I hope that you all continue to remain safe and secure as we progress through this seemingly unprecedented time.
I say seemingly because, for the world, the country, and our LCBA community, the changes we see today are not all that different than things we have seen in the not too distant past.
During the history of LCBA, we have lived through the 1918 flu pandemic,
arguably much worse than COVID, with about 1/3 of the world’s population
contracting the disease and an estimated 50 million people dying from it*. We
have also lived through periods of social unrest, even taking a lead role in the
fight for women’s rights. LCBA has seen unparalleled changes before, and from
that, we have educated ourselves and grown. But we also know that we will
see unprecedented situations again and that we can and will continue to learn
from these events and each other to form a better world for us all. That is the goal.
All we need is to work together. It is a simple solution but requires hard work to make our goal successful.
LCBA has always been about working together. We were created by a group of women working together to
provide financial protection to women, something not available to them in 1890. Today, our branches still work
to provide aid for those that otherwise would go without. We have been working tirelessly to fulfill community
needs by making masks, checking on each other, providing food, financial support, and additional support to
community organizations. Finding a need and helping fill it is just what we do.
Internally, LCBA is open for business. We're paying claims, issuing new business, and awarding scholarships,
in addition to all the other things that have made and kept LCBA strong for more than a century. While most
of our staff are working from home, you should not notice any degradation in service (other than perhaps the
occasional sound of a child, dog, or other family members in the background)! Our office remains closed to
walk-in business, but you can make an appointment should the need arise.
On the financial side, as mentioned in the last issue of Direction, we have taken steps to improve our
strength and stability by reinsuring a portion of our business. This action has helped to increase the book yield
of our portfolio, increase our surplus, improve our RBC, and help shield us against what may be a long period
of very low interest rates. We are well-positioned to last for another 130 years regardless of the struggles we
While we may constantly hear about a new reality, remember that we are talking about merely learning to
adapt and cope with change. Some changes we fight against, some we fight for, and still others we must merely
accept. The COVID reality is a change we have to accept, fight and endure. The social changes, which perhaps
will finally bring about equality regardless of race or gender, are changes we should all fight for.
Stay smart, stay safe, stay well.
President & CEO