TOPEKA, Kan., Aug. 19, 2013 (GLOBE NEWSWIRE) -- Ingram's, a Kansas City-based business magazine, has announced that Security Benefit Life Insurance Company (SBL) has been named the one of the fastest-growing companies (4th) in greater Kansas City. Security Benefit's ranking was featured in Ingram's July 2013 issue, and was based on revenue increases between 2009 and 2012.
"It's an honor to be recognized by Ingram's for the growth our business has experienced in recent years," said Michael P. Kiley, Chairman of SBL and Chief Executive Officer, Security Benefit Corporation. "Our growth has resulted from a powerful combination of innovative products, exceptional investment management and a highly focused distribution strategy."
Kiley explained that while Security Benefit, an emerging leader in the retirement savings and income market, has been in the insurance business for more than 120 years, its current growth was set in motion in 2010 after the company was acquired by a Guggenheim Partners-led investor group.
"We've renewed our commitment and focus on the U.S. retirement market with a blend of legacy and enhanced capabilities," he said. "A well-earned reputation for product innovation was enhanced by the investment management capabilities of Guggenheim, all coming together on one of the industry's most efficient and sophisticated administrative platforms."
Kiley said the results have been significant.
"Our statutory revenues have grown 465 percent during the last four years, and our sales, as represented by premiums, are up 684 percent since 2009 and projected to hit $6.5 billion by year end," said Kiley. "As a result, our 121-year-old, Midwest insurance company has taken center stage as one of the fastest-growing companies in the U.S. retirement market."
Doug Wolff, President, Security Benefit Life, said Security Benefit has been solely focused on providing retirement solutions for nearly 50 years, and he believes this is an extraordinary time to be in the retirement market.
"Given the market size and the considerable needs of America's pre- and post-retirees, the solutions we offer and their appeal in the marketplace, combined with state-of-the-art administration and considerable financial strength, bode well for our future," said Wolff.
Security Benefit finished 2012 as the overall sales leader in fixed annuities, as well as ending the year as second in the fixed indexed annuity market. The company is also among the top five leaders in the K-12 education market. To learn more about Security Benefit, visit www.securitybenefit.com.
About Security Benefit
Security Benefit is a 121-year-old, Kansas-based insurance company, which in recent years has become one of the fastest growing retirement savings and income companies in the industry. Through a combination of innovative products, exceptional investment management and a unique distribution strategy, we have become a leader in a full range of retirement markets and wealth segments. Security Benefit is indirectly controlled by Guggenheim Partners, LLC. To learn more about Security Benefit, visit www.securitybenefit.com.
In all states except New York, annuities are issued by SBL, a wholly-owned subsidiary of Security Benefit Corporation (Security Benefit). SBL is not authorized in nor does it transact the business of insurance in the state of New York. Security Benefit is indirectly controlled by Guggenheim Partners, LLC.
Sources:
Beacon Research; AnnuitySpecs.com's Indexed Sales and Market Report, 4th Quarter 2012 Report; Security Benefit Statutory Annual Statement 2009 and 2012.