Letter from the President and CEO
There has been much talk of weathering the recent economic storms in our
country. For the financial services industry, this has been the perfect storm.
The mortgage collapse and high unemployment of the last three years have led
citizens to withdraw funds from IRAs, sell investments and cash in insurance
policies to survive.
In these tough times, we tightened our belts, became more efficient and looked
to our roots to anchor us in the storm. At North Carolina Mutual Life Insurance
Company, we were successful and in 2010, returned to profitability after eight
straight years of operating losses. This turnaround is the result of numerous
strategic initiatives undertaken in the last several years to reduce overall
expenses, reprice products, exit from poorly performing business segments,
acquire profitable portfolios of policies and improve the overall operating
environment. We also redeployed capital and strengthened the human capital
component of the company.
The bonds between our company and the groups we have relied on for many years
have become stronger and we continue to expand our business and focus on our
strongest relationships. We are working closely with funeral homes, faith-based
organizations and other centers of influence within the communities we serve.
At North Carolina Mutual, as we enter our 113th year of business, we are honored
to be among an elite group of American companies that have existed for more than
a century. We are mindful of this legacy in our business practices. In 2010, we
continued our successful partnership with Minnesota Life in the area of group
insurance.
Our individual insurance line of business continued to thrive in African
American communities. Late in the year, we completed the purchase of Signature
Group, LLC, an Alabama-based financial company that provides advance funding to
funeral homes and completes reassignment of insurance policies. With more than
100 funeral homes nationwide in their portfolio, the Signature Group acquisition
expands our service area and national reach.
We look forward to 2011 as a year of fiscal stabilization for our company and
our nation. We will work hard to strengthen our operating results, cash flow and
balance sheet by continuing to find more efficient modes of operation, pursuing
acquisitions and forming strategic partnerships. We are committed to continuing
our careful stewardship on behalf of those who have purchased our products. We
thank you for your loyal support.
James H. Speed, Jr.
- President and CEO
North Carolina Mutual Life Insurance Company
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Success Story
A short film about the "Mutual" that was a featured trailer in black movie theaters circa 1940. Play Video >
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