Security Benefit Life Insurance Co. grew its assets 11 percent in 2015 to $27.7 billion recorded on Dec. 31, 2015, compared with $24.9 billion in assets a year earlier.
Security Benefit's surplus declined 1.6 percent to $1.28 billion from $1.3 billion a year earlier. During the year, Security Benefit increased its Asset Valuation Reserve to $354 million from $301 million. Asset Valuation Reserve is money set aside in case of unexpected debt or loss in the equity and credit markets.
Security Benefit has a separate accounting statement for its First Security Benefit Life Insurance and Annuity Co. of New York in Rye Brook, NY. The statement showed a slight decline in assets to $684.1 million, but an increase in surplus to $27 million and a slight increase in Asset Valuation Reserve to $2.5 million.
Security Benefit provides fixed and variable rate annuities to about 250,000 policyholders. Security Benefit's se2 division is administrator of annuity contracts, the division has $106 billion in assets under administration.
Security Benefit has about 1,000 employees, which include about 900 in Topeka. Guggenheim Partners purchased Security Benefit in 2010 after the company struggled during the financial crisis of 2008-09. Michael Kiley has been CEO since 2011, and has worked with the company since 2010.
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