News Release
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Woman's Life's 29th National Convention Affirms Society's Past and Future

(Minneapolis, Minn.) - At the 29th National Convention of Woman's Life Insurance Society,® held in Minneapolis, Minnesota from Aug. 9-11, 1998, "Tomorrow's Future Begins Today" was not just the convention theme. It clearly marks the Society's accomplishments and its vision.

An enthusiastic crowd of more than 350 members and official delegates from across the United States and Canada attended the three-day event. Highlights included a highly complimentary keynote address by Former First Lady Barbara Bush; an inspiring quadrennial report delivered by Janice Whipple, national president and CEO, charting both incredible progress and an even greater future; and safe and sound financial health reported by Diane Lofquist, national secretary-treasurer.

Bush "Deeply Touched and Humbled" by Woman's Life
In her keynote address on Monday morning, former first lady Barbara Bush called Woman's Life a very special organization that deeply touched her in a way no other organization has done before. "You are not only about business and the bottom line; you believe in all the things that I hold most dear - family, community and literacy. Woman's Life is not only changing the face of business, but is also improving our communities and families."

Bush commended Society Chapters for their grass roots efforts to combat illiteracy: from garage and book sales to creating libraries and volunteer reading programs in senior homes and schools. Together, the nickels and dimes totaled $20,000, which was presented to Mrs. Bush in a check for the Barbara Bush Foundation for Family Literacy. An additional $9,000 was raised in only three days at the convention itself through a basket raffle - half from sales and the other half matched by the Society coffers.

Declaring that "our task doesn't end with the presentation of a check," Woman's Life National President Janice Whipple asked delegates to embrace literacy as an ongoing, national cause for the organization. Member support was immediate and enthusiastic.

"As an organization whose mission is to excel at enabling women to become financially empowered and independent, Woman's Life cannot overlook its compelling obligation to address illiteracy," said Whipple. "The basic ability to read, write and speak is fundamental to our ability to help women take control of their financial futures Ä to understand their problems and discover solutions."

Incredible Progress and New Initiatives Highlight the Quadrennial Report
"It is our desire and belief that Woman's Life will become the leading refuge for women, not just financially, but emotionally as well," declared Whipple. "That means putting products, policies and personnel in place dedicated to helping women and their families help themselves." Judging by the plans initiated for the next four years, as well as the accomplishments of the Society over the past quadrennial period, Woman's Life is well on its way to achieving that goal.

In her quadrennial report to the membership, Whipple announced new initiatives including:

• Establishment of a Woman's Life Internet Web site by the end of 1998;
• Creating a Woman's Life Resource Center by 1999;
• An active campaign to gain the affiliation and endorsement of women's groups which share the Society's passion to help women help themselves and others; and
• A new marketing campaign designed to increase awareness of the Society and its dedication to helping women take control of their financial futures. Called "Intuitions," the campaign is designed to offer those products and fraternal programs that fit a woman's total needs at various stages within her and her family's lifetime. (Editor's Note: Please see separate press release, "Intuitions" Marketing Program Introduced at Woman's Life Insurance Society Convention.)

Woman's Life has dedicated much of the past four years preparing the Society to take these giant leaps forward in becoming the number one resource for women. In the last year alone, Woman's Life introduced four new life and annuity products: a new universal life plan, a 10-year term plan, a tax-sheltered annuity and a Roth IRA. To support its sales staff, the Society initiated several administrative efficiencies, including a new short form application and streamlined field procedures. Underwriting and new business were merged into one function as well, to improve efficiency in processing new applications and delivering certificates.

In addition to initiatives to attract new business, maintaining current business got top priority. In 1997, a new conservation department was established, dedicated to keeping current members' insurance or annuity certificates in force. In its first year alone, the department decreased the Society's certificate surrender rate by more than 18 percent.

Of all its recent accomplishments, Whipple proudly exclaimed that the Society's name change - from North American Benefit Association to Woman's Life Insurance Society -- may be its most noteworthy. Not only does it more clearly identify the Society's mission, but it provides the Society with a significant marketing advantage. Whipple cited the stunning conclusion of the 1997 Women in Insurance marketing report, sponsored by some of the largest insurance companies in the United States. It states, "The name Woman's Life Insurance Society very evidently conveys a powerful message to women. It is automatically perceived as a company that recognizes women's financial issues."

A.M. Best, a major insurance industry watchdog, independently drew the same conclusion: "Ä the name alone provides the Society with value-added operating synergy and growth opportunities." As justification for again rating Woman's Life in the excellent rating category, Best cited the Society's new life and annuity products, its exceptional financial strength, its high-quality investment portfolio and long-established presence as the "preferred provider of financial security to women."

Society's Financial Health Has Never Been Stronger
National Secretary-Treasurer Diane Lofquist reported that, from 1993 to 1997, a total of $7,667,164 in dividends was credited to members and $13,500,620 was paid to beneficiaries of members as death claims. Assets have grown to a record $142.6 million as of Dec. 31, 1997, and the Society's unassigned funds and special reserves grew significantly during the quadrennial term. Woman's Life now has $128 of assets for every $100 of liabilities, compared to the life insurance industry average of $105 in assets for every $100 of liabilities. In presenting these financials, Lofquist concluded, "This statistical comparison separates the Society from the vast majority of life insurers, and demonstrates the high level of financial security enjoyed by our members."

Quadrennial Elections Affirm Society's Direction
Delegates of the 29th National Convention reelected Janice U. Whipple to her third term as national president and CEO. Diane E. Lofquist, who had been appointed national secretary-treasurer during the last quadrennial term upon the retirement of Joseph Haselmayer, won her first election to office. Patricia Sterbenk, Minnesota, was elected national vice president.

All but one member of the board of trustees will continue to serve the Society for the next four years. Margaret A. Paradise, New York, was chosen to succeed Mildred V. Eccker, Colorado, who retired from office. Other trustees reelected to another term on the board are Donna E. Berryman, Michigan; Patsy R. Belongia, Wisconsin; Mary Ellen Gotchnik, Minnesota; and Jean Ann Pyle, West Virginia.

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