The year 2013 was a strong one financially and fraternally for Modern Woodmen of America, according to recently released results for the year ending Dec. 31, 2013.
Locally, Modern Woodmen representative Lee Bowman has an office at 205 W. Malone, Sikeston.
Highlights of 2013 include: life insurance in force grew by more than $1 billion for the third straight year, assets surpassed the $13 billion mark, and A.M. Best reaffirmed Modern Woodmen's financial stability, security and management performance as A+ (Superior).
"After 131 years, Modern Woodmen is still secure and strong," said Bowman. "The 2013 financial results show that the organization is growing in many areas, which will benefit Modern Woodmen members in Missouri."
Continued growth in life insurance in force
Life insurance in force, the total amount of life insurance owned by members to protect their families in case of premature death, increased to $36 billion. This is the third year in a row in which life insurance in force has increased by more than $1 billion.
"We believe life insurance is the key to protecting members' financial futures," said
Bowman. "Modern Woodmen's Planning for Life system gives us the tools to help members plan for all stages of life and evaluate their financial needs."
Assets exceed $13 billion
Modern Woodmen's assets increased 8.2 percent over 2012, reaching nearly $13.4 billion. Assets are primarily invested in high-quality, low-risk corporate and government bonds.
"Modern Woodmen has always been conservative in its investment practices," said Bowman. "Our objective is to protect the promises made to our members."
Independent insurance rating agency reaffirms A+ rating
A.M. Best Company, an independent insurance industry rating agency, recently affirmed Modern Woodmen of America's financial strength rating. A.M. Best rates Modern Woodmen's financial stability, security and management performance as A+ (Superior), the second highest of 15 ratings.
Fraternal programs continue to support communities nationwide
Modern Woodmen has a nationwide membership of more than 770,000. Fraternal expenditures supporting Modern Woodmen's family-oriented member benefits and programs grew to $20.04 million. These benefits and programs include disaster relief assistance, college scholarships, social and volunteer service programs by adult chapters and youth service clubs nationwide and educational programs for schools and youth groups.
Modern Woodmen of America is a member-owned fraternal financial services organization. Since 1883, the organization has brought people together, supported families and strengthened communities nationwide. Modern Woodmen -- touching lives, securing futures.