We are optimistic that our conservative approach to financial management, enhancements in technology, commitment to Customer service and the strengthening of our niche markets will continue to provide us with a strong base for consistent ongoing growth and success.

POSITIVE RESULTS

PORTFOLIO

CAPITAL

Our core business units deliver sound financial performance. Our product enhancements, new technology initiatives, branding and Customer-oriented programs continue to generate positive results.

The strength and quality of our investment portfolio continues to produce solid returns despite low yielding bond markets. We continue to closely monitor our portfolios and strengthen our asset liability matching programs.

The further strengthening of our regulatory capital and liquidity position continues to provide us with greater financial flexibility, credibility with regulators and security for all policyholders.

These initiatives have and will continue to position us well to meet the challenges facing the industry in the upcoming years.

While we are proud of our accomplishments this past year, we are equally excited about AFC’s future, particularly opportunities to further utilize technologies for the benefit of our operations and Customers. Looking back on 2017, we are pleased with the consistency and breadth of our financial performance, including:

A few additional 2017 highlights are as follows: Maintenance of strong capital ratios continues to be one of our top priorities. From a U.S. regulatory standpoint, 2017 risk-based capital (RBC) ratios for American Fidelity Assurance Company (AFA) and American Public Life Insurance Company (APL) were 765 and 989, respectively.

RBC is used by the National Association of Insurance Commissioners (NAIC) to measure the amount of capital needed to operate an insurance company, based on its size and business-risk profile. Our RBC ratio continues to be well above the NAIC’s requirements. Our strong capital ratios reflect the ongoing strength of our balance sheet and commitment to maintaining financial strength for the benefit of our policyholders.

In 2018 AFA and APL were given an A.M. Best Financial Strength rating of A+g Stable. AFA was also again named by the Ward Group as one of its Top 50 U.S. life insurers.



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ACCUMULATED BENEFITS PAID TO CUSTOMERS

0
%

2 BILLION

2017

0
%

6 BILLION

2016

0
%

BILLION

2015

0
%

BILLION

2014

CONSOLIDATED ASSETS

0
%

BILLION

2017

0
%

BILLION

2016

0
%

BILLION

2015

0
%

BILLION

2014

TOTAL REVENUE

0
%

BILLION

2017

0
%

BILLION

2016

0
%

BILLION

2015

0
%

BILLION

2014

GAAP EQUITY

0
%

BILLION

2017

0
%

BILLION

2016

0
%

BILLION

2015

0
%

78 MILLION

2014

AFC FINANCIAL STATEMENT

$8,530,818,000

In total assets

500 MILLION

8.5 BILLION

$1.2 BILLION

2017 was a year in which American Fidelity Corporation and subsidiaries (AFC) extended its record of success and furthered its opportunities.

our assets increased by over $500 million to $8.5 billion.

Our consolidated GAAP net income in 2017 rose 20.5 percent over 2016 to $124.6 million.

Our consolidated GAAP equity exceeded $1.2 billion

PERCENT

2017

RECONCILIATION OF CAPITAL, SURPLUS & RETAINED EARNINGS

(IN THOUSANDS)

CAPITAL & SURPLUS REPORTED ON STATUTORY BASIS

$461,430

 

NET DEFERRED POLICY ACQUISITION COSTS

$634,299

 

POLICY LIABILITIES

($9,686)

 

DEFERRED FEDERAL INCOME TAXES

 ($120,176)

 

OTHER

$180,839

 

STOCKHOLDER’S EQUITY OF NONINSURANCE SUBSIDIARIES, NET OF CONSOLIDATING ELIMINATIONS

$105,149

 

BALANCE AS DETERMINED IN ACCORDANCE WITH GENERALLY ACCEPTED ACCOUNTING PRINCIPLES

$1,251,727

2016

RECONCILIATION OF CAPITAL, SURPLUS & RETAINED EARNINGS

(IN THOUSANDS)

CAPITAL & SURPLUS REPORTED ON STATUTORY BASIS

$441,016

 

NET DEFERRED POLICY ACQUISITION COSTS

$595,739

 

POLICY LIABILITIES

($11,566)

 

DEFERRED FEDERAL INCOME TAXES

 ($172,940)

 

OTHER

$123,078

 

STOCKHOLDER’S EQUITY OF NONINSURANCE SUBSIDIARIES, NET OF CONSOLIDATING ELIMINATIONS

$136,078

 

BALANCE AS DETERMINED IN ACCORDANCE WITH GENERALLY ACCEPTED ACCOUNTING PRINCIPLES

$1,111,405

2017 (CONSOLIDATED GAAP, IN THOUSANDS)

2017

 

$357,759

 

$3,668,362

 

$147,882

 

$827,943

 

$8,961

 

$482,857

 

$183,276

 

$42,230

 

$1,158,527

 

$695,995

 

$173,309

 

$783,717

 

$8,530,818

ASSETS

 

CASH

 

BONDS

 

PREFERRED AND COMMON STOCKS

 

TRADING INVESTMENTS

 

SHORT TERM & OTHER INVESTMENTS

 

MORTGAGE LOANS

 

REAL ESTATE & POLICY LOANS

 

ACCRUED INVESTMENT INCOME

 

ACCOUNTS RECEIVABLE

 

DEFERRED POLICY ACQUISITION COSTS

 

ASSETS

 

SEPARATE ACCOUNT ASSETS

 

TOTAL ASSETS

2016

 

$332,291

 

$3,425,146

 

  $114,701

 

 $790,013

 

 $6,424

 

$447,100

 

$152,842

 

$42,033

 

$1,147,338

 

$656,795

 

$182,302

 

$649,818

 

$7,946,803

2017

 

$4,524,147

 

 

 

$8,371

 

$664,900

 

$1,297,956

 

$783,717

 

$1,251,855

 

 

$8,530,946

 

 ($128)

 

$8,530,818

RESERVES, OBLIGATIONS & SURPLUS

 

POLICY & OTHER CONTRACT RESERVE FUNDS SET

ASIDE & INVESTED TO ASSURE PAYMENT OF FUTURE BENEFITS TO POLICY OWNERS & BENEFICIARIES

 

UNEARNED PREMIUMS

 

NOTES PAYABLE

 

INCOME TAX LIABILITY & OTHER OBLIGATIONS

 

SEPARATE ACCOUNT LIABILITIES

 

CAPITAL SURPLUS AND RETAINED EARNINGS FOR THE FUTURE PROTECTION OF POLICY OWNERS & BENEFICIARIES

 

TOTAL LIABILITIES & SHAREHOLDERS' EQUITY APPLICABLE TO AFC

 

NON CONTROLLING INTEREST

 

TOTAL LIABILITIES & SHAREHOLDERS' EQUITY

2016

 

$4,276,648

 

 

 

$10,031

 

$654,051

 

$1,244,971

 

$649,818

 

$1,111,405

 

 

$7,946,924

 

($121)

 

$7,946,803