Ullico | Annual Report 2021

Ullico delivered historic value for its shareholders in a successful and record-breaking 2021. Driven by our mission to support workers and their unions, we helped create union jobs, met the needs of union affiliates, provided investors with competitive returns, and did our part to be a positive force in local communities.

Our businesses thrived despite ongoing economic uncertainty caused by the COVID-19 pandemic. In fact, our adaptations and adjustments resulted in new products, skills and processes that have made the company stronger than ever.


Ullico generated record pre-tax operating earnings of $40.1 million in 2021.


Investment assets under management, property and casualty professional liability written premiums, and life and health gross written premiums reached recent or record highs in 2021.


Ullico repurchased $4.5 million of company stock, resulting in the largest shareholder liquidity event in recent history.


$30.9 Million

Net income

$341 Million

Revenue (net earned premiums plus fee income)


Book Value per Share, an increase of 8% over prior year

$8.4 Billion

Ullico's Investment Services increased its assets under management (AUM) by approximately $1.2 billion

$4.5 Million

Repurchase of Ullico stock


Return on Equity

$77.8 Million

Ullico's Property & Casualty division achieved a record level of program premium

$292.6 Million

Ullico's Life & Health division achieved a recent new high in gross written premium


$292.6 Million

Gross written premium, a recent new high

$20.9 Million

In new Stop Loss sales and retained 89% of its current business

Over $700,000+

Sales of supplemental insurance

$6.2 Million

Paid dividends to participating health and welfare funds

The Union Labor Life Insurance Company continues to be a leader in covering union members for life insurance, with over 96% of current group life business retained and over 1.2 million members covered. Through the year, Union Labor Life paid over $52 million in group life insurance claims.

Union Labor Life also maintained its leadership role in providing medical Stop Loss coverage to health and welfare funds. The Life & Health division achieved $20.9 million in new Stop Loss sales and retained 89% of its current business.

The Stop Loss international union dividend program allows health and welfare funds to receive dividends based on annual premium and/or claims experience. Since the program's inception in 2012 to the end of 2021, Union Labor Life has paid $32.7 million in dividends to participating health and welfare funds in these Stop Loss programs.

The supplemental insurance product lines, UnionCare, achieved $729K in new sales and continues to enhance its response distribution channels.


$77.8 Million

Program premium, a new high

$6.3 Million

In new business


Labor organizations and benefit plans covered

Ullico Casualty Group, LLC (UCG) demonstrated its unmatched commitment to safeguarding union leaders and multiemployer fund fiduciaries from personal liability. By updating coverages and loss control services as exposures evolve, UCG's expert underwriters and claims professionals help protect its policyholders.

In 2021, Professional Liability program premiums reached a record $77.8 million, with 97% of policies renewing. The business unit also achieved a record number of insureds, with nearly 6,500 labor organizations and benefit plans covered.

UCG continued to enhance the products it offers to the union marketplace. In 2021, it expanded its relationship with Markel American Insurance Company to add more Business Owners policies and increase its Professional Liability program capacity from $85 million to $100 million. It also rolled out a Non-Profit Labor and Management form, implemented a new underwriting system, and partnered with The Hagerty Group, LLC to insure union members' collector vehicles, motorcycles, and boats. Lastly, it developed its Construction Risk Services portfolio through broker NFP to insure signatory contractors' projects and offer surety bonds so new contractors may work with building trades unions and compete on projects.


$8.4 Billion

During calendar year 2021, Ullico's Investment Services increased AUM by approximately $1.2 Billion

$146 Million

REIG invested in three projects in 2021

$565 Million

Invested in three infrastructure transactions in 2021

$1.1 Billion

Ullico's fixed-income platform AUM increased by approximately $400 Million

Ullico's Investment Services division offers investment products and services specifically designed for the union marketplace and employee benefit plans. The division's signature real estate and infrastructure products offer investors the opportunity to earn appropriate risk-adjusted returns while promoting union job creation.

During calendar year 2021, Ullico's Investment Services division increased its assets under management (AUM) by approximately $1.2 billion to reach $8.4 billion.

Real Estate Investment Group (REIG)
Ullico's real estate debt products, including its flagship Separate Account J (J For Jobs), have provided more than $19 billion in loan financings for more than 500 projects since inception in 1977. In 2021, REIG invested $146 million in three projects. Including loan participations from other lenders, total financing amounted to over $276 million for these transactions. Projections indicate that construction financed by these loans will generate significant economic activity, including the creation of over 600 jobs and 1 million working hours. Since its inception, J for Jobs has created over 335,000 jobs and 677 million working hours for union workers.

Ullico's real estate debt products are managed for Union Labor Life by the Real Estate Investment Group of Ullico Investment Advisors. REIG ended the calendar year with $3.9 billion in AUM.

Ullico Infrastructure Fund (UIF)
UIF finished calendar year 2021 with $3.2 billion in AUM. The portfolio consisted of 21 completed transactions covering 535 assets throughout North America. These assets represent all major sectors, including wind, solar, natural gas energy generation, electricity transmission, water distribution and wastewater collection and treatment, and transportation and social infrastructure. Four active UIF investments have created an estimated 6.7 million working hours for union members.

Responding to investment needs for the nation's infrastructure, UIF was established in 2010 to assist in the construction, maintenance and refurbishment of America's infrastructure. Since its creation, UIF has experienced significant growth in its AUM, its deal opportunity pipeline, and investor interest. UIF currently has in excess of $4.2 billion in investor commitments. UIF's objectives are to provide investors with appropriate risk adjusted returns, promote the creation of union jobs, and contribute to economic growth in the nation's communities.

UIA Investment Management (UIA-IM)
Launched in 2018, UIA-IM managed $1.1 billion in fixed-income assets at 2021 year-end, allocated among seven portfolios, twenty-two clients and five consulting firms. As an affiliated investment platform, UIA-IM complements Ullico's in-house capabilities by providing focused fixed-income investment management services to institutional fund sponsors.

FINRA Disclosures



$1.63 Million

Total contributions in 2021


Organizations supported

Founded and owned by labor, Ullico is committed to giving back to the labor movement and exerting a positive influence on the communities in which we work and live. To honor that commitment, Ullico has contributed to various nonprofit organizations and charitable causes that share the same goals that we do to make the world a better place for working Americans.

In 2021


Community Organizations




Health & Wellness




Worker's Rights


COVID-19 Relief

Letter From the CEO & Chairman

Driven by our mission to support workers and their unions, Ullico delivered historic value for its shareholders in a successful and record-breaking 2021. As your company grew, we helped create more union jobs, meet the needs of union affiliates, provide investors with competitive returns, and do our part to be a positive force in our communities and beyond.

In all, Ullico generated record pre-tax operating earnings of $40.1 million. We repurchased $4.5 million of company stock, the largest shareholder liquidity event in recent history.

Assets under management by Ullico's Investment Services Division reached a new high of $8.4 billion. Our flagship real estate investment vehicle J for Jobs continued its mission to generate competitive returns while also creating good, union jobs. Since 1977, the Real Estate Investment Group's financing of more than 500 projects, has created more than 677 million union work hours. And the Ullico Infrastructure Fund continued to grow, reaching $4.2 billion in investor commitments. UIF aims to provide competitive returns while creating union jobs and stimulating economic growth in communities around the nation.

Likewise, our insurance businesses reached new highs, with Ullico's Life and Health Division reaching a record amount of gross written premium as our Property and Casualty division achieved a record level of program premium. Our group life policies now serve 1.2 million union members, and we have built a foundation to provide a menu of insurance services directly to union members with our UnionCare affiliate. Our Stop Loss insurance product continues to support union-affiliated funds by reimbursing millions of dollars in high cost medical claims. In addition to those reimbursements, for those plans that participate in our Stop Loss dividend program through their International Union, we returned millions of dollars in dividends. And our property and casualty products generated record premiums while serving 6,486 labor organizations and benefit plans, providing needed professional liability coverage for plan trustees and union leaders.

But the bottom line contains much more. After all, we are Ullico, not Wall Street. We strive to have a positive impact on people in communities across the country and beyond. In 2021, we continued to build a communications infrastructure to effectively spread the mission and message of Ullico and the union movement to a broader audience. We continued our proud tradition of supporting causes ranging from workers who are striking and organizing for better lives, to helping Ukrainian refugees, to providing educational and civic opportunities for those who might not otherwise have those doors open to them. As a company, we strive to be a leader in providing employment opportunities that reflect our nation and our movement, seeking the talent and insight of women, minorities and people of diverse backgrounds.

Last year with the COVID-19 pandemic raging, we were proud to say Ullico never lost its footing. This year, we can see the fruits of having adapted and adjusted, and out of hardship we have honed new products, new skills and new tools that have made our company even stronger.

We look to an even brighter future. When it comes to driving our mission and delivering value, the best is yet to come.

Corporate Information


Joseph J. Hunt
Chairman, Ullico Inc.
President Emeritus
International Association of Bridge, Structural, Ornamental and Reinforcing Iron Workers

Stuart M. Bloch
Chairman of the Board Emeritus
Congressional Bank

James T. Callahan
General President
International Union of Operating Engineers

Kenneth W. Cooper
International Secretary-Treasurer
International Brotherhood of Electrical Workers

The Honorable Jerry F. Costello
The Jerry Costello Group, LLC

Timothy J. Driscoll
International Union of Bricklayers and Allied Craftworkers

Daniel J. Kane
Vice President
International Brotherhood of Teamsters, Eastern Region

Christopher B. Lissner
President & Managing Member
Acropolis Investment Management, LLC

Mark McManus
General President
United Association

Sean McGarvey
Secretary-Treasurer, Ullico Inc.
North America's Building Trades Unions

Terence M. O'Sullivan
General President
Laborers' International Union of North America

Kenneth E. Rigmaiden
President Emeritus
International Union of Painters and Allied Trades

Kinsey M. Robinson
President Emeritus
United Union of Roofers, Waterproofers & Allied Workers

K. Dunlop Scott
Columbia Partners Energy Solutions, LLC

Elizabeth H. Shuler

DeMaurice F. Smith
Executive Director
NFL Players Association

Edward M. Smith
President & CEO, Ullico Inc.

Edward C. Sullivan
President Emeritus
Building and Construction Trades Department, AFL-CIO

George Tedeschi
President Emeritus
Graphic Communications Conference of the International Brotherhood of Teamsters

Financial Information

$30.9 Million

Net Income


Book Value per Share

$341 Million


In 2021, Ullico experienced another year of strong financial performance and continued its history of delivering shareholder value. For a detailed report, download the 2021 Audited Financial Statements below.

© 2022 Ullico

FaceBook Twitter LinkedIn YouTube Flickr

Site Map  |  Contact Us  |  Legal & Privacy
www.ullico.com    jrpwww.ullico.com    7871    This site is best viewed in Chrome, Firefox, Safari or IE11 (with Compatability Turned Off)