03/25/2024 | Press release | Distributed by Public on 03/25/2024 13:08
Modern Woodmen of America reports strong results for year-end 2023, including increased life insurance in force, growth of surplus and premium income, and continued community impact.
The fraternal financial services organization has been committed to helping its members protect their futures for 141 years.
In 2023 the organization launched their first major brand campaign. New advertising features characters from 1883 and celebrates the pioneer spirit of their members. It honors the organization's history and the common bonds that connect its members -- financial security, quality family life and community impact.
"Our members, field representatives, fraternal leaders and employees have different needs, skills and talents. But we all connect through the common values held since this organization was founded back in 1883," said President and CEO Jerry Lyphout.
"Our common bonds are the common goals we seek for ourselves, for those we love, and for the places we call home. We've had an exciting year of new opportunities. And I'm excited to see what our organization can accomplish in the years to come."
Highlights
Life insurance in force provides protection for members
Life insurance in force, the total amount of life insurance owned by members to protect their families financially after a death, increased to $44.33 billion in 2023. Payments and benefits to members totaled $1.65 billion for the year. This includes death benefits, annuity payments and surrender benefits.
Strong asset base backs promises made to members
Modern Woodmen's assets, which are invested primarily in high-quality, low-risk corporate and government bonds, totaled $17.73 billion at year-end. The total life insurance and annuity premium income received by Modern Woodmen rose to $1.2 billion.
Total surplus continues to grow each year, reaching $2.45 billion at year-end 2023. These funds ensure Modern Woodmen's ability to meet unforeseen events and provide funds for future growth opportunities.
Modern Woodmen's solvency ratio reached 116.04%. That means for every $100 of liabilities, Modern Woodmen has $116 in assets that back Modern Woodmen's promises to members.
Fraternal programs support members and communities nationwide
More than 700,000 people throughout the United States are Modern Woodmen members. In 2023, the organization contributed $18.2 million to support member- and community-oriented programs across the nation. Examples from 2023:
About Modern Woodmen
Modern Woodmen was founded in 1883 as a fraternal benefit society. The organization supports members, families and communities with a unique blend of financial services, fraternal programs and local-impact opportunities.