MESSAGE TO OUR SHAREHOLDERS, CLIENTS, and FRIENDS
By any measure, 2009 ranks as one of the most difficult years in recent economic memory for most businesses due to the residual effects of the economic problems of 2008.
Companies across the globe felt the detrimental impact of the catastrophic investment mistakes, corporate malfeasance, bank failures, and the near-collapse of the residential & commercial real-estate markets that began during 2008. As a result of the subsequent general credit meltdown, many hard-working union members lost their jobs or made enormous sacrifices to stay employed in 2009. We respect those men and women, and it’s their needs that drive all our efforts.
While we at ULLICO had our share of challenges in 2009, we were able to weather the storm better than most—thanks in large measure to a clearly defined mission and the dedicated and industrious people who work for and with us every day to achieve it. Our strategic planning and ability to quickly respond to the vagaries of a highly uncertain marketplace gave us the resilience needed to perform at a high level relative to our competition.
The Year in Review
Looking back at 2009, the year was tough because so many union members lost their jobs. ULLICO, along with countless other organizations, lost revenue and income as a result of our country’s distressed economy. Carefully navigating through the turbulent environment, we persevered on a steady course and late in the year, we were able to realize results that were among the best that the Company has experienced!
Although we are not immune to the pressures of the still fragile and volatile economy, our results were attained, in large part, because ULLICO has been executing a clear, conservative and forward-focused strategy for the past five years. During this time, we have worked diligently to create a company that is robust, transparent, and profitable. Fortified by a strong balance sheet, sound business management, and responsible corporate governance practices, we are carefully maintaining our mission of serving the Labor movement and its members.
This disciplined execution of our strategic plan has served the Company well and keeps us in a solid financial position despite continued stressful economic conditions. We are pleased to share highlights of our success in this Annual Report [1].