The Knights of Columbus insurance program passed a major milestone today when total insurance in force exceeded $80 billion. The amount of life insurance in force has doubled in just over a decade, from $40 billion in 2000.
The organization was established in 1882 as a fraternal benefit society, with one of its primary aims to enable members to protect their families with life insurance. Today, the K of C has more than 1.8 million members in the United States, Canada, Mexico and Central America, the Caribbean, Philippines and Poland.
The Knights of Columbus has more than $17 billion in assets and ranks in the Fortune 1000 list of America’s largest companies. It is one of only five insurers in North America to receive the highest possible rating for financial stability from both Standard & Poor’s (AAA) and A.M. Best (A++).
Supreme Knight Carl A. Anderson, who assumed the role of CEO in 2000, cites the record sales growth as resulting from the organization’s philosophy of sustainable investment and ethical business practices.
“Despite the difficult economic conditions in the United States, the Knights of Columbus has maintained its strength, and has improved its standing relative to the insurance industry as a whole,” Anderson said. “There is no higher rated insurer than the Knights of Columbus, and we have every confidence in our continued success because we have a fundamentally solid business model, which continues to serve us well.”
One of the most active charitable groups in the United States, Knights of Columbus members last year set records despite the weak economy by providing nearly 69 million hours of charitable service and more than $151 million in donations to charitable causes. Cumulative figures show that, during the past decade, the Knights of Columbus has donated more than $1.36 billion to charity, and provided nearly 640 million hours of volunteer service in support of charitable initiatives.