Letter to Policyholders
April 23, 2026
UNITY | STRENGTH | EXCELLENCE
A Message from the Chair of the Board and the President and Chief Executive Officer
Bruce W. Boyea, Chair of the Board
Kirk R. Gravely, President and Chief Executive Officer
Dear Valued Policyholder:
It continues to be our privilege to provide you with an annual update on the state of Security Mutual Life. As a mutual life insurance company, Security Mutual Life is operated for the benefit of you, our policyholder.1 We truly hope you had an excellent 2025, and as we welcome 2026, we look forward to the opportunities that lie ahead as we continue to serve the needs of our policyholders, distributors, employees, and the local communities in which we operate.
At Security Mutual Life, we are excited to commemorate our 140th anniversary in 2026. As we reach this significant milestone, we pause to reflect on our history, the changes in our nation, and the evolution of our organization during that time. No matter the obstacles faced—past, present, and future—we remain committed to our founding principle of helping protect our policyholders from financial uncertainty during times of prosperity as well as times of hardship.
As we navigate the road ahead, we look forward to continuing our mission with unity, strength, and excellence. Thank you again for choosing Security Mutual Life.
ROOTED IN UNITY: THE COMPANY THAT CARES® ISN’T JUST A TAGLINE
You cannot spell “community” without “unity.” Since 1886, our workforce has been a close-knit community, unified in its pursuit of helping to provide individuals and families with the peace of mind required to face life’s ever-evolving challenges. It is imperative that our workforce operates in alignment with a unified mission, vision, and set of core values, ensuring that every individual contributes to our organizational goals with a shared purpose.
Our corporate culture was founded on, and continues to be shaped by, our commitment to helping the communities in which we live, work, and serve. We believe we can make a lasting impact on people’s lives through our support of meaningful charitable endeavors. Particularly, through the Security Mutual Life Foundation, our nonprofit initiative, Sock Out Cancer®, continues to have a growing impact. Sock Out Cancer raises funds which are provided to hospital foundations who then assist financially distressed cancer patients by paying for non-medical necessities such as food, transportation, and housing, so that patients can focus their energy on fighting cancer. Since its inception in 2017, Sock Out Cancer has now distributed over $2 million to participating hospital foundations and other charitable organizations. We are pleased to announce that in 2025, Sock Out Cancer successfully moved sock production to the United States through a partnership with a nonprofit that employs individuals with varying abilities. The Security Mutual Life Foundation persists in seeking opportunities to expand the mission of Sock Out Cancer throughout the country.
Security Mutual Life proudly continues to be The Company That Cares®!
OUR FINANCIAL STRENGTH AND FOCUS ON LONG-TERM SUSTAINABLE GROWTH
2025 was a year of change, primarily defined by global conflicts, trade tensions, and shifting central bank policies. Change is inevitable, but we remain steadfast in our financial commitment to our policyholders as we adapt to the ever-changing economic and political landscape.
We are proud to announce that the financial strength of our Company was enhanced in 2025 as we reported strong sales, earnings, and capital growth, driven by the issuance of more than 45,000 new individual life insurance policies and annuity contracts.
Security Mutual Life ended 2025 with $208.73 million in capital, and assets over $3.32 billion. Our 2025 net operating gain of $5.53 million was achieved after paying policyholder benefits of $341.25 million, including policyholder dividends2 of $20.40 million. In 2025, we again proudly paid dividends to participating policyholders, as we have done every year since 1893.
Additionally, while claims paid remain elevated since the COVID-19 pandemic, we are starting to see a return to more historically predictable numbers. We closely monitor and traverse current economic conditions, taking proactive steps to address the uncertainties that impact our industry and our policyholders.
Security Mutual Life continues to work with BlackRock Financial Management, Inc.,3 to manage the Company’s fixed income investment portfolio. Security Mutual Life and BlackRock develop and pursue strategies that focus on enhancing income and reducing market sensitivity, while managing portfolio risk to support our products, and create long-term value for our policyholders. Security Mutual Life internally manages its commercial mortgage loan portfolio (see the Total Invested Assets chart) which is secured by high-quality real estate.
EXCELLENCE IS ESSENTIAL
As a policyholder of Security Mutual Life, you have put your trust in our Company. You expect and deserve excellence at every turn. Excellence is a core value of our organization, and is a foundation that supports every interaction, every product, and every security measure we stand behind.
Across our operations, we continually strive for excellence in customer service by providing a personal touch while staying focused on the needs of those we serve. This commitment is reinforced through ongoing enhancements to our service infrastructure, including increased multilingual support, expanded coverage hours, and supportive technology solutions to help ensure a seamless experience for our policyholders.
Equally important is our dedication to excellence in product design and development. We actively evaluate and refine our offerings to help meet the changing needs of our policyholders, maintaining a product portfolio that reflects innovation, trust, and long‑term value while also supporting our distributors. This is paired with a strong and evolving cybersecurity infrastructure; one that prioritizes protecting confidential information through leading technology platforms, continuous IT modernization, and regular employee security training. As cyber threats grow more sophisticated, our robust cybersecurity programs, awareness initiatives, and forward‑looking investment in AI and infrastructure help protect our customers’ information and provide operational resilience.
Our committed workforce plays an essential role in maintaining our core value of excellence. We continue to make strategic investments in people, technologies, and practices that foster collaboration, efficiency, and innovation amongst our employees with the objective of providing a world-class experience for all who put their trust in us.
Conclusion
2025 was another successful year for our Company. We remain committed to serving the best interests of our policyholders through the unity reflected in our culture, our financial strength, and our continual pursuit of excellence.
Thank you again for being a Security Mutual Life policyholder. You are the foundation of our Company, and we look forward to serving you for many years to come!
Bruce W. Boyea
Chair of the Board
Kirk R. Gravely
President and Chief Executive Officer
Security Mutual's 2025 Financial Charts
To view the Company’s privacy notice, please click here.
Download The 2026 Letter To Policyholders.
1The annual election of Directors is held at the Home Office in Binghamton, New York, on the first Tuesday in February. Polls will be open from 10:00 a.m. to 4:00 p.m., and any policyowner whose policy is in force, and has been in force for no less than one year, is entitled and invited to vote at such an election, either in person or by mail. Pursuant to New York Insurance Law Section 4210, groups of policyowners and contract holders have the right to make independent nominations five months prior to the election.
2The payment of dividends is not guaranteed, and the amount credited, if any, may rise and fall depending on experience factors such as investment income, taxes, mortality and expenses.
3BlackRock Financial Management, Inc., manages over $13 trillion in assets as of 12/31/2025. BlackRock is the largest external manager of insurance company general account and separate account assets globally, overseeing more than $720 billion as of 12/31/2025.
4The National Association of Insurance Commissioners (NAIC) employs a bond-rating system ranging from 1 – 6, with NAIC Classification 1 defined as Highest Quality, NAIC Classification 2 defined as High Quality, and NAIC Classification 3 defined as Medium Quality. Classifications 4 – 6 range from Low Quality to In or Near Default.