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Financial Institution Group

Financial Institution Group continued to expand our market leadership in 2012 and achieved record levels of sales, revenue and earnings. Total sales of $743 million were up 13 percent over the previous year and total product revenue reached $457 million, a 16 percent increase over 2011.

Operating earnings* were strong in both our manufacturing and distribution businesses and increased 14 percent to nearly $32 million.

Sales and revenue were bolstered by recent acquisitions, third-party marketing partnerships and new client sales. In 2012, we successfully integrated the Balboa Life companies and American Modern Life companies into our operations ahead of schedule, within budget, and retained premium at levels well above plan.

Allied Solutions, our wholly-owned and independently operated distribution arm, expanded its market presence to 60 percent in the credit union market, 30 percent in the large bank market, and 19 percent in the community bank market. Allied’s stand-alone revenue increased 15 percent over the previous year to a record $121 million.

Partnering with Securian’s Individual Life Product Manufacturing division, we expanded distribution of individual life insurance products in the financial institution market. In addition, for the first time ever, sales of property-casualty products exceeded $100 million, increasing 38 percent over 2011 results. In the credit life and disability market, we remain the third leading writer in the nation as measured by the Consumer Credit Industry Association and are a leading provider in direct response insurance for financial institutions.

Although the regulatory environment became more complex and challenging for financial institutions in 2012, our clients continued to rely on us for support and solutions. As testament to the compliance and service excellence we provide, we retained 99 percent of our financial institution premium and 100 percent of our national bank clients.

Financial Institution Group Bar Graph