How Sound is the FCSU
From time to time, we receive inquiries as to the strength of our Jednota and how financially sound we are. This is understandable, especially in view of the recent economic turmoil and financial troubles of some larger corporations. Following are some facts regarding our organization.
Following are some facts regarding our organization:
1. The Society was incorporated in 1890!
- That means we have been in continuing successful operation for over 133 years.
- How many businesses can make that boast?
2. Our assets now exceed $578,950,000.
- In just the last 5 years, assets have increased 39% or $162,425,817. In 2019 assets totaled $416,524,510.
3. Our financial position as of December 31, 2023 is as follows:
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Bonds constitute 84.2% of the Society’s assets and have an average maturity of 11.9 years. The Society enjoys excellent bond quality, with 99% of the bonds in the two highest NAIC rating classes. Preferred and Common Stock now makes up 1.1% of invested assets in an effort to diversify the portfolio and increase investment return. Other assets consist of cash (5.3%); mortgages and real estate (7.7%); and all others (1.7%). The Society’s net investment rate of return is at a competitive level.
4. Surplus funds and other non-liability reserves total over $58,350,645 an increase of $5,703,936 or 11% over 2022. These funds are available in case of market downturn, or an unforeseen emergency.
5. The Society is regulated by the insurance department of the state of Ohio, as well, as the insurance departments in each state it is licensed.
- The Insurance departments conduct regular examinations on a periodic basis and a regular examination was completed during 2019. We received an excellent review.
6. The Society is a member of the American Fraternal Alliance (AFA). The AFA was founded in 1886 and is the recognized leader of the Fraternal Benefit System. Its member organizations work together to meet the challenges of a changing world. Member organizations must meet the AFA’s established Membership Standard and agree to follow the business principles and ethics as prescribed by the Alliance.
7. The First Catholic Slovak Union files financial statements on a quarterly and annual basis using the prescribed industry forms and format.
- The financial statements are filed with and reviewed by the 27 states in which the Society is licensed.
- The Society has regular audits by its internal auditors.
- The Society’s external auditors annually audit the financial operations of the Society and submit the required certified report to the State insurance departments.