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Modern Woodmen of America reports a strong 2007

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By Doug Schorpp | Monday, March 10, 2008 |

Modern Woodmen of America assets reached $8.3 billion in 2007, a 4.9 percent increase over the previous year, according to a year-end financial report released Tuesday by the Rock Island-based fraternal financial services organization.

“After 125 years, Modern Woodmen is still strong,” said W. Kenny Massey, president and CEO of the fraternal financial services organization. “The 2007 results show that Modern Woodmen continues to protect members and provide for their financial futures.”

Assets are primarily invested in high-quality, low-risk corporate and government bonds. Strong investment income contributed to growth in assets, company officials said in a news release.

Premium income from life insurance and annuity products totaled $590.6 million. Net investment income on Modern Woodmen’s assets increased

3.3 percent to $435 million. Life insurance in force, the total amount of life insurance owned by members to protect their families in case of premature death, increased 2.7 percent to $33.1 billion.

Total life insurance and annuity certificate reserves, which are funds held to

guarantee future benefits to members, increased 3.6 percent to $6.6 billion.

Net gain from operations after dividends increased to $66.5 million. Net gain from operations adds to surplus, enhancing Modern Woodmen’s strength and stability.

Total surplus and special reserves increased 10.1 percent over 2006, reaching $1.2 billion. Surplus and special reserves ensure Modern Woodmen’s ability to meet unforeseen contingencies, continue the organization’s fraternal programs and provide funds for future growth.

A.M. Best, an independent insurance industry rating agency, recently affirmed Modern Woodmen’s financial stability, security and management performance Superior or A+, which is the second highest of 15 ratings.

Modern Woodmen has a nationwide membership of more than 761,000. Fraternal expenditures supporting Modern Woodmen’s family-oriented member benefits and programs totaled $21.65 million, including general expenses and taxes. These benefits and programs include disaster relief assistance, college scholarships, a tree-planting program, social and volunteer service programs by adult and youth member chapters nationwide, and educational programs for schools and youth groups.

Doug Schorpp can be contacted at (563) 383-2292 or dschorpp@qctimes.com.