Exciting times continue for the Armed Forces Insurance Exchange. In running terms, we are "hitting our stride," as evidenced by 2015 being our third consecutive year of outstanding financial results. Highlights include:
- Generated net income of $8,335,000
- Capital increased $5,375,000 (7.6%)and totaled $76,112,000 at December 31, 2015
- Assets increased $6,459,000 and totaled $142,850,000 at December 31, 2015
Our financial strength allows us to fulfill our mission of paying the legitimate claims of our members in their time of need.
We also successfully delivered tailored insurance products to over 6,000 new members. To best meet your needs, we not only offer coverage with Armed Forces Insurance Exchange but also provide options, through Armed Forces Insurance Agency, with other prominent national insurance companies when these products provide superior protection. We go to great lengths to find you the best possible insurance coverage at competitive prices. This distinguishes us from the majority of our competitors who only deliver their propriety products.
Our service, as measured by a recent survey of our members, is world class as measured by our net promoter score (NPS) of 81.6%. This score compares very favorably with other top tier national insurance companies. Furthermore, we are also surveying our members in advance of their policy renewal to identify how we can best serve them. In early 2015, we established the Armed Forces Insurance Foundation to assist in educating the military community on an array of personal financial topics, including insurance.
Significant progress was made in other areas. Dramatically more sophisticated rating plans have been developed and are being introduced in numerous states. This allows us to be more competitive on attractive risks and apply the appropriate rate for higher risk business. Our various systems and infrastructure projects are on track and will result in an enhanced member experience. We continually solicit product enhancement ideas from you, our members, as well as other ideas as to how we can fulfill our mission of providing the best financial protection to those who protect our nation.
Thank you for allowing us the privilege of serving you. We are proud of our 129 history and look forward to many more successful years. Finally, we want to personally thank each of our employees for their outstanding efforts in serving you. They truly demonstrate that "Our Mission is You."
|Kurt H. Seelbach
President & CEO
|Garry L. Parks
Lieutenant General, U.S. Marine Corps (Ret.)
Chairman, Board of Directors