Mutual of Omaha Article

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Mutual of Omaha
Mutual company
Industry Finance, Insurance
Founded1909
Headquarters,
Key people
James Blackledge ( Chairman of the Board and CEO)
Products Life Insurance
Medicare Supplement Insurance
Annuities and Retirement Plans
Long-term care Insurance
Health, Accident and Special Coverages
Investment Products
Disability Insurance
Dental Insurance
Voluntary/Worksite Products
Special Markets(2006) [1]
RevenueIncrease US$8.732 billion (2017) [2]
Increase US$863 million (2017) [2]
Total assetsIncrease US$42.429 billion (2017) [2]
Total equityIncrease US$6.684 billion (2017) [2]
Number of employees
5,896 [3] (2017)
Website Mutual of Omaha

Mutual of Omaha is a privately held Fortune 500 mutual insurance and financial services company based in Omaha, Nebraska. [4] Founded in 1909 as Mutual Benefit Health & Accident Association, Mutual of Omaha is a multi-line organization providing insurance, banking, and financial products for individuals, businesses and groups throughout the United States. [5]

The company provides a variety of health insurance options and product services, including Medicare Supplement, life insurance, long-term care coverage and annuities, as well as group coverage including life, disability and 401(k). [6]

Subsidiaries

Mutual of Omaha has multiple subsidiaries including:

United of Omaha Life Insurance Company

Founded in 1926, this company provides life insurance, pension and annuity products for groups and individuals. [7]

United World Life Insurance Company

Through direct marketing and independent agent networks, this company has offered health and accident coverage and specialty life plans since 1983. [7]

Mutual of Omaha Investor Services, Inc.

Mutual funds are offered to individuals through the company’s agents and Retirement Plans brokers. [7]

Omaha Financial Holdings, Inc.

Omaha Financial Holdings, Inc. (OFHI) is a holding company for Mutual of Omaha's banking operation.

East Campus Realty, LLC

East Campus Realty, LLC was established to develop Midtown Crossing at Turner Park, which is directly to the east of Mutual of Omaha's headquarters.

History

Mutual of Omaha was founded in 1909 by a medical student at Omaha's Creighton University and his wife, Dr. C.C. and Mabel Criss. It has grown into a Fortune 500 company offering insurance and financial solutions for individuals, businesses and groups throughout the United States. In 1927, V.J. Skutt joined their team and was named president in 1949. With a license to sell insurance in all 48 states, an abbreviated name and distinctive Native American symbol, the company gained nationwide prominence in the 1950s. In 1963, the company began sponsoring Mutual of Omaha's Wild Kingdom, a wildlife program hosted by Marlin Perkins and Jim Fowler that remained on television for more than 20 years. The company was one of the first companies to provide disability insurance to non-professional workers, and in 1966 was among the first companies to provide supplementary coverage for people enrolled in Medicare.

  • March 5, 1909 – Mutual Benefit Health and Accident Association filed articles of incorporation with the Nebraska Insurance Department. [8]
  • 1920 – Premium income exceeded $1 million for the year.
  • 1924 – Mutual of Omaha ranked 8th in comparison to other insurance companies
  • 1926 – The subsidiary, United Benefit Life Insurance Company, was founded
  • 1941 – The company founded its Group Insurance department
  • 1950 – Mutual Benefit Health & Accident Association changed its name to Mutual of Omaha Insurance Company
  • January 6, 1963 – Mutual of Omaha’s Wild Kingdom premiered on network television. The original show was hosted by hosts Marlin Perkins, Jim Fowler, and Peter Gros, and ran until 1988. [9]
  • 1981 – United Benefit Life Insurance Company became United of Omaha
  • 2001 – The company revitalized its brand and began sponsoring USA Swimming
  • 2002 – A new Wild Kingdom series premiered on Animal Planet
  • 2005 – Daniel P. Neary is named Chairman and Chief Executive Officer
  • 2007 – Omaha Financial Holdings, Inc. was created as the parent company of Mutual of Omaha’s banking initiatives
  • 2009 – Mutual of Omaha celebrates their 100-year anniversary.
  • 2015 – James T. Blackledge is named Chief Executive Officer and elected to the board. [10]
  • 2016 – The Company reaches $3 billion in policyholder surplus
  • 2018 - James T. Blackledge replaces Dan Neary as Chairman of the Board. [11]

As of 2017, Mutual of Omaha holds the 367th rank on Fortune 500's top companies. The current CEO is James T. Blackledge. The company and its affiliates have more than 5,000 employees plus a network of sales advisors. The Home Office remains in Omaha, NE, with satellite or sales offices in most states. The Company holds an A+ rating from A.M. Best and AA- rating from Standard & Poor's.

Company Governance

Chief Executive Officer

1964–1983 V.J. Skutt
1984–1996 Thomas Skutt
1998–2004 John Weekly
2005–2015 Dan Neary
2015–Present James Blackledge

Chairman of the Board

1949–1953 Dr. C.C. Criss
1953–1985 V.J. Skutt
1986–1996 Thomas Skutt
1998–2004 John Weekly
2005–2018 Dan Neary
2018–Present James Blackledge

Recognition

  • 2016 - Mutual of Omaha received an A+ rating from A.M. Best Company, Inc. for overall financial strength and ability to meet policy holder-related obligations. [12]
  • 2017 - Mutual of Omaha was ranked 5th of 18 large life insurance companies by NerdWallet. [13]

External Sponsorships

Wild Kingdom - In 1963, Mutual of Omaha introduced the wildlife television program, Mutual of Omaha's Wild Kingdom. The original show ran from 1963 to 1988, and was revitalized in 2002 with a new series on Animal Planet. The program currently is shown via webisodes starring with the program's first female host, wildlife expert Stephanie Arne.

Golf - Mutual of Omaha sponsors 7 PGA Tour golfers and 2 LPGA Tour golfers, including Russell Knox, Henrik Stenson, Padraig Harrington, Paula Creamer, Jessica Korda, Bud Cauley, Brandon Hagy, Robby Shelton and David Leadbetter. [14]

See also

References

  1. ^ Mutual of Omaha Annual Report 2007 - Moving Toward a New Tomorrow
  2. ^ a b c d "Mutual of Omaha Reports 2017 Financial Results". Retrieved 14 March 2018.
  3. ^ "Mutual of Omaha Insurance". Fortune. Retrieved 2018-12-07.
  4. ^ "Mutual of Omaha Insurance". Fortune. Retrieved 2018-12-07.
  5. ^ "Good Financial Cents. Mutual of Omaha Mutual Life Insurance Company Review". Good Financial Cents. 2017. Retrieved March 16, 2017.
  6. ^ "Bloomberg. Company Overview of Mutual of Omaha Insurance Company". Bloomberg. 2016. Retrieved March 16, 2017.
  7. ^ a b c Affiliate Companies - Mutual of Omaha
  8. ^ V. J. Skutt, Mutual of Omaha, "the good neighbor." (Newcomen Society in North America, 1961) p11
  9. ^ "Mutual of Omaha's Wild Kingdom. The Adventure That Started It All". A.M. Best. 2017. Retrieved March 16, 2017.
  10. ^ Mutual of Omaha (2017). "Leadership - Mutual of Omaha". mutualofomaha.com. Retrieved 2018-01-10.
  11. ^ Mutual of Omaha (2018-01-10). "Mutual of Omaha". mutualofomaha.com. Retrieved 2018-01-10.
  12. ^ "A.M. Best. A.M. Best Affirms Credit Ratings of Mutual of Omaha Insurance Company and Its Subsidiaries". A.M. Best. December 14, 2016. Retrieved March 16, 2017.
  13. ^ "Nerd Wallet. Mutual of Omaha Life Insurance Review 2017". Nerd Wallet. 2017. Retrieved March 16, 2017.
  14. ^ Mutual of Omaha - Golf Sponsorships

External links