On January 1, 1950, SBA changed from a fraternal society to Security Benefit Life Insurance Company (SBL), a mutual reserve life insurance company. The reorganization meant new challenges for the company, which now counted 136,000 members. One challenge was the enormous paperwork. In time, the operating procedures were simplified and the company was able to focus on growth.
The field force, organized twenty years earlier, blossomed during the 1950's as independent agents. Well trained, well supervised, and well supported by the Home Office, they used movies for sales purposes with agents working their own projectors. As American society grew larger and more spread out, the movies took on greater value. SBL was one of the first insurance companies in the country to use this medium for company promotions, and the results were excellent.
The sixties were a phenomenal decade of growth for Security Benefit Life. The company tripled its size, doubled its number of employees, expanded its operations to 20 new states, and offered more and varied services. Growing substantially faster than the life insurance industry as a whole, SBL moved into a select circle - the top six percent of life insurance companies in the nation. In 1964, SBL had reached one billion dollars of life insurance in force. Then in 1968 and early 1969, Security Benefit developed one of the first variable annuity products offered by a life insurance company.
In 1982, a holding company was formed - Security Benefit Group. While other companies suffered through poor real estate investments, sour mortgage loans and unstable junk bonds, SBG approached the decade conservatively and ended the eighties with record-setting revenues of over $500 million.
In 2005, Security Benefit launched se2, an innovative business processing and administration company. In 2008, Security Benefit completed an acquisition of Rydex Investments, nearly doubling the size of our firm.
In July 2010, Security Benefit was purchased by an investor groupand is now privately owned. As part of the transaction, our owners infused a significant amount of capital into SBL, thus committing themselves to Security Benefit's financial strength and enhancing our positive outlook for the future.
This rich history has shaped Security Benefit into the stable company it is today. Our forward-thinking approach has helped us transition throughout the years and become industry leaders while creating innovative products to meet the changing needs of our clients. We're here to provide solutions that help lead you to and through retirement.