Retirements and new agents helped Modern Woodmen have a good year, last year. This week, the fraternal benefit society based in Rock Island reported its results for 2018, and they include continued growth in life insurance, assets, and net income.
Chief Risk Officer, Mel Rambo, says while the overall market for life insurance was steady, policies in force continued to grow for Modern Woodmen - up 750 million dollars last year, and they now total more than 40 billion dollars.
In part he credits the hiring of younger agents as older ones retired.
"As they work with their circle of friends, we're selling to those younger age individuals and selling more term insurance to them, but getting them started with a life insurance program that they can hopefully then move over and convert into more permanent coverage later on as their financial situation warrants."
A good indicator of its strong position he thinks is the solvency ratio - that for every 100 dollars of liabilities Modern Woodmen has nearly 113 dollars in assets. Compare that to the industry average of 106 dollars.
Rambo says 520 people work in the home office in Rock Island, with about 650 agents spread out across 48 states. Its national membership now totals more than 750,000.
