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SMART will boost UTUIA financial strength
Posted By rob On February 16, 2012 @ 4:45 pm In Leadership Messages,News,Recent Updates,Top Story,Update Tab 3 | Comments Disabled
By UTU International President Mike Futhey –
Congratulations go to Art Rayner, the United Transportation Union Insurance Association’s man of the year for 2011.
Art was recognized for his sales and leadership performance – attributes that helped propel the UTUIA last year to one of its strongest financial performances.
The competition Art faced from our other dedicated and determined field service representatives demonstrated that the UTUIA is financially strong and growing. And the UTUIA will grow even stronger as our merger with the Sheet Metal Workers International Association into SMART eventually allows 150,000 additional trade unionists to join the UTUIA through purchase of insurance and investment products.
For 2011, the UTUIA’s assets grew by $3 million, its annual revenue topped $17 million, and it produced a surplus (net income after costs are deducted) of almost $2 million.
The UTUIA’s investment portfolio is generally conservative, primarily invested in government and corporate bonds and companies with the highest credit ratings, with just 15 percent of assets invested in stocks and real estate.
Our field supervisors have been provided with new technology that better helps them provide insurance advice, while the number of UTUIA insurance products has increased.
The UTUIA is working to determine what changes in its constitution are required to make its products available to our new SMWIA brothers and sisters (the current constitution limits sales to transportation workers). The key to improving further the UTUIA’s financial performance is growing sales volume, and inclusion of non-transportation workers represented by the SMWIA is essential.
As the UTUIA’s financial performance improves from inclusion of SMWIA’s 150,000 members and increased sales, product offerings can be widened.
As it has been for 135 years, the mission of the UTUIA, an insurance company owned by its trade-union members, remains the same. It is to promote the general welfare of its members; disseminate information about life, health and annuity products that provide for the security of its members and their families; provide uncompromising service quickly, efficiently and professionally; and engage in volunteer activities through its local units.
The UTUIA recognizes its obligations to its members and shall constantly strive to live up to the ideals of the fraternal benefit system.
For more information on the UTUIA and its products, including links to UTUIA field service representatives, click on the following link:
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