The milestone of $1 billion in assets has been reached by Beneficial Life Insurance Co., an indication of the company's stability in an unstable marketplace, according to Jay B. Horrocks, president.
With that goal behind them, Beneficial management has set new goals for the 1990s aimed at maintaining the company's assets-to-liability position, a further indication of its stability.Horrocks said Beneficial Life is holding $108.66 in reserve for every $100 of liabilities, which industry sources say is better than the average of the 25 largest life insurance companies in the United States.
Recent news reports indicating that American life insurance companies invested heavily in junk bonds resulted in many life insurance companies being looked at carefully. Horrocks sent a letter to all Beneficial Life customers indicating the company hadn't purchased any junk bonds.
Founded in 1905, Beneficial Life ranks among the top 8 percent of American life insurance companies in both assets and insurance in force. The company currently has $8 billion of insurance in force.
Beneficial's subsidiary companies, Continental Western Life, Pacific Heritage Assurance, Utah Home Fire Insurance Co. and Western American Life, have an additional $2 billion of life insurance in force.
The company is a wholly-owned subsidiary of Deseret Management Corp., a holding company owned by the Corporation of the President of The Church of Jesus Christ of Latter-day Saints. It has 22 agencies in the western United States and one agency in the Federal Republic of Germany serving military personnel.