2022 Annual Report: Integrity & Leadership

August 16, 2023

Building on a 50-Year Foundation of Trust

As we navigate a rapidly evolving landscape, Companion Life remains anchored by the core values that have defined our success for over five decades. Leadership and integrity are more than just words to us—they are the pillars of our corporate culture. We believe in doing the right thing, conducting our business with honesty, and sticking to well-defined moral principles to serve our employees, our insureds, and our communities.

A Message from Our President

In his annual letter, President John Wilbur reflects on our 50th anniversary and our commitment to maintaining a solid foundation while embracing high-tech innovations. "Having integrity means you have well-defined principles and you stick to them," Wilbur notes. This philosophy extends throughout our entire organization, from our senior leadership to the dedicated staff members who provide exemplary service to our neighbors every day.

2022 Key Achievements & Innovations

The past year was marked by significant milestones that demonstrate our strength and our forward-thinking approach to insurance:

Financial Strength: For the 21st consecutive year, Companion Life received an AM Best rating of A+ (Superior), reflecting our independent standing as a provider with the financial strength to meet all obligations to our policyholders.

Industry Leadership: We are proud to maintain our Diamond Membership with the Self-Insurance Institute of America (SIIA), signifyng our top-tier support and leadership within the self-insurance and captive insurance marketplace.

Technological Efficiency: We successfully implemented Companion Connect, a Salesforce-based quoting and underwriting system. This modern solution has automated several processes, resulting in faster turnaround times and improved productivity for our partners.

CompanionCARE®: This no-cost initiative was designed to bring immense value to our stop loss partners by providing experienced clinicians who tackle complex clinical and cost-of-care solutions.

Comprehensive Product Offerings

Our 2022 report details our diverse portfolio of insurance products, available on both an employer-paid and voluntary basis:

Employee Benefits: Includes flexible Dental by Design® and Vision by Design® plans, Group Term Life and AD&D, and comprehensive Disability Income Insurance (STD/LTD).

Supplemental Health: We offer specialized plans like Critical Illness, Hospital Indemnity, and Gap insurance to help cover out-of-pocket medical expenses.

Accident & Health: Featuring Specific and Aggregate Medical Stop Loss insurance, Limited Benefit Health plans, and Employer Group Waiver plans for retirees over age 65.

Financial Stability by the Numbers

Our statutory financial statements for the year ending December 31, 2022, showcase a company built on a solid foundation:

Total Admitted Assets: $670,954,000

Total Shareholder’s Equity: $413,603,000

Net Income: $24,984,000

 

Download the Full 2022 Annual Report (PDF)

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