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Banner
Life Insurance Company
1710 Research Blvd.
Rockville, MD 20850
(301) 279-4800
History:
The history of Banner Life Insurance
Company is nearly 50 years strong.
Chartered in 1949 as Government
Employees Life Insurance Company (GELICO),
the company was acquired by Legal
& General Group Plc as a wholly
owned subsidiary in 1981. In 1983,
the name was changed to Banner Life,
signifying their flagship position
with Legal & General America in
the United States.
Banner
Life's subsidiary, William Penn Life
Insurance Company of New York,
joined the corporate group in 1989.
Since that time, management for both
companies has been consolidated at
the senior level. Banner Life's
national presence, William Penn's 30
plus years of brokerage experience
and the operational synergy between
both companies is a strong
combination.
Today
Banner's individual life insurance
products are sold through
independent insurance agencies in 48
states and the District of Columbia.
A
Word from Banner Life:
"At Banner Life, we take our
financial promises seriously. We
also promise to treat our customers
fairly and to apply ethical
standards to every business
transaction. We believe in offering
low-cost, innovative products and
responsive service. Our goal is to
build lasting, mutually beneficial
partnerships for life."
Banner
Life Insurance Company is one of the
Legal & General America
companies which are wholly owned
subsidiary of Legal & General
Group, Plc. It became a part of the
corporate group in 1981 and is proud
of its nearly 50 years of
well-managed growth. Banner has a
long-standing tradition of product
innovation. Today it markets
individual life and annuity products
through independent insurance
agencies in 49 states.
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Financial
Ratings:
Banner's ratings are not a
reflection of, nor are they
dependent upon, explicit support
from their ultimate parent company.
Its ratings indicate that Banner can
and will honor its commitments to
policy owners... based on its own,
independent financial strength. |
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An
"A+" (Superior) rating is
from A.M. Best for financial
strength and operating performance,
one of the two "superior"
rating classifications in Best's
15-level system. |
An
"A2" rating from Moody's
Investor Service for overall
financial strength. This is in the
third tier of nine rating
designations.
At
year-end 1997, on a GAAP
consolidated basis, Banner Life had:
- Over
$28 billion of life insurance in
force
- In
excess of $2.27 billion of
assets
- Assets
that increased 25% since 1992
- An
investment portfolio made up of
100% investment grade assets,
including 21.3% U.S. government
and U.S. government agency
holdings
- No
real estate (except for home
office) and less than 1% of its
portfolio invested in commercial
mortgages
| Invested
Assets |
|
| Investment
Grade Bonds |
69.8% |
| U.S.
Government & U.S.
Government Agency Bonds |
21.3% |
| Policy
Loans |
7.0% |
| Cash/Short
Term |
1.7% |
| Other
(%) |
.2% |
And
on a statutory basis had:
- Capital
& surplus of over $155
million
- Assets
equal to 122% of statutory
liabilities
Banner
Life is domiciled in Maryland and is
licensed to do business in 49 states
and the District of Columbia.
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