Viking Magazine - June 2021 - 36

2020 ANNUAL REPORT
INVESTING IN OUR
FUTURE
At Sons of Norway we are focused on strengthening our sales
efforts to improve our ability to fund our mission: To promote
and preserve the heritage and culture of Norway, to celebrate
our relationship with other Nordic Countries, and provide
quality insurance and financial products to our members. With
our strong desire to ensure we are supporting this mission
for you and all future generations, we have reserved funds to
finance the growth necessary to support our fraternal efforts.
This growth comes with a cost and we have wisely made the
investments needed to prepare for this development. We
are pleased to see the leading indicators of this business
progress:
>> Sons of Norway is growing our first year annualized
premium volume
>> Insurance professionals have increased strongly, by 385%
in 2020
>> Certificates issued exceeded last year's total
The leading indicators above show we are on the right path
for success in the coming years. While our total assets have
declined the past two years, this is largely due to the need to
invest in systems and infrastructure for growth.
Life Certificates Issued
1,517
2019
3,292
2020
Annuity Certificates Issued
113
2019
158
2020
Sons of Norway Condensed Statutory Financial Information
Balance Sheet
As of Dec. 31 (in thousands)
ĚŵŝĞĚ	Ğ
Bonds
Preferred Stock
Mortgage loans
Ğ
ĮĐĂ
Ğ ůŽĂŶ
Cash and short-term investments
Total investments
Other assets
dŽ
Ăů ĂĚŵŝĞĚ Ă	Ğ
>ŝĂďŝůŝ
Ğ
Ğ
ĮĐĂ
ĞĞ	ĞĞ
ĞŽ	ŝ
ůŝĂďŝůŝ
Ğ ĂŶĚ ĐĞ
ĮĐĂ
Ğ ĐůĂŝŵ
K
ŚĞ ůŝĂďŝůŝ
Ğ
dŽ
Ăů ůŝĂďŝůŝ
Ğ
Total surplus
dŽ
Ăů ůŝĂďŝůŝ
Ğ ĂŶĚů
Income Statement
As of Dec. 31 (in thousands)
Premium income
Net investment income
&Ă
ĞŶĂů ďĞŶĞĮ
ŝŶĐŽŵĞ
Other income
Total income
/ŶĐĞĂ	Ğ ŝŶ ĐĞ
ĮĐĂ
ĞĞ	ĞĞ
Ğ
ĮĐĂ
ĞŚŽůĚĞ ďĞŶĞĮ
ĂŶĚĞĨŶĚ
Commissions, insurance and fraternal
dŽ
Ăů ďĞŶĞĮ
ĂŶĚ ĞĞŶ	Ğ
'ĂŝŶ ĨŽŵ ŽĞĂ
ŽŶ ďĞĨŽĞ ĐĂŝ
Ăů ŐĂŝŶ
Capital gains (losses)
Net income (loss)
$ 19,371
13,092
946
1,209
34,618
(4,598)
30,526
12,185
38,113
(3,495)
(116)
$ (3,611)
$
$ 14,305
14,188
970
850
30,313
(9,421)
31,967
10,216
32,762
(2,450)
(740)
(3,190)
The financial information presented has been derived from the financial statements filed with
the NAIC. To receive a copy of the complete statutory basis financial statements, please contact
Sons of Norway Headquarters.
2020
$ 309,699
496
15,605
3,402
2,615
$ 331,817
6,284
$ 338,101
2019
$ 320,432
496
12,886
4,143
3,697
$ 341,654
4,319
$ 345,973
$ 303,716
17,201
5,918
326,835
11,266
$ 338,101
$ 308, 064
16,921
4,739
329,724
16,249
$ 345,973
During 2020 we INVESTED in our MEMBERS
>> Our Technology: We are enhancing our
digital programs, website navigation and
our business systems to better serve our
members.
>> Our Cultural Programs: To serve a larger
audience we are directing resources towards
more virtual programming that can be
accessed by all our members regardless of
their location or ability to visit a local lodge.
36 VIKING JUNE 2021
sonsofnorway.com
>> Our Products: Following the path we
started last year we are designing our
financial products to include membership
dues a strengthen membership growth.
http://www.sonsofnorway.com
Viking Magazine - June 2021

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