PARSIPPANY, N.J. – An independent, comparative analysis of the Ukrainian National Association’s (UNA) key financial ratios as of December 31, 2022, prepared by Standard Analytical Service, Inc., concluded that, based on financial results achieved in the year ended in 2022, the UNA received a rating of “favorable” when compared to the aggregate averages of 25 of the leading life insurance companies in the United States.
The report focused on areas of solvency (assets for each $100 of liabilities), liquid invested assets (bonds, stocks, cash and short-term investments for each $100 of liabilities) and additional organizational strengths based on assets, reserves and surplus.
The UNA showed assets of $107.05 per each $100 in liabilities and $102.42 of liquid invested assets per $100 of liabilities. The average among the top-25 companies was $47.54.
Other ratios show further proof of financial strength and stability. For example, per $1,000 of life insurance in force, the UNA had $1,825.93 in assets, while the average among the 25 companies was $149.03, it had $1,642.62 in reserves, while the average for the 25 companies was $63.69, and it had $120.27 in surplus, while the average was $9.75.
The UNA’s financial statement summary, as of December 31, 2022, included the following financial metrics:
Admitted Assets – $180,887,413
Policy Reserves – $162,728,249
Total Liabilities – $168,972,379
Gross Surplus – $11,915,034
Insurance in Force – $99,066,000
Benefits to Policyowners – $15,764,368
Net Investment Income – $8,542,267
Total Income – $21,467,953
Insurance Issued – $1,071,000
“We are tremendously pleased with our numbers when compared to these leading companies in the U.S., which have been in business for an average of over 100 years and own a significant portion of invested assets and life insurance in force,” said Roman B. Hirniak, the UNA’s President and Chief Executive Officer.
“When you examine those numbers, as against prior year 2021, you immediately notice that our assets increased by just under $2 million, our net gain from operations reflects a 93 percent increase in profit, our surplus increased by 2.1 percent and we were able to reduce operating expenses by roughly $56,000,” Mr. Hirniak said.
“When you couple those results with the attractive annuity products and crediting rates the UNA is offering, it’s clear to see that we’re singularly focused on earning the public’s confidence, while maintaining the fraternal nature of our organization and resultant membership benefits,” Mr. Hirniak said.