National Life Group

Last updated

National Life Group
Industry Insurance: life and annuity
FoundedNovember 13, 1848;176 years ago (1848-11-13)
Headquarters
Montpelier, Vermont
,
United States
Key people
Mehran Assadi (Chairman, CEO, and President) [1]
$217 million (2023)
Total assets $45.5 billion (2023)
Number of employees
2,600 (2024)
Website nationallife.com

National Life Group is an American life-insurance company based in Montpelier, Vermont. It is the trade name of National Life Insurance Company and its affiliates that offers life insurance and annuity products for individuals, families, and businesses. National Life Insurance Company was chartered in 1848 by the Vermont General Assembly.

Contents

History

National Life Insurance Company was chartered by the Vermont Legislature on November 13, 1848. [2] [3] [4] It has been insuring people for 175 years and was one of the first mutual life insurance companies in the U.S. [5] The company wrote its first policy on the life of Daniel Baldwin, a resident of Montpelier, on January 17, 1850. It also paid its first death claim only a few months after its founding at the death of Rowland Allen, who had bought two policies for face amounts of $500 each. [6] Rowland died while traveling to California in 1850. Other past insurance customers have included passengers on the Titanic, as well as victims of the 1918 influenza epidemic. [5]

The company became a member of the Vermont Chamber of Commerce in 1957. [7] National Life offers a range of financial services, including life insurance, and annuities. [8] [5] The Group's customer base was more than 1,100,000 in 2021, life insurance in force totaled $252 billion.

The company is based in Montpelier, Vermont, with additional offices in Addison, Texas. [9] [10] [1] Several member companies make up National Life Group, including National Life Insurance Company, Life Insurance Company of the Southwest, [11] and Equity Services, Inc., a broker-dealer and registered investment adviser. [12] In 2017, National Life sold Sentinel mutual funds to Touchstone Investments. [13] [14]

In 2018, The CEO Forum recognized National Life Group as one of “America’s Magnificent Eight Exceptional Companies.” [3] In 2019, the company expanded its strategic partnership with NTT DATA to accelerate digital transformation. [15] In 2019, It also expanded its partnership with Cognizant, an IT consulting corporation. [16]

From 2008 to 2019, the company saw a 252% growth in life insurance sales. [3] The national average was only about 6%. [3]

In March 2020, the company's CEO, Mehran Assadi, was awarded the Transformative CEO Award for Customer Experience in the insurance category by The CEO Forum. [17] [18] In 2021, the company was ranked #1 in indexed life sales. [19] Nimesh Mehta was named ORBIE CIO of the year. [20] In 2022, National Life Group was named to the Inc. Best in Business list in the insurance category and under the Area of Impact: Black Entrepreneurship. [21] [22] National Life created BUILD (Blacks Uplifted in Leadership) to address the shortage of people of color in leadership positions. [22]

During the coronavirus pandemic, the company made the decision to cover at-home antigen tests before a federal ruling required it of all self-insured and private health insurance companies. [23]

Authors Jackie and Kevin Freiberg, who wrote NUTS! Southwest Airlines’ Crazy Recipe for Business and Personal Success, feature National Life Group in their book CAUSE!. [24] [25] [26]

Corporate Responsibility

Founded in 2006, the National Life Group Foundation, the company's charitable foundation, sponsors various charitable events and programs focused on ending childhood hunger and supporting youth mental health. [27] The Foundation helps sponsor the LifeChanger of the Year Award. [28] In 2019 The Foundation funded the report, “Evidence-Based Strategies to End Childhood Food Insecurity and Hunger in Vermont”. [29] [30] [31] In 2023, the budget for the Foundation was $2.3 million. [32]

Related Research Articles

<span class="mw-page-title-main">Montpelier, Vermont</span> Capital city of Vermont, United States

Montpelier is the state capital of the U.S. state of Vermont and the county seat of Washington County. The site of Vermont's state government, it is the least populous state capital in the United States. As of the 2020 census, the population was 8,074, with a daytime population growth of about 21,000 due to the large number of jobs within city limits. The Vermont College of Fine Arts is located in the municipality. It was named after Montpellier, a city in the south of France.

CNO Financial Group, Inc. is an American financial services holding company based in Carmel, Indiana. Its insurance subsidiaries provide life insurance, annuity and supplemental health insurance products to more than four million customers in the United States. These products are distributed through independent agents, career agents and direct to customers through television advertising and direct mail.

Cognizant Technology Solutions Corporation is an American multinational information technology services and consulting company. It is headquartered in Teaneck, New Jersey, U.S. Cognizant is part of the NASDAQ-100 and trades under CTSH. It was founded in Chennai, India, as an in-house technology unit of Dun & Bradstreet in 1994, and started serving external clients in 1996. After a series of corporate reorganizations, there was an initial public offering in 1998. Ravi Kumar S has been the CEO of the company since January 2023, replacing Brian Humphries.

<span class="mw-page-title-main">MetLife</span> American insurance company

MetLife, Inc. is the holding corporation for the Metropolitan Life Insurance Company (MLIC), better known as MetLife, and its affiliates. MetLife is among the largest global providers of insurance, annuities, and employee benefit programs, with around 90 million customers in over 60 countries. The firm was founded on March 24, 1868. MetLife ranked No. 43 in the 2018 Fortune 500 list of the largest United States corporations by total revenue.

<span class="mw-page-title-main">Zurich Insurance Group</span> Swiss insurance company

Zurich Insurance Group Ltd. is a Swiss insurance company, headquartered in Zürich, and the country's largest insurer. As of 2021, the group is the world's 112th largest public company according to Forbes' Global 2000s list, and in 2011, it ranked 94th in Interbrand's top 100 brands.

<span class="mw-page-title-main">Nationwide Mutual Insurance Company</span> Group of large insurance and financial services companies in the United States

Nationwide Mutual Insurance Company and affiliated companies, commonly shortened to Nationwide, is a group of large U.S. insurance and financial services companies based in Columbus, Ohio. The company also operates regional headquarters in Scottsdale, Arizona and Des Moines, Iowa. Nationwide currently has approximately 25,000 employees, and is ranked No. 75 in the 2024 Fortune 500 list.

<span class="mw-page-title-main">Prudential Financial</span> American life insurance company

Prudential Financial, Inc. is an American Fortune Global 500 and Fortune 500 company whose subsidiaries provide insurance, retirement planning, investment management, and other products and services to both retail and institutional customers throughout the United States and in over 40 other countries. In 2019, Prudential was the largest insurance provider in the United States with $815.1 billion in total assets.

<span class="mw-page-title-main">Truist Financial</span> Banking company in the U.S.

Truist Financial Corporation is an American bank holding company headquartered in Charlotte, North Carolina. The company was formed in December 2019 as the result of the merger of BB&T and SunTrust Banks. Its bank operates 2,781 branches in 15 states and Washington, D.C., offering consumer and commercial banking, securities brokerage, asset management, mortgage, and insurance products and services. It is on the list of largest banks in the United States by assets; as of August 2023, it is the ninth-largest bank, with $514 billion in assets.

<span class="mw-page-title-main">Genworth Financial</span> American insurance company

Genworth Financial, headquartered in Richmond, Virginia, provides life insurance, long-term care insurance, mortgage insurance, and annuities.

<span class="mw-page-title-main">Unum</span> American insurance company

Unum Group is an American insurance company headquartered in Chattanooga, Tennessee. Founded as Union Mutual in 1848 and known as UnumProvident from 1999-2007. The company is part of the Fortune 500. Unum Group was created by the 1999 merger of Unum Corporation and The Provident Companies and comprises four distinct businesses – Unum US, Unum UK, Unum Poland and Colonial Life. Its underwriting insurers include The Paul Revere Life Insurance Company and Provident Life and Accident Insurance Company.

UnitedHealth Group Incorporated is an American multinational for-profit company specializing in health insurance and health care services based in Minnetonka, Minnesota. Selling insurance products under UnitedHealthcare, and health care services under the Optum brand, it is the world's ninth-largest company by revenue and the largest health care company by revenue.

<span class="mw-page-title-main">Pacific Life</span> American insurance company

Pacific Life Insurance Company is an American insurance company.

<span class="mw-page-title-main">NFU Mutual</span> British mutual insurance company

NFU Mutual is a UK insurance composite. As a mutual, its policyholder members own the business, and the executives and directors are accountable to them. The full name of the organisation is National Farmers' Union Mutual Insurance Society Limited.

Ameritas Life Insurance Corp. is a mutual insurance company. It is owned by Ameritas Mutual Holding Company, headquartered in Lincoln, Nebraska, United States. The company includes Ameritas Mutual Holding Company (AMHC) and Ameritas Holding Company (AHC), as well as Ameritas Life Insurance Corp. of New York.

First Command Financial Planning, Inc. is a broker-dealer registered with the U.S. Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA), all 50 states, and the District of Columbia. It is a member of the Securities Investor Protection Corporation (SIPC).

<span class="mw-page-title-main">Mutual of America</span> Fortune 1000 mutual company

Mutual of America Life Insurance Company is an American provider of retirement services and investments to employers, employees and individuals. Founded in 1945, the company provides products and services to help its customers build and preserve assets.

TruStage Financial Group, Inc., formerly known as CUNA Mutual Group, is a mutual insurance company that provides financial services to cooperatives, credit unions, their members, and other customers worldwide. TruStage Financial Group sells commercial and consumer insurance and protection products. TruStage Financial Group provides retirement plan services to small businesses and credit union employees. The Madison, Wisconsin-based company also provides auto, home, life and loan protection products to credit union members through its TruStage brand.

<span class="mw-page-title-main">Bupa</span> British health insurance and healthcare services company

British United Provident Association Limited, trading as Bupa, is a British multinational health insurance and healthcare company with over 43 million customers worldwide.

<span class="mw-page-title-main">Elevance Health</span> American healthcare company

Elevance Health, Inc. is an American for-profit health insurance provider. Prior to June 2022, Elevance Health was named Anthem, Inc. The company's services include medical, pharmaceutical, dental, behavioral health, long-term care, and disability plans through affiliated companies such as Anthem Blue Cross and Blue Shield, Anthem Blue Cross in California, Wellpoint, and Carelon. It is the largest for-profit managed health care company in the Blue Cross Blue Shield Association. As of 2022, the company had 46.8 million members within its affiliated companies' health plans.

George H. Amidon was a Vermont businessman and state official. He was most notable for his service as state commissioner of taxes from 1945 to 1949 and Vermont State Treasurer from 1949 to 1965.

References

  1. 1 2 Brown, Steve (9 April 2019). "Insurer is doubling its Addison office on the tollway". The Dallas Morning News . Retrieved 19 December 2019.
  2. ↑ Efron, Louis. "How The CEO Of National Life Group Drives Continuous Improvement" . Forbes . Archived from the original on 1 February 2017. Retrieved 19 December 2019.
  3. 1 2 3 4 Chen, Peng (30 June 2019). "National Life sales outpace national trends". VTDigger . Retrieved 19 December 2019.
  4. ↑ Biennial Report of the Insurance Commissioners of the State of Vermont (Report). Vermont Insurance Commissioner. 1898.
  5. 1 2 3 Zorbas, Holly (18 February 2020). "How This Life Insurance Company Inspires Young Adults". CreditDonkey. Retrieved 3 June 2020.
  6. ↑ "Photo Release -- Since 1848, Company's Insurance Policies Linked to Nation's History". GlobeNewswire (Press release). 13 November 2013. Retrieved 21 February 2023.
  7. ↑ "National Life Group". Vermont Chamber of Commerce. Retrieved 20 February 2020.
  8. ↑ Zind, Steve (9 March 2016). "National Life Group Reports 2015 Earnings". Vermont Public . Retrieved 19 December 2019.
  9. ↑ Rose, Jeff (6 September 2017). "National Life Group Life Insurance Review". Good Financial Cents. Retrieved 19 December 2019.
  10. ↑ "How National Life manages organic growth from the inside out". CIO Foundry . 20 August 2018. Retrieved 19 December 2019.
  11. ↑ "National Life Group Introduces Lifetime Income Option on Indexed Universal Life (IUL) Products". InsuranceNewsNet (Press release). 5 January 2011.
  12. ↑ "Equity Services, Inc. SEC financial statements" (PDF). SEC. 27 February 2017.
  13. ↑ "National Life sells Sentinel mutual fund business to Touchstone". PR Newswire (Press release). 30 October 2017. Retrieved 19 December 2019.
  14. ↑ "Sentinel Mutual Funds Acquired by Touchstone Investments". Western & Southern Financial Group (Press release). 30 October 2017. Retrieved 19 December 2019.
  15. ↑ "National Life Group extends strategic partnership with NTT Data". National Life Group (Press release). 4 September 2019. Archived from the original on 7 August 2020. Retrieved 4 September 2019.
  16. ↑ "National Life Transforms Customer Experience Program with Cognizant". Cognizant Technology Solutions (Press release). 16 April 2019. Retrieved 5 April 2020.
  17. ↑ Reiss, Robert (6 April 2020). "Transformative CEO Awards For Customer Experience Announced" . Forbes . Archived from the original on 9 April 2020. Retrieved 28 April 2020.
  18. ↑ "Mehran Assadi: Chairman, CEO & President, National Life Group" (PDF) (Interview). The CEO Forum Group. March 2020. Archived from the original (PDF) on 28 December 2021. Retrieved 28 April 2020.
  19. ↑ "Wink, Inc. Releases Fourth Quarter, 2021 Life Sales Results". Wink, Inc. (Press release). 8 March 2022. Retrieved 21 April 2023.
  20. ↑ "Nimesh Mehta: 2021 Dallas ORBIE Awards | National Life Group - Large Enterprise Winner". ORBIE Awards. Retrieved 21 April 2023.
  21. ↑ "Company Profile: National Life Group". Inc.com . 2022. Retrieved 27 April 2023.
  22. 1 2 "National Life Group named to Inc.'s 2022 Best in Business List". National Life Group (Press release). 6 December 2022. Retrieved 2 May 2023.
  23. ↑ Lyons, Jack (17 January 2022). "Under new federal rule, UVM insurance now covers Covid antigen tests". VTDigger . Retrieved 29 March 2023.
  24. ↑ Mautz, Scott (13 June 2017). "This CEO Is Stunning a Sleepy Industry With Culture Change--and Surprising Results". Inc.
  25. ↑ Rupe, Susan (August 2016). "Finding Inspiration In The Wake Of Life'S Storms". InsuranceNewsNet Magazine. Vol. 9, no. 8. pp. 24–30. Retrieved 6 February 2020– via Issuu.
  26. ↑ "Cause-driven companies perform better, stand out in sea of sameness". Multivu (Press release). 16 February 2016. Archived from the original on 17 February 2016.
  27. ↑ "LEADERS Interview with Beth Rusnock, President, National Life Group Foundation". Leaders Magazine (Interview). Vol. 41, no. 2. p. 68. Retrieved 8 March 2023.
  28. ↑ "Indiana School Resource Officer Wins National LifeChanger of the Year Spotlight Award". Cision (Press release). 11 December 2019.
  29. ↑ "New report presents strategies to end childhood hunger in Vermont". National Life Group (Press release). 6 March 2019. Retrieved 25 February 2020.
  30. ↑ DuBois, Nicole; Arena, Olivia (6 March 2019). "What Vermont taught us about fighting food insecurity". Urban Institute.
  31. ↑ Popkin, Susan J.; Gilbert, Brandi; Harrison, Eona; Arena, Olivia; DuBois, Nicole; Waxman, Elaine (26 February 2019). "Evidence-Based Strategies to End Childhood Food Insecurity and Hunger in Vermont". Urban Institute.
  32. ↑ "National Life Group Foundation board approves increase to $2.3 million". National Life Group (Press release). 15 November 2022. Retrieved 8 March 2023.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.