Letter from the President and CEO
After the economic upheaval in 2008, we along with the rest of the country breathed a sigh of relief. We looked forward to 2009 and welcomed all the hope and promise that came with it. As the first African-American president of the United States was sworn into office, many of our nation’s
largest and most stable companies began rebuilding from the previous year’s economic downturn. It is not an easy task but as a nation we have learned from our past and are working to make our future stronger.
In 2009, North Carolina Mutual Life Insurance Company continued to take every opportunity possible to improve our operating results. We implemented strategies that reduced operating costs, completed the integration of Booker T. Washington Insurance Company, leveraged
existing overhead and focused on customers. As a result, our operational efficiency improved. Despite these significant improvements in operations, we like most of America, experienced significant losses in our investment portfolio. Although we invested in some of this nation’s most stable and stalwart companies, the losses felt by most of the country also dramatically affected our bottom line.
At North Carolina Mutual, as we enter our 112th year of business, we heavily rely on the past principles that have made us a center of influence in the African-American community, and we are building a future where we continue to grow and uphold that responsibility. Part of our plan is to acquire businesses that expand our geographic footprint and improve profitability. In 2008, we began servicing policies acquired from Booker T. Washington Insurance Company and we are pleased to report, the profitability from this transaction exceeded our expectations.
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 African- American community. We have strong partnerships with the NAACP and the National Urban League, both celebrating their 100 year anniversaries. Like these organizations, we will continue to serve the underserved and bring the principles of wealth building into all African-American communities.
We look forward to 2010 and beyond as we stabilize our financial position and strengthen our balance sheet by finding efficient and creative ways to obtain capital. It is also very important that we remain good stewards of the funds entrusted to us by our policyholders. It is our ability to rely on the lessons learned from past successes that allows us to press forward and seize our promising future.
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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