In reporting strong results for 2022, Modern Woodmen of America announced that it saw growth in net income, increased life insurance coverage in force for members, and strides in fraternal program participation and community impact over the year.
The fraternal financial services organization, headquartered in downtown Rock Island, marked 140 years in business on Jan. 5, and said in its financial report that it remains committed to helping its members protect their futures.
“The facts and figures from the year reflect the efforts of our members, field representatives, fraternal leaders and employees,” President and CEO Jerry Lyphout said in the news release. “We work together to help protect financial futures. And we come together to direct fraternal funds and programs that improve members’ lives and the communities they call home.”
Among the year-end financial highlights are:
- Life insurance in force grew to $43.58 billion. Continued life insurance growth shows the value of protection in challenging times, Modern Woodmen said.
- Total surplus increased to $2.42 billion, and premium income grew to $1.1 billion.
Modern Woodmen’s solvency ratio continues to exceed the industry average, supporting the organization’s commitment to members.
- Modern Woodmen provided $17.8 million in fraternal support for members and their communities in 2022 including through programs such as college scholarships, matching funds for member-chosen causes in their communities, and a national campaign supporting mental health.
- Life insurance in force, the total amount of life insurance owned by members to protect their families financially after a death, increased to $43.58 billion in 2022. Payments and benefits to members totaled $1.29 billion for the year including death benefits, annuity payments and surrender benefits.
In the release, Modern Woodmen said its strong asset base backs up promises to members. Its year-end assets, which are invested primarily in high-quality, low-risk corporate and government bonds, totaled $17.14 billion at year-end.
The total life insurance and annuity premium income received by Modern Woodmen rose to $1.1 billion.
Total surplus continued to grow, reaching $2.42 billion at the end of the year. These funds ensure Modern Woodmen’s ability to meet unforeseen events and provide funds for future growth opportunities.
The organization’s solvency ratio increased to 116.41%, meaning for every $1 of liabilities, Modern Woodmen has $1.16 in assets that back up Modern Woodmen’s promises to Members.
The organization employs 523 people at its home office and has nearly 1,000 full- and part-time field representatives across the country.
More than 700,000 people throughout the United States are Modern Wooden members. In 2022, the organization contributed $17.8 million to support member- and community-oriented programs across the nation.
Examples of its fraternal work in 2022 include:
- Member chapters and youth service clubs nationwide held service, educational and fundraising activities to raise awareness of mental health in their communities.
- Modern Woodmen National Convention attendees broke the Guinness World Record for longest chain of carabiners (hiking clips) by linking clips together in a 3,188-foot continuous chain at the convention in Aurora, Colorado. The fundraising activity raised $22,535 to support NAMI Colorado, the state organization for the National Alliance on Mental Illness.
- Make An Impact Scholarships, which provide funds for 198 young members each year, awarded $450,000 to students.
- Nearly 280,000 volunteer hours were recorded by members and their guests who took part in Modern Woodmen service projects.
- Members supported nearly 3,300 fundraisers through Modern Woodmen’s Matching Fund Program, contributing millions of dollars to community groups across the country.
Modern Woodmen’s matching contributions totaled $5.2 million.
In addition, two new member programs were launched in 2022. Modern Woodmen Travels is a program in which members can attend special trips to exciting destinations, hosted and planned by Modern Woodmen. Through Subscription Box, members can now sign up to receive a surprise box, delivered twice a year, that contains items and ideas that encourage them to engage with others, discover something new and/or help their communities.
