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our results 

John Cassil, Chief Financial Officer

Capital Gains

Consolidated realized capital gains net of tax totaled $59.0 million and were driven by gains from real estate and common stock sales, as well as market value appreciation in other investments.

Cash Flows

AFA’s annual operating cash flows were $332 million and our $1.1 billion in consolidated liquidity provides strong financial flexibility to meet operational goals and policyholder needs.

Operating Strength

AFC’s consistent operating strength is reflected in the 17.6% compound annual growth rate of pre-tax GAAP income since 2017.

AM Best

AM Best assigned a group rating A+ superior for AFA and American Public Life (APL) for 2022. This rating was driven by our strong balance sheet and operating performance.

"American Fidelity Corporation and Subsidiaries (AFC) reported consolidated GAAP net income of $238 million in 2022."

John Cassil, Chief Financial Officer
American Fidelity Corporation and Subsidiaries (AFC) reported consolidated GAAP net income of $238 million in 2022. AFC’s strong results reflected continued lower benefits expense , significant capital gains and strong premium growth. Our commitment to providing the best Customer experience is reflected in our continuing investments in technology, our Colleagues and Cameron Ventures, a venture capital fund focused on identifying and implementing the latest technology innovations in the Insurtech/Fintech space.

A guiding principle at AFC is a strong balance sheet to meet future Customer needs, which is reflected in American Fidelity Assurance Company’s (AFA’s) $628 million of statutory surplus as of Dec. 31, 2022 which resulted in a strongest balance sheet rating from AM Best.

By The Numbers

Total Revenue

 

 

GAAP Equity

Accumulated Benefits Paid to Customers

 

 

 

Consolidated Assets

 

 

2022 (consolidated GAAP, in thousands)

Assets 2022 2021
Cash $424,722 $396,818
Bonds $3,640,120 $4,553,736
Preferred & Common Stocks $131,760 $115,153
Trading Investments $593,550 $816,565
Short Term & Other Investments $332,240 $238,932
Mortgage Loans $719,200 $667,904
Real Estate & Policy Loans $118,444 $176,902
Accrued Investment Income $42,153 $40,408
Accounts Receivable $1,262,686 $1,191,382
Deferred Policy Acquisition Costs $1,035,914 $899,433
Other Assets $267,017 $180,936
Separate Account Assets $1,207,970 $1,438,390
Total Assets $9,775,776 $10,716,559
RESERVES, OBLIGATIONS & EQUITY 2022 2021
Policy & Other Contract Reserve
Funds Set Aside & Invested to
Assure Payment of Future Benefits
to Policy Owners & Beneficiaries
$5,349,655 $5,273,360
Unearned Premiums $9,287 $9,312
Notes Payable $444,269 $661,929
Income Tax Liability & Other Obligations $1,230,170 $1,374,404
Separate Account Liabilities $1,207,970 $1,438,390
Capital Surplus and Retained Earnings
for the Future Protection of Policy Owners
& Beneficiaries
$1,534,743 $1,959,283
TOTAL LIABILITIES
& SHAREHOLDERS'
EQUITY APPLICABLE TO AFC
$9,776,094 $10,716,678
Non Controlling Interest ($318) $(119)
TOTAL LIABILITIES
& SHAREHOLDERS' EQUITY
$9,775,776 $10,716,559
RECONCILIATION OF CAPITAL, SURPLUS
& RETAINED EARNINGS
2022 2021
Capital & Surplus Reported on Statutory Basis $656,868 $652,336
Net Deferred Policy Acquisition Costs $931,380 $828,572
Policy Liabilities $59,912 $58,954
Deferred Federal Income Taxes ($14,407) $(188,130)
Other ($560,672) $360,920
Stockholder’s Equity of Noninsurance
Subsidiaries, Net of Consolidating Eliminations
$461,662 $246,631
BALANCE AS DETERMINED
IN ACCORDANCE WITH
GENERALLY ACCEPTED
ACCOUNTING PRINCIPLES
$1,534,743 $1,959,283