TOPEKA, Kansas – Feb. 22, 2017 – Security Benefit, a leader in the U.S. retirement savings market, today celebrates its 125th anniversary, joining the esteemed ranks of firms in business spanning three different centuries. The company formally acknowledged this momentous occasion at a press conference held at the home office in Topeka, Kansas, attended by Governor Sam Brownback, Kansas Insurance Commissioner Ken Selzer and other congressional, legislative, city and state leaders. Security Benefit celebrates this historic milestone while averaging nearly $5 billion in sales annually for the last six years and reaching nearly $35 billion in assets under management. The 125-year old Kansas-based company is one of the fastest growing U.S. retirement companies and continues its mission helping millions of everyday working Americans down the path to and through retirement.
“Our 125-year milestone is a testament to our longevity, our ability to innovate and the timelessness of our core values,” said Michael Kiley, Security Benefit’s Chief Executive Officer. Security Benefit has leveraged nearly five decades of retirement market experience, with multiple innovative products and a highly focused distribution strategy. Notably Kiley said, “We’ve moved the company from a specialty market focus to a company addressing the full range of retirement markets and wealth segments. At the same time, we’ve never lost sight of the company’s established tradition of community involvement and philanthropy.”
Founded in 1892 in Topeka, Kansas, Security Benefit began with just 11 men who each contributed $1 to form The Knights and Ladies of Security. The forward-thinking fraternal society was among the first to provide life insurance to everyday people, including women—a very progressive idea at that time—and focus on caring for the community. Over the next several decades, the company expanded benefits to all members, including a hospital, a home for the elderly and an orphanage. By 1950, the fraternal society evolved into Security Benefit Life Insurance Company (SBL), a mutual reserve life insurance company. In the 1960s, the company was an early entrant into the U.S. retirement market, focused on programs for educators and public employees, and issued one of the industry’s first variable annuity products.
Since 2010, led by Security Benefit’s current management team, the company has repositioned itself, staying true to its key competencies: product innovation, investment expertise, a unique distribution strategy and innovative business processing through its subsidiary, SE2. Noting the unprecedented efforts of Security Benefit’s talented team of associates, CEO Michael Kiley commented, “I’m especially proud of the last six years. Together, we’ve grown assets under management to all-time highs and nearly tripled the size of the company.” During that same time, the company’s workforce has more than doubled, and today Security Benefit and its subsidiaries employ over 1,300 associates, with nearly 1,100 of them working from locations in Kansas.
As Security Benefit celebrates its 125th anniversary, Kiley said, “I’ve never been more excited about our opportunities to focus on helping the next generation of everyday Americans overcome financial challenges and continue down the path to and through retirement.”
About Security Benefit
Security Benefit Life Insurance Company (“Security Benefit”), a Kansas-based insurance company celebrating 125 years in business, is a leader in the U.S. retirement market. Founded in 1892 by 11 men with just $11, the company pioneered life insurance for women and everyday people, and quickly established a tradition of community involvement that continues today. As of 2016 year end, the company together with its affiliates had nearly $35 billion in assets under management, offering products in a full range of retirement markets and wealth segments for employers and individuals. Security Benefit is one of the fastest growing U.S. retirement companies and continues its mission of helping everyday Americans to and through retirement. To learn more about Security Benefit, visit www.securitybenefit.com.
Elizabeth Germack, Communications Strategy Group
Zoe Gruber, Security Benefit