Security Mutual Life Announces Strong 2021 Financial Results

Security Mutual Life reported another strong year highlighted by its decision to pay policy dividends to participating policyholders for the 130th consecutive year.¹ 

The Company’s strong earnings and solid financial position were maintained by its financial strength and stability during the year, supported by a strong risk management framework, the ongoing trust and confidence of its policyholders and commitment of employees–even in the face of COVID-related protocols. 

“2021 was an extraordinary year which continued to be challenged by COVID-19. Throughout the year, we adjusted to many challenges while identifying and embracing new and meaningful actions that enabled the Company to deliver on its promises to our policyholders,” said Bruce W. Boyea, Chairman of the Security Mutual Life Board of Directors. 

“We are proud of what Security Mutual Life accomplished in 2021. The Company distinguished itself and continued on its path of strength, policyholder value and long-term success,” said Kirk R. Gravely, President and Chief Executive Officer of Security Mutual Life Insurance Company of New York. “At the heart of our success is the Company’s people and culture as expressed in our commitment to enhance customer experience, embrace our communities, and to continue doing the right things right.” 

Highlights of the year ending 2021 include: 

• Payouts to Policyholders: Paid $362.6 million to Security Mutual Life’s policyholders and to life insurance and annuity beneficiaries. 
• Policies Issued: Issued more than 38,000 new individual life insurance policies and annuity contracts. 
• Capital: $206.7million in capital, a 4.4 percent increase over 2020. 
• Bond Portfolio: Maintained a high-quality bond portfolio composed of 99.7percent investment-grade bonds. 
• Dividends: 130 consecutive years of paying dividends to participating policyholders.¹ 

Security Mutual Life’s strong performance represents the cumulative effect of many steps taken over time. The Company is well-positioned to move forward and continue to expand its presence in more states. 

For more details regarding the Company’s 2021 performance, please view our 2021 Highlights and our 2022 Letter to Policyholders. 

 ¹The 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.