and just like the Those are the numbers, but behind them is the story of how union movement itself, we helped our nation carry onward. we serve our mission. As it became clear the pandemic was creating longer term unsettling changes, we helped our key When the threat of the COVID-19 pandemic became apparent, stakeholders to adapt. We provided clients, investors and our company quickly adjusted. With the health of our 223 others with expert webinars, white papers and updates. employees foremost in mind, we equipped them to fully fulfill Through social media, we helped union members and their their work remotely. But we didn’t only maintain operations families by developing online material, from coloring books — we adapted and we grew, providing new and innovative to keep the kids busy to Facebook sounding boards on which services to the union workplace. working people could share tips, ideas and inspiration. In all, we reported $30.3 million in net income during 2020, Unions arose from the struggle for economic and social and our book value per share increased 19 percent from justice, and when it became clear how far our nation still has $24.52 to $29.10. These results were driven by all three to go, we spoke out against bigotry and racism in no uncertain business units at Ullico achieving recent or record highs. terms. We pledge to continue to stand shoulder-to -shoulder Ullico Casualty Group reported a record $71 million in gross with all who are guided by the American struggle for equality. written premium and $81 million in new business. Union Labor Life also achieved $283.1 million in gross written premiums, We look forward with hope. Our financial results reflect our a recent high, along with $39.1 million in new sales. Our people and our mission — and our mission inspires us to investment services division increased third party assets reach greater heights and to always fulfill our promise: we under management by over $700 million, surpassing $7.1 always have been, and we always will be there for working billion in 2020.
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