Financial Information

Financial Strength

Throughout our history, Beneficial has been known for its financial strength. 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 policy owner 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.

2022 Year End Financial Highlights

As of December 31, 2022, Beneficial's insurance in-force was $9.3 billion. Other highlights include the following amounts, based on statutory accounting practices followed by insurance companies:

Category Amount in thousands
Total admitted assets 1,890,075
Policy reserves and other liabilities 1,687,780
Capital and surplus 202,295

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 December 31, 2022, the company's capital and surplus was $202.3 million.

2019 Year End Asset and Investment Highlights

As of December 31, 2022, Beneficial's assets and asset allocation were as follows:

in thousands
percent of total
Bonds 1,690,426 89.4%
Stocks 9,948 0.5%
Policy loans 82,259 4.4%
Cash and short-term investments 29,558 1.6%
Other invested assets 33,665 1.8%
Other assets 44,219 2.3%
Total assets 1,890,075 100.0%

2022 Year End Bond Quality

Beneficial's diversified bond portfolio consists of approximately 490 separate issues. As of December 31, 2022, the quality of Beneficial's bond portfolio was divided into the following risk categories as classified by the National Association of Insurance Commissioners (NAIC). 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) 70
2 (investment grade) 29
3-6 (non-investment grade) 1
Total 100

Risk-based Capital Ratio

Beneficial's risk-based capital ratio as of December 31, 2022, was 1,219%.

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