Modern Woodmen reported strong results in 2023. And on the heels of launching its first pioneering major brand campaign, the fraternal financial services organization says it also is looking forward to a positive 2024.
Among the positive results the 141-year-old Modern Woodmen of America reported in its 2023 year-end report included increased life insurance in force, growth of surplus and premium income, and continued community impact, the organization said in a news release.
Last fall, it also unveiled a quirky campaign that is getting the Rock Island-based Modern Woodmen noticed around the country. It features new advertising characters from 1883 and celebrates the pioneer spirit of Modern Woodmen members. It also honors the organization’s history and the common bonds that connect its members. That includes financial security, quality family life and community impact, the release said.
The past year also saw significant contributions to local communities, including the Quad Cities, thanks to contributions from members that are matched by Modern Woodmen.
Year of opportunities
“Our members, field representatives, fraternal leaders and employees have different needs, skills and talents. But we all connect through the common values held since this organization was founded back in 1883,” President and CEO Jerry Lyphout said in the release.
“Our common bonds are the common goals we seek for ourselves, for those we love, and for the places we call home. We’ve had an exciting year of new opportunities. And I’m excited to see what our organization can accomplish in the years to come.”
Mr. Lyphout, who began his career with Modern Woodmen in 1983, took the helm as its 12th president and CEO on Jan. 1, 2023, replacing his successor W. Kenny Massey, who retired after four decades of service.
Modern Woodmen was founded in 1883 as a fraternal benefit society. The organization supports members, families and communities with a unique blend of financial services, fraternal programs and local-impact opportunities.
Some 2023 highlights
Highlights of the Modern Woodmen’s year-end report, detailed in the news release, include the following:
- Life insurance in force: The total amount of life insurance owned by members to protect their families financially after a death increased to $44.33 billion in 2023.
- Payments and benefits to members totaled $1.65 billion for the year. That includes death benefits, annuity payments and surrender benefits.
- Total surplus increased to $2.45 billion, and premium income grew to $1.2 billion. The organization’s solvency ratio continues to exceed the industry average, supporting the organization’s commitment to members, Modern Woodmen said.
- Fraternal support for members and their communities reached $18.2 million. These expenditures fund the organization’s programs such as college scholarships, matching funds for member-chosen causes in their communities and a national campaign supporting children’s literacy.
- Strong asset base backs promises made to members. Modern Woodmen’s assets, which are invested primarily in high-quality, low-risk corporate and government bonds, totaled $17.73 billion at year-end. The total life insurance and annuity premium income received by the organization rose to $1.2 billion.
- Total surplus continues to grow each year, reaching $2.45 billion at year-end 2023. These funds ensure Modern Woodmen’s ability to meet unforeseen events and provide funds for future growth opportunities.
- The solvency ratio for the organization is 116.04%. That means for every $100 of liabilities, Modern Woodmen has $116 in assets that back its promises to members.
Helping members give
More than 700,000 people throughout the United States are Modern Woodmen members and its fraternal programs support members and communities nationwide, the release added. In 2023, for example, the organizations contributed $18.2 million to support member and community-oriented programs across the nation.
Examples of its community support in 2023 outlined in the release include:
- Raising Readers initiative continued to support children’s literacy throughout the country. Members helped nearly 20,000 kids find joy in reading. They read to and with kids, passed free books out to the community, fulfilled needs for local classrooms and libraries, and worked one-on-one with kids to help them write their own stories.
- Modern Woodmen’s Fraternal Aid Fund covered nearly $55,000 in premiums for members experiencing financial distress due to medical or natural disasters.
- The Birthday Book Club gave more than 18,000 children a free book for their birthdays.
- Make An Impact Scholarships, which provide funds for 198 young members each year, awarded $450,000 to students in 2023.
- More than 250,000 volunteer hours were recorded last year by members and their guests who took part in Modern Woodmen service projects.
- More than 3,500 fundraisers were supported by members through Modern Woodmen’s Matching Fund Program. The organization’s matching contributions in 2023 totaled $5.4 million.
