Thrivent Reports 9.3% Gain In 2014 Net Income
March 4, 2015 by Paul Gores, Milwaukee Journal Sentinel
Net income, assets, revenue, surplus and life insurance in force all grew in 2014 for Thrivent Financial for Lutherans, adding up to what its chief executive called “an outstanding year.”
Thrivent, which is based in Minneapolis but has a large presence in Appleton, is a fraternal organization that sells insurance and other financial products to its members. It has about 2.4 million members.
“We’re very proud that our continued strength and stability allows our members to make such an impact in their local communities,” Brad Hewitt, president and chief executive of Thrivent, said in a statement Tuesday. “Our mission is to help our members be wise with money and live generously and these results are indicative of that success.”
Net income in 2014 was $765 million, up 9.3% from $700 million in 2013. Assets under management or advisement passed $100 billion for the first time, standing at $105.4 billion, up 6.6% from 2013.
Total surplus, which is an insurer’s cushion against unexpected losses and is a key indicator of overall financial strength, reached $7.6 billion. That was up 10.6% from 2013, and now stands at an all-time high for the organization.
Total revenue was $8.9 billion, a 4.9% increase from the previous year.
Life insurance sales grew 1.6% for the year, while annuity sales climbed 8.9%. Thrivent’s life insurance in force tallied a record $182.5 billion, Thrivent said.
Last year, $234 million in direct support was given to churches, schools, charitable organizations and individuals in need by Thrivent, its members, employees and the Thrivent Financial Foundation, Thrivent said.
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