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The Chairman's Message

ELCO witnessed continued growth and prosperity in 2017. The goals that had been set for our 71st year of operations were surpassed. The long-standing decision to concentrate on the seniors’ market remains astute. Today with the daily addition of 10,000 baby boomers turning 65, perpetuation of this market with its vast opportunities remains strong.

During the past year, the company increased its total of state licenses to 43 by adding Alaska and Hawaii. Availability for products offsets the added administration costs. Much of our production success is attributed to policy contracts that are easily read, and which don’t have hidden charges. We also boast that our absence of policyholder complaints is attributable in a large part to our “client-first” philosophy. We have not forgotten the importance of the human element by having our qualified staff answer our telephones.

The strong Home Office atmosphere of teamwork continues to grow. Lack of employee turnover improves technical knowledge of our staff while negating the cost of replacement training. The contribution to overall company morale is evidenced by our success.

In 2017, assets increased by 8.4% and our surplus increased by 13.8%. Our growth has been strong and sustainable. A company’s solvency ratio is something that is critical. Some of the largest insurers have a solvency ratio of only 102%. ELCO’s solvency ratio is 108%.

We are a true mutual insurer, meaning we do not have a holding company or stockholders that control the company. Our policyholders own the company and we work hard for them, providing the best products and service.

Challenges are always on the horizon, but we are confident that we will meet each new challenge as we have for the past 71 years.

E.J. Kulpins


More Details Of Report On 2017 Results »