NU Online News Service, Jan. 3, 1:10 p.m. – The Aid Association for Lutherans, Appleton, Wis,. and Lutheran Brotherhood, Minneapolis, have merged into what the groups say is the country’s largest fraternal benefit society.
The new organization will use the name Aid Association for Lutherans/Lutheran Brotherhood for the time being but is expected to adopt a new name later this year.
AAL/LB will locate its corporate center in Minneapolis, but other operations will remain in Appleton.
Leadership of the new organization will include managers from both of the merging companies.
John Gilbert, former chairman of AAL, is now chairman of AAL/LB.
Bruce Nicholson, former president and chief executive of LB, holds the same title in the merged organization.
The new organization claims a combined total of 3 million members and manages more than $55 billion in assets. The company has $145 billion in life insurance in force.