Last year was a good year for Modern Woodmen. The fraternal financial services organization, based in Rock Island, reports strong growth and profits.
Chief Risk Officer, Mel Rambo, says assets increased more than 5 per cent, to 14 billion dollars. And net income rose to 85 million dollars.
He thinks it also helps that Modern Woodmen primarily sells life insurance and annuities, which is a more stable part of the insurance business compared to the riskier areas of health and long-term care.
Rambo says a key measure of Modern Woodmen's health is comparing assets to liabilities, called the solvency ratio.
And as a fraternal organization, last year it spent 19 million dollars on scholarships and community programs for its members.
Rambo says employment at the home office in Rock Island grew last year from 470 at the beginning, to the current level of about 500.
