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Ullico Inc. Announces First-Quarter 2024 Financial and Business Highlights

June 18, 2024

Ullico Inc., the only labor-owned insurance and investment company, shared select financial and business results for its fiscal first quarter ended March 31, 2024.

“Ullico achieved recent or record financial milestones across its business units in 2023. We’ve continued to build on that momentum in the first quarter of 2024,” said Darin Hardy, chief financial officer for Ullico Inc.

“Businesses don’t need to choose between uplifting workers and providing value to shareholders. Ullico’s ongoing success demonstrates that you can do both,” said Brian Hale, CEO and president of Ullico Inc.

Investment Services

  • The company’s investment services division ended the quarter with over $11 billion in assets under management and its investment strategies continue to post competitive returns.

Life & Health

  • The Union Labor Life Insurance Company achieved $6 million in new Medical Stop Loss sales, reflecting a 4% close ratio.
  • Union Labor Life maintained 99% retention for its Group Life & Specialty Health on the overall block versus planned 88.5%.
  • Union Labor Life’s Supplemental division, Ullico Select, initiated a spring mail campaign to 1.4 million members across seven international unions.

Property & Casualty

  • Ullico Casualty Group experienced growth of 13.2% in gross written premium for commercial lines during Q1 2024.
  • Ullico Casualty Group had incurred losses of $5.8 million for all lines of professional liability claims during Q1 2024.

About Ullico

The Ullico Inc. family of companies provides insurance and investment solutions for labor organizations, union employers, institutional investors and union members. Founded over 95 years ago, the company takes a proactive approach to anticipating labor’s needs, developing innovative financial and risk solutions and delivering value to our clients. Our products are tailored to promote financial security and stability for American workers.

The Ullico Inc. family of companies includes The Union Labor Life Insurance Company; Ullico Casualty Group, LLC.; Ullico Investment Company, LLC.; and Ullico Investment Advisors, Inc. For additional information, visit www.ullico.com.