UNIFI Companies: Difference between revisions
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'''UNIFI''' is a mutual insurance holding company formed on January 1, 2006 by the merger of the Union Central Mutual Holding Company headquartered in Cincinnati and the Ameritas Acacia Mutual Insurance Holding Company |
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| name = UNIFI Companies |
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| logo = |
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| type = [[Mutual organization|Mutual Holding Company]] |
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| genre = [[insurance]] |
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| foundation = [[Nebraska]], [[2006-01-01]] |
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| location_city = [[Lincoln, Nebraska|Lincoln]], [[Nebraska]] |
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| location_country = [[United States]] |
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'''UNIFI''' is a [[mutual insurance]] holding company formed on [[2006-01-01]] by the merger of the [[Union Central Life Insurance Company|Union Central Mutual Holding Company]] headquartered in [[Cincinnati]] and the [[Acacia Life Insurance Company|Ameritas Acacia Mutual Insurance Holding Company]].<ref>{{cite news |title=The Ameritas Acacia Companies and The Union Central Life Insurance Company Merge Mutual Holding Companies and Establish UNIFI Mutual Holding Company |url=http://findarticles.com/p/articles/mi_m0EIN/is_2006_Jan_2/ai_n15978386 |work=Business Wire |date=2006-01-02 |accessdate=2008-05-12 }}</ref> |
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Mutual life insurance companies were originally organized to provide insurance-at-cost. Despite that fundamental fact, Norman F. Dacey in his best-selling book, ''What’s Wrong With Your Life Insurance'', showed that mutuals accumulated massive profits over the years by overcharging policyowners for insurance and paying them too little in dividends. |
Mutual life insurance companies were originally organized to provide insurance-at-cost. Despite that fundamental fact, [[Norman F. Dacey]] in his best-selling book, ''What’s Wrong With Your Life Insurance'', showed that mutuals accumulated massive profits over the years by overcharging policyowners for insurance and paying them too little in dividends. |
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At the beginning of the 21st century numerous mutuals such as Prudential, MetLife, and John Hancock decided to demutualize and return to policyowners all the profits retained over the years. Policyowners were awarded cash, stock and policy credits exceeding $100 billion in a wave of demutualizations, which have been regarded as |
At the beginning of the 21st century numerous mutuals such as [[Prudential Financial]], [[Metropolitan Life Insurance Company|MetLife]], and [[John Hancock Insurance]] decided to [[demutualization|demutualize]] and return to policyowners all the profits retained over the years. Policyowners were awarded cash, stock and policy credits exceeding $100 billion in a wave of demutualizations, which have been regarded as socially desirable.<ref>{{cite news |coauthors=Joseph Meador and Lal C. Chugh |title=Demutualization unlocks value in life insurance area |url=http://www.bizjournals.com/boston/stories/2005/05/16/focus5.html |work=Boston Business Journal |publisher= |date=2005-05-13 |accessdate=2008-05-12 }}</ref> |
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The obvious advantages of demutualization to policyowners were vividly demonstrated by the fact that every demutualization received the approval of more than 90% of policyowners and policyowners have received more than $100 billion in cash, stock and policy additions. |
The obvious advantages of demutualization to policyowners were vividly demonstrated by the fact that every demutualization received the approval of more than 90% of policyowners and policyowners have received more than $100 billion in cash, stock and policy additions. |
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People who own whole life policies |
People who own whole life policies issued by the UNIFI companies (Ameritas Life, Acacia Life, and Union Central Life) would receive an estimated $11,337 per policy and its other policyowners would receive $1,538 per policy in a demutualization according to financial data contained in the UNIFI companies 2006 Annual Statement to the National Association of Insurance Commissioners (NAIC), the company’s [http://www.unificompanies.com/pdf/UC004.pdf 2006 Annual Report]. |
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==External links== |
==External links== |
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*[http://www.unificompanies.com/ UNIFI Companies – Union Central Life] |
*[http://www.unificompanies.com/ UNIFI Companies – Union Central Life] |
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*[http://policyownersfordemutualization.blogspot.com Policyowners for Demutualization of Union Central Life] |
*[http://policyownersfordemutualization.blogspot.com Policyowners for Demutualization of Union Central Life] |
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==References== |
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{{reflist}} |
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[[Category:Insurance companies of the United States]] |
[[Category:Insurance companies of the United States]] |
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[[Category:Mutual insurance companies]] |
[[Category:Mutual insurance companies]] |
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[[Category: |
[[Category:Demutualized organizations]] |
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Revision as of 20:43, 12 May 2008
| Company type | Mutual Holding Company |
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| Genre | insurance |
| Founded | Nebraska, 2006-01-01 |
| Headquarters | , |
UNIFI is a mutual insurance holding company formed on 2006-01-01 by the merger of the Union Central Mutual Holding Company headquartered in Cincinnati and the Ameritas Acacia Mutual Insurance Holding Company.[1]
Mutual life insurance companies were originally organized to provide insurance-at-cost. Despite that fundamental fact, Norman F. Dacey in his best-selling book, What’s Wrong With Your Life Insurance, showed that mutuals accumulated massive profits over the years by overcharging policyowners for insurance and paying them too little in dividends.
At the beginning of the 21st century numerous mutuals such as Prudential Financial, MetLife, and John Hancock Insurance decided to demutualize and return to policyowners all the profits retained over the years. Policyowners were awarded cash, stock and policy credits exceeding $100 billion in a wave of demutualizations, which have been regarded as socially desirable.[2]
The obvious advantages of demutualization to policyowners were vividly demonstrated by the fact that every demutualization received the approval of more than 90% of policyowners and policyowners have received more than $100 billion in cash, stock and policy additions.
People who own whole life policies issued by the UNIFI companies (Ameritas Life, Acacia Life, and Union Central Life) would receive an estimated $11,337 per policy and its other policyowners would receive $1,538 per policy in a demutualization according to financial data contained in the UNIFI companies 2006 Annual Statement to the National Association of Insurance Commissioners (NAIC), the company’s 2006 Annual Report.
External links
References
- ^ "The Ameritas Acacia Companies and The Union Central Life Insurance Company Merge Mutual Holding Companies and Establish UNIFI Mutual Holding Company". Business Wire. 2006-01-02. Retrieved 2008-05-12.
- ^ "Demutualization unlocks value in life insurance area". Boston Business Journal. 2005-05-13. Retrieved 2008-05-12.
{{cite news}}: Unknown parameter|coauthors=ignored (|author=suggested) (help)