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Security Mutual Insurance Company
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Security Mutual
is a solid financial and insurance resource backed by a combination of innovative products and
service beyond expectations.
See
their abbreviated brochure
See
their complete brochure
Our Standout
Performance
Over the years,
Security Mutual has weathered
depressions, wars and recessions to emerge as one of the leading
mutual life insurance companies in the United States. Currently, the
Company markets its products in all 50 states, the District of
Columbia, the U.S. Virgin Islands and Puerto Rico.
Security
Mutual Life Insurance Company of New York was founded in 1886 by a
group of businessmen who set out to provide customers with sound and
affordable life insurance coverage. Security Mutual sold its first
policy on January 3, 1887.
From $15,000 in assets its first
year in existence, Security Mutual has grown to more than $1.7
billion in assets with more than $30.5 billion of life insurance in
force. The Company's strong performance represents the cumulative
effect of many steps taken over time. We have also made substantial
progress to effectively position the Company to prosper and grow
throughout the new Century.
As a mutual company, Security
Mutual is owned by and operated for the benefit of its policy owners
across the United States. A New York-domiciled company, Security
Mutual operates under the regulation of the New York State Insurance
Department, among the strongest and most respected insurance
departments in the country.
Today, Security Mutual's mission
is based on the same values upon which the Company was founded-to
provide sound, equitable and competitive financial protection
against financial hazards resulting from premature death or
disability.
Financial Strength Ratings
Security Mutual maintains
a high-quality asset portfolio of bonds and mortgages. Bonds
constitute over 81 percent of total invested assets, and 98.7
percent of the bond portfolio is rated as investment grade.
Security Mutual’s assets continue to grow, increasing to almost $1.9
billion as of December 31, 2004, a 5.6 percent increase over the
past year.
Security Mutual’s capital remains strong at over
$99.1 million.
Security Mutual’s individual life insurance in
force continues to grow, increasing to $24.2 billion as of December
31, 2004, a 6.7 percent increase over the past year.
Security Mutual Life Insurance Company of New York
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Address1 |
PO Box 1625 |
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Address2 |
- |
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City |
Binghamton |
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State |
NY |
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Zip |
13902-1625 |
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Phone Number |
607/723-3551 |
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Fax Number |
607/772-2114 |
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WebPage |
www.smlny.com
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Asset Quality
Security Mutual maintains a conservative investment philosophy. The
investments of the Company consist predominantly of high-quality,
fixed-maturity, investment-grade securities.
The mortgage
portfolio of $114 million represents 6.28% of the Company’s total
invested assets, and as of December 31, 2004, none of the mortgages
were overdue, in default or in foreclosure.
BlackRock
Financial Management, Inc., provides fixed income and portfolio
management services. The investment operations are monitored and
approved by the Company’s Board of Directors.
Policy Owner Value
With the priority emphasis on financial strength and asset quality,
we continue to focus on long-term policyowner value in our overall
strategic planning and corporate operations.
2004 Bond Portfolio Quality
Total Bonds as of 12/31/04 $1,413,141
Grade 1; Highest 70.0%
Grade 2; High 28.7%
Grade 3; Medium 0.7%
Grade 4,5,6; Low
0.6%
Recent History
January 1, 2000
Thanks in large part to the Year 2000 compliance efforts Security
Mutual began in 1996, Security Mutual's systems and technology
infrastructure successfully made the transition into the 21st
Century.
January 2002
Security Mutual and Ohio National Financial Services, Inc., complete
the acquisition of First ING Life Insurance Company of New York. The
company is renamed National Security Life and Annuity Company
(NSLAC) and is headquartered in Binghamton, New York. The new
company markets individual variable life insurance and individual
fixed and variable annuity products.
October 2002
Security Mutual realigned several of its business lines to create a
new division: the Benefits Division. Formed by consolidating the
Company’s Group, Traditional Worksite and Credit Union
organizations, the Benefits Division provides targeted products and
services—both group/employer-paid products and
voluntary/employee-paid products—to the benefits management market.
December 31, 2002
$28.1 billion of life insurance in force; $1.6 billion in assets;
$24.7 million in dividend payments.
January
2003
The variable products available through Security Mutual’s
subsidiary, National Security Life and Annuity Company, are
unveiled—Security Advantage VUL and NScore Variable Annuities
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