An Important Message Regarding Our Financial Strength
Dear valued members,
With the recent news around Silicon Valley Bank, there have been some questions posed to us about WoodmenLife’s position. Our organization has been, and continues to be, financially strong. As of Dec. 31, 2022, we have $11.1 billion in assets1, with a surplus of $1.7 billion. This surplus is there to even out the strains of economic volatility and ultimately deliver on our promises to our members.
Our conservative approach and financial strength are why the independent rating agency AM Best has rated us A+ (Superior), the second highest of 15 ratings, for the past 47 years. WoodmenLife takes its stewardship over our assets seriously and maintains a high-quality rated portfolio that has helped us maintain our superior financial strength rating. Our Investment Division actively monitors investment markets and our holdings, along with keeping an eye on risk management.
WoodmenLife does not currently have accounts at SVB. With respect to the banking sector as a whole, WoodmenLife’s limited exposure focuses on high-quality banks consistent with our investment strategy.
In an industry based on long-term success, you want to trust your time and money with a company you know will perform. We have been earning your trust for more than 130 years by taking a long-term approach to maintaining financial stability. Your confidence in us matters, and we are dedicated to earning it every day by keeping your best interest in mind with the decisions we make. We will continue to do as we move forward through this and any future challenges that may come our way.
Patrick L. Dees
President & CEO
1. Liabilities of $9.4 billion; as of December 31, 2022.