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Strong for members, their families and their communities

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March 26, 2018
Throughout Modern Woodmen of America’s 135 years in business, members have always come first. The fraternal financial services organization recently shared its 2017 financial and fraternal numbers, which showcase that dedication to protecting futures and serving communities.
 
Some highlights from 2017:
 
  • Life insurance in force grew by $1.1 billion. This marks the seventh straight year of life insurance growth for the organization.
  • Assets reached $16.2 billion, an increase of 5 percent over the previous year.
  • Through fraternal member benefits and programs, Modern Woodmen and its members contributed $20.6 million to families and communities nationwide.
 
“Our financial products help members reach their goals and protect their futures, and our fraternal programs help support members and strengthen their hometowns,” said W. Kenny Massey, president and CEO. “That local focus is at the heart of who we are.”
 
In-force life insurance increases
 
Life insurance in force, the total amount of life insurance owned by members to protect their families in case of premature death, increased to $40 billion in 2017.
 
“Life insurance needs change over time,” said Massey. “Our representatives work closely with members to help them protect their families now and customize their plan as life changes.”
 
As a fraternal benefit society, Modern Woodmen was founded in 1883 on the belief that families should be protected from potential financial burdens. Protection through life insurance is the foundation of financial planning.
 
Assets grow to $16.2 billion
 
Modern Woodmen’s assets increased 5 percent over the previous year, reaching $16.2 billion. The organization’s assets are primarily invested in high-quality, low-risk corporate and government bonds.
 
Annuity assets under management equaled $9.1 billion. Total life insurance, annuity and other certificate reserves, which are funds held to guarantee future benefits to members, increased 2.1 percent to $12.6 billion.
 
Operational results strong
 
Total life insurance and annuity premium income in 2017 was approximately $1 billion.
 
Payments and benefits to members in 2017 totaled $1.03 billion. This includes death benefits, annuity payments and surrender benefits. An additional $7.4 million in dividend payments was refunded to life insurance and annuity certificates.
 
Net gain from operations after dividends was $23.5 million, and the total net income was $88.9 million.
 
Total surplus and special reserves reached $1.82 billion in 2017. Surplus and special reserves provide additional safety for members and ensure Modern Woodmen’s ability to meet unforeseen events and provide funds for future growth opportunities.
 
Modern Woodmen has a solvency ratio of 112.69 percent. This means that for every $100 of liabilities (promises made to members), Modern Woodmen has $112.69 of assets to back up those promises. In comparison, the industry average is 106.19 percent, as calculated from the 25 leading life insurance companies by assets. (Standard Analytical Service, Inc., 2017)
 
“We stand strong for our members and their families,” said Massey. “Through careful planning now, we’re making sure we’re there for them when they need it.”
 
Fraternal programs support communities nationwide
           
Modern Woodmen’s national membership totals nearly 760,000 members. In 2017, Modern Woodmen contributed $20.6 million to support family-oriented member benefits and programs, including disaster relief assistance, college scholarships, and social and volunteer service events coordinated by adult chapters and youth service clubs nationwide.
 
Some fraternal highlights from 2017:
 
  • Modern Woodmen members were part of 2,528 adult chapters, 287 Summit chapters (for members age 55 and over) and 831 youth service clubs. Approximately 801,400 people attended social, educational and volunteer events coordinated by these groups throughout the year.
  • Members helped raise a total of $43.7 million for community causes supported through Modern Woodmen’s Matching Fund Program.
  • Through Modern Woodmen’s Fraternal Aid Fund, the organization paid $114,515 to cover the cost of premiums for members affected by natural disasters, including Hurricanes Harvey and Irma. Members also supported disaster relief efforts through fundraising events and service projects.
  • Youth service club members recorded more than 122,000 hours of volunteer service, and chapter and Summit chapter members recorded nearly 412,000 hours of service.
  • Nearly 800,000 children participated in Modern Woodmen’s free youth educational programs. 
 
About Modern Woodmen
 
Modern Woodmen serves members for life. The tax-exempt fraternal benefit society offers life insurance, annuity and investment* products to improve the quality of life of its members, their families and their communities. In turn, members make an impact through social, educational and volunteer activities.
 
*Securities offered through MWA Financial Services Inc., a wholly owned subsidiary of Modern Woodmen of America.

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