Nearly 140 years ago, Modern Woodmen of America was founded to help members clear financial burdens for their loved ones.
As the nation – and the world – grappled with the unpredictable and trying times over the past two years, the Rock Island fraternal agency remained focused on supporting its members, their families and communities, the organization said.
“These unprecedented times have helped us gain knowledge and fresh perspectives for new ways to serve our members in the years ahead,” W. Kenny Massey, Modern Woodmen’s president and CEO, said in a news release announcing Modern Woodmen’s 2021 financial and fraternal results.
Some of its 2021 highlights include:
- Life insurance in force grew to $42.8 billion continuing the organization’s growth trend – and reiterating the value of protection in challenging times.
- Total surplus increased to $2.4 billion, and premium income grew to $963 million. Modern Woodmen’s solvency ratio continues to exceed the industry average, supporting the organization’s commitment to members.
- Modern Woodmen provided $16.6 million in fraternal support for members and their communities. These expenditures funded Modern Woodmen programs such as college scholarships, disaster relief assistance and a national campaign of community service projects.
- Life insurance in force, which is the total amount of life insurance owned by members to protect their families financially after a death, increased to $42.78 billion in 2021. Payments and benefits to members totaled $1.15 billion for the year including death benefits, annuity payments and surrender benefits. “There’s a lot we can’t predict in life,” Mr. Massey said. “However, for many of our members, life insurance helps make that uncertainty more manageable for their loved ones.”
- Modern Woodmen’s year-end assets totaled $17.5 billion for 2021. The total life insurance and annuity premium income it received rose to $963 million. Total surplus continued to grow and reached $2.4 billion by year’s end. These funds ensure Modern Woodmen’s ability to meet unforeseen events and provide funds for future growth opportunities.
- The solvency ratio increased to 115.91%. That means for every $100 of liabilities, Modern Woodmen has $115.91 in assets to back up its promises to members.
Modern Woodmen has more than 729,000 members across the nation. In 2021, Modern Woodmen contributed $16.6 million to support community-oriented benefits and programs, including disaster relief assistance, college scholarships and volunteer activities coordinated by adult chapters and youth service clubs nationwide.
In January 2021, the fraternal organization launched its national 2021derful campaign, a coordinated membership project to spread positivity in communities nationwide. Through the project, members recognized health care providers, school employees and other essential workers; stocked local food pantries; performed acts of kindness for first responders and military members; and raised funds for community causes.
“Fraternalism enriches lives and strengthens communities,” Mr. Massey added. “Our members, fraternal leaders, representatives and staff have caring, giving hearts, and our combined impact in 2021 showcases that.”
Some fraternal highlights from last year are:
- Make An Impact Scholarships, which provide scholarships for 198 young members each year, totaled $450,000 to students.
- The Fraternal Aid Fund, which pays premiums for members experiencing medical or natural disasters, provided nearly $70,000 in relief.
- More than 230,000 volunteer hours were recorded by members and guests at Modern Woodmen events.
- Members supported more than 3,100 fundraisers through the organization’s Matching Fund Program, which contributed millions of dollars to community groups nationwide.