Cookie Policy

Strategic Plan

Guided by the principles of charity, unity and fraternity, the Society builds lifelong relationships with its members and their families. The Society is multigenerational and international. It offers formation, mutual aid, and financial security to its members through insurance products, fraternal programs, and evangelical outreach. The Society aspires to invite every Catholic man to join the Knights of Columbus and to extend its charitable reach as widely as possible.

In support of this vision and its mission, the Society has adopted a strategic plan that outlines the Society’s key priorities leading up to the 150th anniversary of the Knights of Columbus in 2032. While the Society’s senior management is mindful of the potential impact of climate-related risks and opportunities (both physical² and transition³), their current impact and risk of impact on the Society’s business, strategic, and financial planning is assessed to be very limited. Therefore, based on the assessments discussed in this Disclosure, the Society’s climate-related risk profile is “low”.

Financial Position, Financial Performance and Cash Flows

Annually, the Society performs an Own Risk and Solvency Assessment (“ORSA”) of its United States and Canadian operations, which is submitted to the Connecticut Insurance Department and OSFI. The ORSA process includes consideration of climate-related risks. Based on its most recent ORSA, the Society concluded that it has sufficient capital and liquidity to execute its business plan and expects that it will continue to receive high ratings from A.M. Best and Standard & Poor’s.

The Society strives to maintain a superior level of capital as this provides the Society with greater flexibility when responding to changes in the external environment in which it operates and time to implement new strategies. It also represents a cushion to offset catastrophic losses, such as those from an economic crisis or a sudden increase in mortality or morbidity, as well as those losses related to physical and transition risks.

As part of the Society’s investment process, the Investment Department research team utilizes ESG principles to evaluate risks and qualifications during its fundamental research phase of a company. The team measures and assesses the level of “materiality” when evaluating non-financial risks (including climate-related risks), with a focus on company-specific dynamics, including corporate governance, controversies, CSR (Corporate Social Responsibility) reports, and publicly available information pertaining to each company. The Portfolio Managers and Analysts review and document related material risks or opportunities in conjunction with other fundamental research. These findings are then integrated into final reports and recommendations, allowing for a comprehensive and holistic assessment. By utilizing ESG principles as an integral part of the research process, the Society gains a holistic understanding of the portfolio companies that are evaluated. In certain instances, the Society may avoid investment opportunities due to the potentially significant financial impacts of identified material risks. However, it is important to note that the decision-making process does not solely rely on ESG factors when including or excluding stocks or bonds.

Due to the nature of its operations and risk profile, the Society, as of the date of this Disclosure, has not identified climate-related risks or opportunities that would reasonably be expected to have a material impact on its financial position, financial performance, or cash flows. However, the Society recognizes climate-related risks and opportunities as it continues to monitor its financial position, financial performance, and cash flows. For additional information regarding the Society’s financial data, please use the following link to access OSFI’s Financial Data website for Foreign Fraternals: Financial data for fraternal benefit societies - Oﬃce of the Superintendent of Financial Institutions.

Business Model and Value Chain

The Society is a risk-conscious and conservative organization, which primarily offers permanent life insurance, term life insurance, and annuities to its members and their families. The Society does not offer equity-based products, nor does it offer group coverage. Additionally, because the Society is not a property and casualty insurance carrier, it does not insure climate-related risks.

The Society’s insurance members in North America are served solely by a career agency distribution system. The Society’s agents are under contract to sell only Knights of Columbus products to members and their families. The diversity of members’ ages, occupations, and geographic locations help mitigate the risk of reduced sales due to changes in the economy, isolated events, and geographic concentration of risk. This diversity also helps to mitigate the risk from catastrophic events, including acute physical risks.

The Society views both its operational environment and the associated risks as dynamic. In the event of a disaster directly impacting the Society’s operations in either the United States or Canada, the Society will rely on its business continuity planning and related crisis management procedures and measures to ensure the delivery of critical services to its members and their families during a disruption.

Given the nature of the Society’s operations in Canada, the Society has not identified climate-related risks and opportunities that are concentrated in or reasonably material to its business model and value chain. Therefore, as of the date of this Disclosure, the Society does not anticipate any modifications to its business model or value chain in response to climate-related risks or opportunities.

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Strategic Plan

Financial Position, Financial Performance and Cash Flows

Business Model and Value Chain

How to Disable Cookies

Policies