Modern Woodmen announces 2016 results
March 23, 2017 by Times Staff
Rock Island-based Modern Woodmen of America has announced the organization’s financial and fraternal results for 2016.
The fraternal financial services organization reported that life insurance in force grew by approximately $800 million — the sixth straight year it has grown by at least $800 million. Assets reached $15.4 billion and Modern Woodmen contributed $21.7 million to communities nationwide through its fraternal member benefits and programs last year.
“Financially and fraternally, our mission is to improve quality of life for our members,” W. Kenny Massey, president and CEO, said in a news release.
As part of its year-end report, Modern Woodmen said life insurance in force — the total amount of life insurance owned by members — increased to $38.9 billion. Annuity assets under management equaled $8.9 billion.
Total life insurance, annuity and other certificate reserves — the funds held to guarantee future benefits to members — increased 4.1 percent to nearly $12 billion.
The year also saw strong operational results with total life insurance and annuity premium income of $1.04 billion. The organization posted a net gain from operations after dividends of $5.3 million with a total net income of $28.2 million. Total surplus and special reserves were more than $1.6 billion in 2016.
Payments and benefits to members totaled $871 million including death benefits, annuity payments and surrender benefits.
Modern Woodmen’s national membership totals nearly 764,000 members.
The $21.7 million it contributed through fraternal programs supported family-oriented member benefits and programs nationwide such as disaster relief assistance, college scholarships, and social and volunteer service programs.
Some of its 2016 fraternal highlights included:
- Modern Woodmen members were part of 2,466 adult chapters, 283 Summit chapters (age 55 or older) and 782 youth service clubs. Nearly 1 million people attended its chapter, social, educational and volunteer events.
- Members helped raise $32.2 million for community causes, which was supported by the organization’s Matching Fund Program.
- Through its 2016 Be an Everyday Hero project, chapters and clubs across the country held 273 service projects and fundraising events honoring more than 3,2000 first responders.
- Youth service club members recorded more than 105,000 hours of volunteer service; chapter and Summit chapter members performed more than 456,000 hours of service.
- 1.3 million children participated in free youth educational programs.
Modern Woodmen, headquartered in downtown Rock Island, employs 536 people.
Modern Woodmen’s solvency ratio was 111.86 percent, which means that for every $100 of liabilities (promises made to members), Modern Woodmen has $111.86 of assets. The industry’s average solvency rate is 105.95 as calculated by Standard Analytical Service, Inc.
