WoodmenLife Releases 2019 Annual Report
WoodmenLife, recently published its 2019 Annual Report. As a fraternal benefit society, the 501(c)8 not-for-profit organization gives back what would be profits to its members through annual refunds and local community support.
The report, entitled “America the Beautiful” provides a snapshot of activities and programs taking place in 2019 that helped support the organization’s shared commitment to family, community and country. It also highlights the organization’s most popular extras that members have access to right now.
2019 financial performance included total income of $1.2 billion and a net gain before member refunds, according to the recently released annual report. WoodmenLife continues to remain strong financially with $116 of assets for every $100 of liabilities.
Investment income exceeded $408 million, and life insurance in force stands at $38.5 billion. WoodmenLife’s premium income in 2019 surpassed $772 million. The organization provided $963 million in benefit payments to members and their beneficiaries and returned $35 million in member refunds.
President and CEO Patrick L. Dees said the continued financial growth has allowed the organization to introduce new offerings in 2019 that give even more to members of the WoodmenLife family.
“The introduction of My Choice IUL® in 2019 was a groundbreaking option to help our members protect their families and prepare for promising financial futures,” said Dees. “Our members not only receive financial security through life insurance and other financial products,
but also have access to extras they can use now, like the WoodmenLife Focus Forward Scholarship® program, family activities and our Giving Together program that provides funds for Sales Representatives and members to beautify their towns.”
WoodmenLife was founded in 1890 as a not-for-profit. The organization gives back to its members across the country, who join together in a shared commitment to family, community and country. With a legacy of financial stability, WoodmenLife offers quality life insurance and retirement products. A person becomes a member when they purchase a WoodmenLife product. Members may have access to many extras they can use now. To learn more about the organization, visit newsroom.WoodmenLife.org.
Woodmen of the World Life Insurance Society Home Office: Omaha, NE