Illinois Mutual, Peoria, Ill., has announced its record-breaking 2006 year-end financial results in its recently released 2006 Annual Report. The report details the financial achievements of the Company last year, and also focuses on the strong relationships the Company has with its agents and policyowners and the forward-thinking products it offers.
Through a conservative, yet progressive, financial investment approach, Illinois Mutual now boasts a surplus-to-asset ratio of 14.5%, which is much stronger than the 11.09% average of the Townsend top 100 life insurance companies. Additionally, the Company’s assets grew to $1.234 billion, up more than 45% from five years ago, and gross investment income reached $84.8 million, a 34% increase from five years ago, which indicates Illinois Mutual’s continued success in managing assets in a soft interest rate environment. At year-end 2006, the insurance in force at Illinois Mutual was backed by aggregate reserves in the amount of $1.014 billion, a 43.9% increase from five years ago. “After a very successful financial year in 2005, we challenged ourselves to seek even higher achievement and exceeded all goals that were set for 2006. Still, even though our figures are impressive and meaningful, we are most proud of the way in which they were achieved,” said Michel A. McCord, President and Chairman. “A year like this is the result of good people working together, and we take a lot of pride in our relationships with our agents and policyholders and our sincere dedication to customer service.”
Product Specific Highlights include the following:
2006 Disability Insurance (DI) Highlights:
- Held DI Awareness Month for the second time in May and posed the question, “What if your last payday was your last payday?”
- Became one of the first companies to provide coverage for stay-at-home spouses.
- Offered several additional benefit options for farmers, government employees and small business owners.
- Improved two special risk products, designed for those with health concerns that make it difficult to find quality coverage.
2006 Life Insurance Highlights:
- Posted record life sales for the fourth consecutive year, growing the life insurance inforce to $6 billion.
- Introduced a new Term Life portfolio with progressive features and enhanced classifications that provides lower rates and liberalized underwriting to qualified individuals.
- Added three new riders on the Participating Whole Life product which allow affordable protection for the whole family on a single plan.
- Helped agents promote the life insurance industry’s Life Insurance Awareness Month by challenging consumers to answer the question, “If you die, will your dreams die with you?”
2006 Annuity Highlights:
- Experienced a banner year for annuity sales and offered some of the highest interest rates in the industry.
The 2006 Annual Report focuses on the Company’s ability to demonstrate how it works hard for hard-working Americans. Illinois Mutual defines who they are, what they do and what they want to be by looking at the needs of the people they serve. The contents of the report pay special tribute to the journey of three policyowners during times of injury and recovery, the death of a husband and father and success with retirement. To view a PDF of Illinois Mutual’s 2006 Annual Report, visit www.IllinoisMutual.com, and click on “About Us,” then “Annual Report.”