Growing
Forward
2023 ANNUAL REPORT
For more than 130 years, Assurity has brought insurance protection to people when they need it most. Through steadfast commitment to our roots as a mutual organization, constant focus on our core strengths and offerings, and strategic expansion into new areas, we continued to grow and fulfill our mission in new ways in 2023.
A message from Susie Keisler-Munro
That spirit of mutuality also extends to our community, where our roots run deep and wide. Assurity and our associates shine brightly on a range of fronts, from cleaning up trails, to being a pacesetter organization for United Way giving, to sponsoring a group of young men from a local community center on a horizon-expanding trip.
This past year also brought continued strengthening of Assurity’s core fundamentals – our financial stability, our associate base, and our service offerings. Financial strength has always been a hallmark of Assurity. That position was reinforced again in 2023 with a 6.3% increase in capital year-over-year and a new record-high ratio of capital-to-assets of 19.3%. But it is, of course, our associates who are at the heart of all we accomplish....
Assurity’s associate base remains stable, talented, and engaged. With low turnover, a work culture recognized as one of Lincoln’s top three Best Places to Work, and a steadfast commitment to exceptional service, our team is powerful. Our constant charge to modernize core processes and systems for our agents, customers, and associates continued in 2023. Foundational work was completed to set the stage for a new agent portal, improved claims intake and processing for our customers, and a new unified communications system planned for 2024.
Finally, 2023 was a year in which we continued to widen our reach, with year-over-year sales growth in new annualized premiums in each major channel. We are heartened to see our focus on improved accessibility resulting in more lives being protected, as evidenced by continued increases in policies and certificates inforce and earned premiums again in 2023. The worksite channel continued its impressive growth trajectory, posting double-digit percentage increases, not only in sales but also in the number of agents writing new business and the number of employers in which new business was placed.
Assurity is proud to serve in an industry focused on helping people through difficult times, protecting lives and lifestyles, and building stronger communities. In 2023, our commitment to those objectives grew ever deeper, stronger, and wider.
With Warm Regards,
Susan Keisler-Munro, FSA, MAAA
Chair, President and Chief Executive Officer
Read more
2023 Financial Summary
$2.5 Billion
Total Assets
$22.2 Million
Net Income
$482.8 Million
Total Surplus & AVR (19.3% of assets)
$292.2 Million
Direct Premiums and Deposits
$208.9 Million
Benefits and Dividends Paid to Customers
709%
Risk-Based Capital (RBC) Ratio
Delivering on our mission
There’s a story behind every claim we pay, and the true impact of our work is found in the lives we touch. See how insurance protection helped real customers in 2023.
"The disability policy I took years ago from Assurity was a very good decision for me and a blessing. The policy saved my life and let me pay my bills and support my family. Assurity was a life saver."
James
Assurity Customer
Beyond insurance
Making a difference at home
The Clyde Malone Community Center is one of Assurity’s closest neighbors. In their own words —
Impact at a glance
Honored with the Community Impact Award
by Lincoln’s Best Places to Work for exceptional commitment to community service and philanthropy
Donated $216,670 to United Way
from the company and associates, and served as a pacesetter organization
Awarded Employer of the Year
by the University of Nebraska-Lincoln’s College of Business for commitment to student career development
Designated as a Certified Nebraska Pollinator Habitat
highlighting intentional stewardship of our green spaces
Sponsored the Hub & Soul Concert Series
at Antelope Park in our backyard, benefitting the Great Plains Trail Network
Volunteered 150 hours of associates' time cleaning and maintaining trails
through the Adopt-a-Trail program
Core strength
We ended 2023 with surplus and AVR reaching new heights, totaling $482.8 million and 19.3% of assets. These indicators highlight our unwavering commitment to financial stability and responsible governance, ensuring we’ll be there when our customers need us.
Exceptional performance starts with exceptional associates – and we’re proud of the talented individuals who make Assurity great. This year, we ranked Top 3 in Lincoln’s Best Places to Work for fostering an active, engaged and collaborative workplace.
Our dedicated associates maintain a clear focus on our mission, driving our digital transformation to increase responsiveness and agility while still providing personal, human service to our customers and distribution.
Single-digit turnover means we have more experienced, knowledgeable associates who can create great customer experiences like this:
"I’m so appreciative for Assurity. Morgan walked me through everything and was so patient and kind. I’ve worked with other companies to try and get assistance but they have minimal staff and aren’t always the friendliest. Thank you for going above and beyond!"
Ingrid
Assurity Customer
"I can’t tell you how much this process helped me in the hardest period of my life. The warm and truly personal service you offer the loved ones of those who pass in their greatest time of need has been a game changer for how I view Assurity. Assurity is great."
Autumn
Assurity Beneficiary
Expanding our reach
4.4% policy and certificate count growth from 2019-2023
significantly outpacing the industry
21% compound annual growth rate in worksite product sales
from 2019-2023
New records in Worksite Sales
Worksite Sales had another extraordinary year of sales growth, working with distributors and employer groups to bring insurance protection to their employees. Strong, collaborative relationships with distributors are key to our mutual growth now and in the future. We’re proud to work with some of the best in the business.
"I want to express our deepest gratitude for our incredible partnership with Assurity. As our flagship worksite carrier, Assurity has truly stood out by actively listening to us. It's rare to find a company where every department takes the time to truly hear our needs.
We deeply appreciate having a carrier that genuinely cares, shows diligence, and shares a true desire to grow alongside us. For almost all of our clients, Assurity has been there, and their commitment to partnership aligns perfectly with the emphasis on "Partners" in our agency name. We couldn't envision a better collaboration."
Britton L. Johnson, AAMS, AWMA, CLF
Founding Partner, Voluntary Insurance Partners
Individual Sales achieves steady growth
"I am very grateful for my 43-year association with Assurity Life. I have grown both personally and professionally as a result of Assurity's guidance and support over the years.
Assurity has always provided competitive products and superior customer service, but I am most grateful for the genuine caring and concern I have received from everyone at Assurity's home office."
Rick Miller, ChFC
T-M Financial
Board and Senior Leadership
Board of Directors
Susan L. Keisler-Munro, FSA, MAAA
Chair, President, CEO
Assurity Life Insurance Company
Lincoln, Nebraska
Ryan D. Downs
President
Unison
Springfield, Nebraska
Kathleen A. Farrell, PhD
Dean
College Of Business, University Of
Nebraska-Lincoln
Lincoln, Nebraska
David S. Graff
CEO
Hudl
Lincoln, Nebraska
Caren L. Hamilton
Auto Dealership Executive
Bellevue And Kearney, Nebraska
Marc E. LeBaron
Chairman & CEO
Lincoln Industries
Lincoln, Nebraska
Angela L. Muhleisen
Recently Retired CEO
Union Bank & Trust Company
Lincoln, Nebraska
Corinna S. Vokoun
Vice President
Sampson Construction Co., Inc.
Lincoln, Nebraska
Management Team
Senior Leadership
Susan L. Keisler-Munro, FSA, MAAA
Chair, President, CEO
Todd W. Reimers, CLU, LLIF
Senior Vice President
Chief Distribution Officer
Susan M. Becker, PHR, SHRM-CP, FLMI
Vice President
Human Resources
Tara D. Benson, FSA, MAAA
Vice President
Operations
Kevin G. Faltin, CPA
Vice President
Chief Financial Officer & Treasurer
Jill D. Fiddler
Vice President
General Counsel & Secretary
David D. Lockwood, CFA
Vice President
Chief Investment Officer
Eric L. Otterstein
Vice President
Chief Information Officer
Scott A. Zagurski
Vice President
Marketing & Digital Experience
Sales Vice Presidents
UnYoung Botelho
John R. “Jack” Douglas
Nathan L. Driskill
Senior Directors
Douglas I. Blum
Kevin W. Hammond
Steven H. Hill
Sophia M. Norman
Nicholas A. Stremlau
Victor D. Weber
Brett D. West
Directors
Steven J. Coleman
Eunice J. Cramer
Amanda L. Crume
Jason L. Damme
Amanda A. Dutton
Heith L. Fulmer
Michael J. Harshman
Timothy S. Janousek
Mitch K. Lee
Mary L. Lenners
Jenny L. Oelke
Susan M. Otterstein
Bruce K. Scheiber
Apandeep Singh
Bridget E. Tupa
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