In its 2018 year-end results, Modern Woodmen of America reported increased assets and continued growth in life insurance.
The Rock Island-based fraternal benefit society reported assets increased 1.9 percent over the previous year, totaling $16.48 billion.
"We’re proud of our financial stability, going strong 136 years — and counting," said W. Kenny Massey, president and CEO, in the report. "Every decision we make is designed to help our members today and in the future."
Last year, total life insurance, annuity and other certificate reserves — which are funds held to guarantee future benefits to members — increased 1.4 percent to $12.7 billion. Total surplus and special reserved reached $1.88 billion in 2018.
Modern Woodmen also reported the total amount of life insurance owned by members grew by $750 million in 2018, reaching $40.75 billion.
"Financial planning begins with protection," Massey said in the report. "With life insurance coverage, we can protect our loved ones from financial hardship at a difficult time."
Other highlights from the year:
• Net gain after dividends increased to $41.7 million, and total net income increased to $109.9 million.
• Through fraternal member benefits and programs, Modern Woodmen and its members contributed $19.9 million to families and communities nationwide.
• Total life insurance and annuity premium income in 2018 was $961 million.
• Payments and benefits to members last year totaled $1.07 billion, including death benefits, annuity payments and surrender benefits.
Modern Woodmen officials said net gain from operations after dividends was $41.7 million, and the total net income was $109.9 million.
"Our members should never doubt Modern Woodmen’s financial strength," Massey said. "We operate our organization carefully with members in mind."
On the fraternal side, Modern Woodmen said national membership totals more than 750,00 members. Last year, Modern Woodmen contributed $19.9 million to support family-oriented member benefits and programs, including disaster relief assistance, college scholarships and volunteer service events.
Fraternal highlights from 2018:
• Members partnering with community groups raised a total of $52.8 million for local causes through Modern Woodmen’s Matching Fund Program.
• Members recorded more than 470,000 hours of volunteer service in their local communities.
• More than 500,000 children participated in Modern Woodmen’s free youth educational programs.