FaithLife Financial experienced one of the best years in its 38 year history, with strong growth in several key areas in 2009, the Waterloo, Ont.-based company said Tuesday.

FaithLife Financial is a not-for-profit financial services organization that provides life insurance, income protection and investment products for 31,000 Christian Canadians. It operates in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Nova Scotia and Prince Edward Island

The surplus increased by 14.6% to $36.5 million and over $1.3 million in net income was generated, more than 40% higher than in 2008.

Total revenue was a healthy $48.4 million, up from $39.1 million in 2008, according to the organization’s annual report to members.

New life insurance sales grew by almost 20% and total life insurance in-force climbed to nearly $2.23 billion.

Total assets under administration grew by 6.7%.

FaithLife Financial’s charitable impact to the Christian community surpassed $2.3 million in 2009. Charitable impact comprises the value of special benefits for FaithLife Financial members and the Christian community, as well as disaster relief aid, charitable gifts, volunteer fundraising and the value of volunteer time.

“While challenges remain as we move through 2010, there are also tremendous opportunities to serve our members, and add value to community and global causes our members care about,” said president and CEO Dieter Kays.

IE