Life Insurance Of Alabama : LICOA 2nd Quarter 2022

QUARTERLY STATEMENT

OF THE

Life Insurance Company of Alabama

TO THE

Insurance Department

OF THE

STATE OF

FOR THE QUARTER ENDED

JUNE 30, 2022

[ ] LIFE, ACCIDENT AND HEALTH

[ ] FRATERNAL BENEFIT SOCIETIES

2022

*65412202220100102*

LIFE, ACCIDENT AND HEALTH COMPANIES/FRATERNAL BENEFIT SOCIETIES - ASSOCIATION EDITION

QUARTERLY STATEMENT

AS OF JUNE 30, 2022

OF THE CONDITION AND AFFAIRS OF THE

Life Insurance Company of Alabama

NAIC Group Code

0000

0000

NAIC Company Code 65412

Employer's ID Number

63-0321291

(Current)

(Prior)

Organized under the Laws of

Alabama

, State of Domicile or Port of Entry

AL

Country of Domicile

United States of America

Licensed as business type:

Life, Accident and Health [ X ] Fraternal Benefit Societies [

]

Incorporated/Organized

07/28/1952

Commenced Business

08/13/1952

Statutory Home Office

302 Broad Street

,

Gadsden, AL, US 35901

(Street and Number)

(City or Town, State, Country and Zip Code)

Main Administrative Office

302 Broad Street

(Street and Number)

Gadsden, AL, US 35901

,

800-226-2371

(City or Town, State, Country and Zip Code)

(Area Code) (Telephone Number)

Mail Address

P.O. Box 349

,

Gadsden, AL, US 35902

(Street and Number or P.O. Box)

(City or Town, State, Country and Zip Code)

Primary Location of Books and Records

302 Broad Street

(Street and Number)

Gadsden, AL, US 35901

,

800-226-2371

(City or Town, State, Country and Zip Code)

(Area Code) (Telephone Number)

Internet Website Address

www.licoa.com

Statutory Statement Contact

Katrina

Davis

Hulsey

,

800-226-2371-3280

(Name)

(Area Code) (Telephone Number)

[e-mail]

,

256-399-4301

(E-mail Address)

(FAX Number)

OFFICERS

		Executive Vice President /
President	Clarence William Daugette III	Chief Financial Officer	Rosalie Renfrow Causey
Senior Vice President /
Chief Operating Officer /		Executive Vice President /
Secretary / Actuary	Jack Steven Keck	Chief Marketing Officer	Raymond Rudolph Renfrow Jr.

OTHER

Hoyt Russel Casey, Vice President		Katrina Davis Hulsey, Vice President		Debbie A Edmondson, Vice President
Michael P Causey, Vice President & Director of Agency		Kenneth W Lewis, Vice President & Director of Marketing		Scott E Jones, Vice President
Timothy H Cole, Vice President		Zachery C Lindsey, Vice President

DIRECTORS OR TRUSTEES

		Clarence William Daugette III			Raymond Rudolph Renfrow Jr.		Anne Daugette Renfrow
		Alburta Daugette Lowe			Gerald Ray Smith Jr.		Rosalie Renfrow Causey
		Herman Warren Cobb Jr.
State of	Alabama			SS:
County of	Etowah

The officers of this reporting entity being duly sworn, each depose and say that they are the described officers of said reporting entity, and that on the reporting period stated above, all of the herein described assets were the absolute property of the said reporting entity, free and clear from any liens or claims thereon, except as herein stated, and that this statement, together with related exhibits, schedules and explanations therein contained, annexed or referred to, is a full and true statement of all the assets and liabilities and of the condition and affairs of the said reporting entity as of the reporting period stated above, and of its income and deductions therefrom for the period ended, and have been completed in accordance with the NAIC Annual Statement Instructions and Accounting Practices and Procedures manual except to the extent that: (1) state law may differ; or, (2) that state rules or regulations require differences in reporting not related to accounting practices and procedures, according to the best of their information, knowledge and belief, respectively. Furthermore, the scope of this attestation by the described officers also includes the related corresponding electronic filing with the NAIC, when required, that is an exact copy (except for formatting differences due to electronic filing) of the enclosed statement. The electronic filing may be requested by various regulators in lieu of or in addition to the enclosed statement.

Clarence William Daugette III		Jack Steven Keck		Rosalie Renfrow Causey
	President	Senior Vice President / Chief Financial Officer /	Executive Vice President / Chief Financial Officer
				Secretary / Actuary
					a. Is this an original filing?	Yes [ X ] No [ ]
Subscribed and sworn to before me this			b. If no,
11th	day of		August 2022		1.	State the amendment number
				2.	Date filed

3. Number of pages attached

Abbie Porter

My commission expires: June 9, 2024

STATEMENT AS OF JUNE 30, 2022 OF THE Life Insurance Company of Alabama

ASSETS

			Current Statement Date		4
		1	2		3	December 31
					Net Admitted Assets	Prior Year Net
		Assets	Nonadmitted Assets		(Cols. 1 - 2)	Admitted Assets
1.	Bonds	89,399,634			89,399,634	93,497,817
2.	Stocks:
	2.1 Preferred stocks				0	0
	2.2 Common stocks	10,095,216			10,095,216	11,465,350

3. Mortgage loans on real estate:

	3.1 First liens						0	0
	3.2 Other than first liens				0	0
4.	Real estate:
	4.1 Properties occupied by the company (less $
	encumbrances)			6,494,763	2,310,413	4,184,350	4,205,000
	4.2 Properties held for	the production of income (less
	$			encumbrances)	999,552	524,552	475,000	475,000
	4.3 Properties held for sale (less $
	encumbrances)					0	0
5.	Cash ($		1,696,158	), cash equivalents
	($	6,100,946 ) and short-term
	investments ($			)	7,797,104		7,797,104	3,288,748
6.	Contract loans (including $	premium notes)	4,274,136		4,274,136	4,215,427
7.	Derivatives						0	0
8.	Other invested assets			3,145,045		3,145,045	3,172,164
9.	Receivables for securities				0	0
10.	Securities lending reinvested collateral assets			0	0
11.	Aggregate write-ins for invested assets	0	0	0	0
12.	Subtotals, cash and invested assets (Lines 1 to 11)	122,205,450	2,834,965	119,370,485	120,319,506
13.	Title plants less $		charged off (for Title insurers
	only)						0	0
14.	Investment income due and accrued	825,125		825,125	834,562
15.	Premiums and considerations:
	15.1 Uncollected premiums and agents' balances in the course of collection	649,477	282,586	366,891	476,771

15.2 Deferred premiums, agents' balances and installments booked but deferred and not yet due (including $

		earned but unbilled premiums)		2,923,020		2,923,020	2,891,518
	15.3	Accrued retrospective premiums ($	) and
		contracts subject to redetermination ($	)			0	0
16.	Reinsurance:
	16.1	Amounts recoverable from reinsurers		319,505		319,505	365,046
	16.2	Funds held by or deposited with reinsured companies				0	0
	16.3	Other amounts receivable under reinsurance contracts				0	0
17.	Amounts receivable relating to uninsured plans				0	0
18.1	Current federal and foreign income tax recoverable and interest thereon	214,500		214,500	196,198
18.2	Net deferred tax asset		3,635,889	2,226,240	1,409,649	1,341,251
19.	Guaranty funds receivable or on deposit				0	0
20.	Electronic data processing equipment and software		294,748		294,748	364,956

21. Furniture and equipment, including health care delivery assets

	($	)	278,307	278,307	0	0
22.	Net adjustment in assets and liabilities due to foreign exchange rates			0	0
23.	Receivables from parent, subsidiaries and affiliates			0	0
24.	Health care ($	) and other amounts receivable			0	0
25.	Aggregate write-ins for other than invested assets	3,947,784	643,363	3,304,421	3,918,267

26. Total assets excluding Separate Accounts, Segregated Accounts and

Protected Cell Accounts (Lines 12 to 25)

135,293,805

6,265,461

129,028,344

130,708,075

27. From Separate Accounts, Segregated Accounts and Protected Cell

	Accounts			0	0
28.	Total (Lines 26 and 27)	135,293,805	6,265,461	129,028,344	130,708,075
	DETAILS OF WRITE-INS
1101.
1102.
1103.
1198.	Summary of remaining write-ins for Line 11 from overflow page	0	0	0	0
1199.	Totals (Lines 1101 through 1103 plus 1198)(Line 11 above)	0	0	0	0
2501.	Cash surrender value corporate owned life insurance	3,304,419		3,304,419	3,918,267
2502.	Agents' credit balances	235,122	235,122	0	0
2503.	Loans unsecured	5,159	5,159	0	0
2598.	Summary of remaining write-ins for Line 25 from overflow page	403,084	403,082	2	0
2599.	Totals (Lines 2501 through 2503 plus 2598)(Line 25 above)	3,947,784	643,363	3,304,421	3,918,267

2

STATEMENT AS OF JUNE 30, 2022 OF THE Life Insurance Company of Alabama

LIABILITIES, SURPLUS AND OTHER FUNDS

					1	2
					Current	December 31
					Statement Date	Prior Year
1.	Aggregate reserve for life contracts $	52,734,580	less $	included in Line 6.3
	(including $	Modco Reserve)			52,734,580	52,041,903
2.	Aggregate reserve for accident and health contracts (including $	Modco Reserve)	23,526,069	23,600,402
3.	Liability for deposit-type contracts (including $	Modco Reserve)		987,627	981,899

4. Contract claims:

4.1	Life		720,938	721,605
4.2	Accident and health			3,834,311	4,033,269
5. Policyholders' dividends/refunds to members $	and coupons $	due
and unpaid				0

6. Provision for policyholders' dividends, refunds to members and coupons payable in following calendar year - estimated amounts:

6.1 Policyholders' dividends and refunds to members apportioned for payment (including $

	Modco)			10,025	10,240
6.2	Policyholders' dividends and refunds to members not yet apportioned (including $	Modco)		0
6.3	Coupons and similar benefits (including $	Modco)			0
7. Amount provisionally held for deferred dividend policies not included in Line 6			0

8. Premiums and annuity considerations for life and accident and health contracts received in advance less

$

discount; including $

449,703 accident and health premiums

482,864

393,839

9. Contract liabilities not included elsewhere:

	9.1	Surrender values on canceled contracts					0
	9.2	Provision for experience rating refunds, including the liability of $	accident and health
		experience rating refunds of which $	is for medical loss ratio rebate per the Public Health
		Service Act						0
	9.3 Other amounts payable on reinsurance, including $		assumed and $	7,367
		ceded					7,367	34,494
	9.4 Interest Maintenance Reserve				1,355,024	1,470,003
10.	Commissions to agents due or accrued-life and annuity contracts $	, accident and health
	$	78,808 and deposit-type contract funds $			78,808	135,469
11.	Commissions and expense allowances payable on reinsurance assumed				0
12.	General expenses due or accrued				1,887,606	1,442,644
13.	Transfers to Separate Accounts due or accrued (net) (including $	accrued for expense
	allowances recognized in reserves, net of reinsured allowances)				0
14.	Taxes, licenses and fees due or accrued, excluding federal income taxes			129,749	107,928
15.1 Current federal and foreign income taxes, including $		on realized capital gains (losses)			0
15.2	Net deferred tax liability						0
16.	Unearned investment income					151,635	139,507
17.	Amounts withheld or retained by reporting entity as agent or trustee			150,111	95,488
18.	Amounts held for agents' account, including $	235,122 agents' credit balances		235,122	68,152
19.	Remittances and items not allocated				302,199	456,731
20.	Net adjustment in assets and liabilities due to foreign exchange rates				0
21.	Liability for benefits for employees and agents if not included above			795,658	796,161
22.	Borrowed money $	5,600,000 and interest thereon $	12,424		5,612,424	6,614,642
23.	Dividends to stockholders declared and unpaid					0

24. Miscellaneous liabilities:

	24.01	Asset valuation reserve				2,867,001	2,977,393
	24.02 Reinsurance in unauthorized and certified ($	) companies			0
	24.03 Funds held under reinsurance treaties with unauthorized and certified ($	) reinsurers		0
	24.04	Payable to parent, subsidiaries and affiliates				0
	24.05	Drafts outstanding					0
	24.06	Liability for amounts held under uninsured plans				0
	24.07	Funds held under coinsurance					0
	24.08	Derivatives				0	0
	24.09	Payable for securities					0
	24.10	Payable for securities lending					0
	24.11 Capital notes $	and interest thereon $				0
25.	Aggregate write-ins for liabilities				5,688,221	1,386,820
26.	Total liabilities excluding Separate Accounts business (Lines 1 to 25)			101,557,339	97,508,589
27.	From Separate Accounts Statement					0
28.	Total liabilities (Lines 26 and 27)				101,557,339	97,508,589
29.	Common capital stock				1,500,000	1,500,000
30.	Preferred capital stock					0
31.	Aggregate write-ins for other than special surplus funds			0	0
32.	Surplus notes					0
33.	Gross paid in and contributed surplus				1,810,494	1,810,494
34.	Aggregate write-ins for special surplus funds				0	0
35.	Unassigned funds (surplus)				36,077,670	37,652,007

36. Less treasury stock, at cost:

	36.1	shares common (value included in Line 29	$	)	11,917,159	7,763,015
	36.2	shares preferred (value included in Line 30	$	)		0
37.	Surplus (Total Lines 31+32+33+34+35-36) (including $		in Separate Accounts Statement)	25,971,005	31,699,486
38.	Totals of Lines 29, 30 and 37				27,471,005	33,199,486
39.	Totals of Lines 28 and 38 (Page 2, Line 28, Col. 3)			129,028,344	130,708,075
	DETAILS OF WRITE-INS
2501.	Accounts payable				78,705	22,666
2502.	Legal Settlement Liability - Cost Allocated to Surrendered Stock/Treasury Stock Purchase	4,154,144
2503.	Employee Appreciation Day account			13,110	6,407
2598.	Summary of remaining write-ins for Line 25 from overflow page			1,442,262	1,357,747
2599.	Totals (Lines 2501 through 2503 plus 2598)(Line 25 above)
		5,688,221	1,386,820
3101.
3102.
3103.
3198.	Summary of remaining write-ins for Line 31 from overflow page			0	0
3199.	Totals (Lines 3101 through 3103 plus 3198)(Line 31 above)			0	0
3401.
3402.
3403.
3498.	Summary of remaining write-ins for Line 34 from overflow page			0	0
3499.	Totals (Lines 3401 through 3403 plus 3498)(Line 34 above)			0	0

3

STATEMENT AS OF JUNE 30, 2022 OF THE Life Insurance Company of Alabama

SUMMARY OF OPERATIONS

		1	2	3
		Current Year	Prior Year	Prior Year Ended
		To Date	To Date	December 31
1.	Premiums and annuity considerations for life and accident and health contracts	17,768,187	18,536,190	36,490,661
2.	Considerations for supplementary contracts with life contingencies			0
3.	Net investment income	2,225,136	2,371,285	4,618,436
4.	Amortization of Interest Maintenance Reserve (IMR)	137,258	160,843	160,843
5.	Separate Accounts net gain from operations excluding unrealized gains or losses			0
6.	Commissions and expense allowances on reinsurance ceded			0
7.	Reserve adjustments on reinsurance ceded			0

8. Miscellaneous Income:

	8.1 Income from fees associated with investment management, administration and contract
	guarantees from Separate Accounts					0
	8.2 Charges and fees for deposit-type contracts				0
	8.3 Aggregate write-ins for miscellaneous income		763,951	8,920	76,403
9.	Totals (Lines 1 to 8.3)			20,894,532	21,077,238	41,346,343
10.	Death benefits			1,872,446	2,258,933	4,414,004
11.	Matured endowments (excluding guaranteed annual pure endowments)				0
12.	Annuity benefits			274,602	220,617	246,366
13.	Disability benefits and benefits under accident and health contracts		6,805,909	8,366,667	14,013,439
14.	Coupons, guaranteed annual pure endowments and similar benefits				0
15.	Surrender benefits and withdrawals for life contracts		433,017	360,720	708,716
16.	Group conversions					0
17.	Interest and adjustments on contract or deposit-type contract funds		25,181	14,859	30,704
18.	Payments on supplementary contracts with life contingencies				0
19.	Increase in aggregate reserves for life and accident and health contracts		618,344	1,144,705	1,925,156
20.	Totals (Lines 10 to 19)			10,029,499	12,366,501	21,338,385
21.	Commissions on premiums, annuity considerations, and deposit-type contract funds (direct
	business only)			3,401,505	3,531,689	7,021,998
22.	Commissions and expense allowances on reinsurance assumed				0
23.	General insurance expenses and fraternal expenses		6,421,004	5,073,755	10,587,597
24.	Insurance taxes, licenses and fees, excluding federal income taxes		589,490	612,702	1,083,483
25.	Increase in loading on deferred and uncollected premiums		(12,501)	32,139	104,566
26.	Net transfers to or (from) Separate Accounts net of reinsurance				0
27.	Aggregate write-ins for deductions			3	81,157	86,333
28.	Totals (Lines 20 to 27)			20,429,000	21,697,943	40,222,362
29.	Net gain from operations before dividends to policyholders and federal income taxes (Line 9 minus
	Line 28)			465,532	(620,705)	1,123,981
30.	Dividends to policyholders and refunds to members		4,921	6,208	10,554
31.	Net gain from operations after dividends to policyholders, refunds to members and before federal
	income taxes (Line 29 minus Line 30)			460,611	(626,913)	1,113,427
32.	Federal and foreign income taxes incurred (excluding tax on capital gains)		25,776	38,975	439,694
33.	Net gain from operations after dividends to policyholders, refunds to members and federal income
	taxes and before realized capital gains or (losses) (Line 31 minus Line 32)		434,835	(665,888)	673,733
34.	Net realized capital gains (losses) (excluding gains (losses) transferred to the IMR) less capital
	gains tax of $	(excluding taxes of $	5,922
	transferred to the IMR)				0	16,695
35.	Net income (Line 33 plus Line 34)			434,835	(665,888)	690,428
	CAPITAL AND SURPLUS ACCOUNT
36.	Capital and surplus, December 31, prior year		33,199,487	40,572,086	40,572,086
37.	Net income (Line 35)			434,835	(665,888)	690,428
38.	Change in net unrealized capital gains (losses) less capital gains tax of $		(1,577,207)	561,795	600,357
39.	Change in net unrealized foreign exchange capital gain (loss)				0
40.	Change in net deferred income tax			443,512	184,193	278,239
41.	Change in nonadmitted assets			(660,967)	(1,074,244)	(1,202,240)
42.	Change in liability for reinsurance in unauthorized and certified companies				0
43.	Change in reserve on account of change in valuation basis, (increase) or decrease			0
44.	Change in asset valuation reserve			110,393	(620,945)	(686,466)
45.	Change in treasury stock			(4,154,144)	(8,470)	(6,644,854)
46.	Surplus (contributed to) withdrawn from Separate Accounts during period				0
47.	Other changes in surplus in Separate Accounts Statement				0
48.	Change in surplus notes					0
49.	Cumulative effect of changes in accounting principles				0

50. Capital changes:

	50.1	Paid in			0
	50.2	Transferred from surplus (Stock Dividend)			0
	50.3	Transferred to surplus			0
51.	Surplus adjustment:
	51.1	Paid in	0	0	0
	51.2	Transferred to capital (Stock Dividend)			0
	51.3	Transferred from capital			0
	51.4	Change in surplus as a result of reinsurance			0
52.	Dividends to stockholders	(324,903)	(408,063)	(408,063)
53.	Aggregate write-ins for gains and losses in surplus	(1)	0	0
54.	Net change in capital and surplus for the year (Lines 37 through 53)	(5,728,482)	(2,031,622)	(7,372,599)
55.	Capital and surplus, as of statement date (Lines 36 + 54)	27,471,005	38,540,464	33,199,487
	DETAILS OF WRITE-INS
08.301. Miscellaneous income
763,448	8,920	76,403
08.302. Change in liability for other benefits for employees - decrease	503	0	0
08.303. Rounding		0	0
08.398. Summary of remaining write-ins for Line 8.3 from overflow page	0	0	0
08.399. Totals (Lines 08.301 through 08.303 plus 08.398) (Line 8.3 above)	763,951	8,920	76,403
2701.	Change in liability for other benefits for employees - increase		81,157	86,333
2702.	Rounding	3
2703.
2798.	Summary of remaining write-ins for Line 27 from overflow page	0	0	0
2799.	Totals (Lines 2701 through 2703 plus 2798)(Line 27 above)	3	81,157	86,333
5301.	Rounding	(1)	0	0
5302.
5303.
5398.	Summary of remaining write-ins for Line 53 from overflow page	0	0	0
5399.	Totals (Lines 5301 through 5303 plus 5398)(Line 53 above)	(1)	0	0

4