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Mutual of Omaha

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Mutual of Omaha
Company typeMutual company
IndustryFinance, Insurance
Founded1909
Headquarters,
Key people
James Blackledge, CEO
Daniel P. Neary, Chairman
ProductsLife Insurance
Medicare Supplement Insurance
Annuities and Retirement Plans
Long-term care Insurance
Health, Accident and Special Coverages
Investment Products
Disability Insurance
Dental Insurance
Voluntary/Worksite Products
Special Markets(2006)[1]
RevenueIncrease $7.2 billion USD (2015) [2]
Increase $333 million USD (2015) [2]
Total assetsIncrease $35.6 billion USD (2015) [2]
Number of employees
4,700 (February 2016)
WebsiteMutual of Omaha

Mutual of Omaha is a privately held Fortune 500 mutual insurance and financial services company based in Omaha, Nebraska. Originally founded in 1909 as Mutual Benefit Health & Accident Association, Mutual of Omaha is a full-service, multi-line organization providing insurance, banking, and financial products for individuals, businesses and groups throughout the United States.[3]

The company provides a variety of health insurance options and product services, some of which include accident insurance, critical illness care coverage, dental insurance, and disability insurance.[4]

Subsidiaries

Mutual of Omaha has multiple subsidiaries including:

United of Omaha Life Insurance Company

Founded in 1926, this company provides life insurance, pension and annuity products for groups and individuals.[5]

United World Life Insurance Company

Through direct marketing and independent agent networks, this company has offered health and accident coverage and specialty life plans since 1983.[5]

Mutual of Omaha Investor Services, Inc.

Mutual funds are offered to individuals through the company’s agents and Retirement Plans brokers.[5]

Omaha Financial Holdings, Inc.

Omaha Financial Holdings, Inc. (OFHI) is a holding company for Mutual of Omaha's banking operation.

East Campus Realty, LLC

East Campus Realty, LLC was established to develop Midtown Crossing at Turner Park, which is directly to the east of Mutual of Omaha's headquarters.

History

With Origins in Omaha, Nebraska, Harry S. Weller served as the company's first president from 1909-1932. Under his leadership, the company was granted license to provide insurance to 15 states in the United States of America.[6] Before 1904 came to an end, Mutual of Omaha actively sold insurance policies in 48 states and two territories.[7]

  • March 5, 1909 – Mutual Benefit Health and Accident Association filed articles of incorporation with the Nebraska Insurance Department. [8]
  • 1920 - Premium income exceeded $1 million for the year.
  • 1924 – Mutual of Omaha ranked 8th in comparison to other insurance companies
  • 1926 – The subsidiary, United Benefit Life Insurance Company, was founded
  • 1941 – The company founded its Group Insurance department
  • 1950 – Mutual Benefit Health & Accident Association changed its name to Mutual of Omaha Insurance Company
  • January 6, 1963 – Mutual of Omaha’s Wild Kingdom premiered on network television. The original show was hosted by hosts Marlin Perkins, Jim Fowler, and Peter Gros, and ran until 1988.[9]
  • 1981 – United Benefit Life Insurance Company became United of Omaha
  • 2001 – The company revitalized its brand and began sponsoring USA Swimming
  • 2002 – A new Wild Kingdom series premiered on Animal Planet
  • 2007 – Omaha Financial Holdings, Inc. was created as the parent company of Mutual of Omaha’s banking initiatives
  • 2009 - Mutual of Omaha celebrates their 100 year anniversary.

As of 2017, Mutual of Omaha holds the 367th rank on Fortune 500's top companies. Current CEO James T. Blackledge oversees the company, it's entirety, and 5,488 employees.[10]

Company Governance

Chief Executive Officer

1964–1983 V.J. Skutt
1984–1996 Thomas Skutt
1998–2005 John Weekly
2005–2015 Dan Neary
2015–Present James Blackledge

Chairman of the Board

1949–1953 Dr. C.C. Criss
1953–1985 V.J. Skutt
1986–1996 Thomas Skutt
1998–2005 John Weekly
2005–Present Dan Neary

Recognition

  • 2016 - Mutual of Omaha received an A+ rating from A.M. Best Company, Inc. for overall financial strength and ability to meet policy holder-related obligations.[11]
  • 2017 - Mutual of Omaha was ranked 5th of 18 large life insurance companies by NerdWallet.[12]

External Sponsorships

Wild Kingdom - In 1963, Mutual of Omaha introduced the wildlife television program, Mutual of Omaha's Wild Kingdom. The original show ran from 1963 to 1988, and was revitalized in 2002 with a new series on Animal Planet.

USA Swimming - Mutual of Omaha is the official sponsor of USA Swimming.[13] Mutual of Omaha BREAKOUT! Swim Clinics tour the USA as one-day event and include guest presenters, such as Olympian Josh Davis. [14]

Golf - Mutual of Omaha sponsors 11 PGA Tour golfers, including Jason Bohn, Bud Cauley, Roberto Castro, Fred Funk, Russell Knox, Ryan Moore, Ian Poulter, Henrik Stenson, Carl Pettersson and Kevin Streelman.[15]

Auto Racing - Mutual of Omaha is an associate sponsor of Andretti Autosport and driver Marco Andretti on the IndyCar circuit. [16]

See also

References

  1. ^ Mutual of Omaha Annual Report 2007 - Moving Toward a New Tomorrow
  2. ^ a b c "GAAP Financial Statements 2015" (PDF). 4 March 2016. pp. 3–4. Retrieved 21 March 2016.
  3. ^ "Good Financial Cents. Mutual of Omaha Mutual Life Insurance Company Review". Good Financial Cents. 2017. Retrieved March 16, 2017.
  4. ^ "Bloomberg. Company Overview of Mutual of Omaha Insurance Company". Bloomberg. 2016. Retrieved March 16, 2017.
  5. ^ a b c Affiliate Companies - Mutual of Omaha
  6. ^ "Good Financial Cents. Mutual of Omaha Mutual Life Insurance Company Review". Good Financial Cents. 2017. Retrieved March 16, 2017.
  7. ^ "Good Financial Cents. Mutual of Omaha Mutual Life Insurance Company Review". Good Financial Cents. 2017. Retrieved March 16, 2017.
  8. ^ V. J. Skutt, Mutual of Omaha, "the good neighbor." (Newcomen Society in North America, 1961) p11
  9. ^ "Mutual of Omaha's Wild Kingdom. The Adventure That Started It All". A.M. Best. 2017. Retrieved March 16, 2017. {{cite web}}: Check date values in: |date= (help)
  10. ^ "Fortune 500. Mutual of Omaha Insurance". Fortune 500. 2017. Retrieved March 16, 2017. {{cite web}}: Check date values in: |date= (help)
  11. ^ "A.M. Best. A.M. Best Affirms Credit Ratings of Mutual of Omaha Insurance Company and Its Subsidiaries". A.M. Best. December 14, 2016. Retrieved March 16, 2017. {{cite web}}: Check date values in: |date= (help)
  12. ^ "Nerd Wallet. Mutual of Omaha Life Insurance Review 2017". Nerd Wallet. 2017. Retrieved March 16, 2017. {{cite web}}: Check date values in: |date= (help)
  13. ^ Mutual of Omaha - USA Swimming Sponsorships
  14. ^ Mutual of Omaha - BREAKOUT! Swim Clinics
  15. ^ Mutual of Omaha - Golf Sponsorships
  16. ^ Mutual of Omaha Andretti Autosport

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