THE PROVIDENCE ASSOCIATION SHARES GOOD TIDINGS

By Eugene A. Luciw, J.D.

Sales and Marketing Successes.

The Providence Association has entered an era of fantastic success. Since March 1, 2006, we have increased our insurance in force by a factor of approximately 6.0%. Premium income for the year to date has increased by 379%. In the past 10 months Providence has issued nearly 5 times the amount of insurance that had issued for the entire calendar year of 2005.

            It is equally noteworthy that the year 2006 saw Providence issue over 80 policies. Nearly all of them were for significant amounts that covered a known need for family protection and retirement and education savings. Our membership continues to grow through consistent substantively informative advertising. We thank all of our loyal members for their good faith and support.

Financial Stability.

            Providence continues to enjoy financial stability. Standard Analytical Services, Inc. (2006) reports, for example, “…the analysis made of [Providence Association] is favorable in comparison with the aggregate averages of 25 of the largest companies [Aetna, Allstate, Hartford, MetLife, New York Life, Prudential, Travelers, etc.]. Significantly, Providence outscored these companies’ average margin of assets over liabilities ($105 per $100) by nearly $34, showing a ratio of $139 per $100.

Similarly, Providence’s Surplus Funds and Liquid Assets per $100 of policy reserves and per $100 of liabilities, respectively, outscored the average of the same companies by a wide margin. Providence’s scores of $42.58 and $104.21 exceeded the name brands’ scores of $12.01 and $49.91.

            Providence showed additional society strength by showing asset, reserve and surplus ratios that greatly exceeded the average ratios of the same 25 largest carriers. Providence’s Gross Surplus remains comfortably above $4.1 million.

Fraternal Activities.

            Providence’s financial position allowed it to award significant grants to the following institutions:

1.)    The Redemptorist Fathers

2.)    The Sisters of St. Basil

3.)    Sister Servants of Mary Immaculate

4.)    Missionary Sisters of the Mother of God

5.)    St Josaphat’s Seminary, Washington, D.C.

6.)    St. Basil’s Seminary, Stamford, Conn.

7.)    The education funds for priests in the Eparchies of Chicago. IL. and Parma, OH.

8.)    The Ukrainian American Youth Association and the PLAST Ukrainian Scouting Organization.

9.)    The Ukrainian National Information Service, Washington, D.C.

10.)     The United Ukrainian American Relief Committee

11.)     The Ukrainian Congress Committee of America

12.)     The World Congress of Ukrainians

13.)     The Ukrainian Free University

14.)     The World Congress of Ukrainian Women

15.)     The Catechetical Institute of the Sacred Heart of Jesus

16.)     The Stamford Eparchy Educational Research Institute

17.)     Treasures of Our Faith Museum, Philadelphia., PA.

18.)     The Stamford Eparchy Ukrainian Catholic Museum

19.)     The Ukrainian Catholic University

Happy Holidays

            We personally want to thank all of you -- from the newest to the most longstanding members, the branch secretaries and the agents for being an integral part of Providence’s astounding success. We look forward to further growth. With God’s Grace and Blessing we will continue to preserve Providence’s preeminent place in the Ukrainian American community.

Merry Christmas! Happy New Year!

We wish you health, good fortune and many happy years!