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Financial Information


Financial Strength
Throughout our history, Beneficial has been known for its financial strength. (For our current financial ratings, click here.) Beneficial historically has made protecting families through economic hardships a top priority. During the stock market crash of 1929 and the economic depression of the 1930s, Beneficial honored policyowner requests for policy loans and surrender payments, although deferring such cash payments was allowed by law. Likewise, through both World Wars, we paid death claims for insureds who died while serving their country, without invoking policy war clauses that allowed denial of such claims.

2014 Second Quarter Financial Highlights.
As of June 30, 2014, Beneficial’s insurance in force was $17.2 billion. Other highlights include the following amounts, based on statutory accounting practices followed by insurance companies:

Category
Amount in thousands
Total admitted assets
2,970,417
Policy reserves and other liabilities
2,356,237
Capital and surplus
614,180


Capital and Surplus.
Beneficial continues to maintain very high capital and surplus as a financial safety cushion to meet the Company’s future liability obligations. As of June 30, 2014, the Company’s capital and surplus was $614.2 million. The following chart shows Beneficial’s capital and surplus over the past 15 years:

YEAR

CAPITAL AND SURPLUS AMOUNT
in thousands

1999
$157,612
2004
233,211
2009
478,067
2013
579,136


2014 Second Quarter Asset and Investment Highlights.
As of June 30, 2014, Beneficial’s assets and asset allocation were as follows:

ASSETS

AMOUNT
in thousands

ASSET ALLOCATION
percent of total

Bonds
$2,672,503
90.0%
Stocks
32,438
1.1%
Policy loans
97,310
3.3%
Cash and short-term investments
44,932
1.5%
Other invested assets
24,051
0.8%
Other assets
99,183
3.3%
Total assets
2,970,417
100.0%


2014 Second Quarter Bond Quality.
Beneficial’s diversified bond portfolio consists of nearly 900 separate issues. The largest individual issue in the portfolio represents less than 10 percent of total assets. As of June 30, 2014, the quality of Beneficial’s bond portfolio was divided into the following risk categories as classified by the National Association of Insurance Commissioners (NAIC). The NAIC’s six categories are based on the level of risk, ranging from 1 to 6; level 1 is the highest quality and lowest risk.

NAIC Risk Category
Percent of Total
1 (investment grade)
81.1%
2 (investment grade)
16.6%
3-6 (non-investment grade)
2.3%
Total
100.0%


Risk-based Capital Ratio.
Beneficial’s risk-based capital ratio as of December 31, 2013 was 3,439%