Mutual of Omaha

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Mutual of Omaha
Mutual company
Industry Finance, Insurance
Founded 1909
Headquarters Omaha, Nebraska, USA
Key people
James Blackledge, CEO
Daniel P. Neary, Chairman
Products Life Insurance
Medicare Supplement Insurance
Annuities and Retirement Plans
Long-term care Insurance
Health, Accident and Special Coverages
Investment Products
Disability Insurance
Dental Insurance
Voluntary/Worksite Products
Special Markets(2006)[1]
Revenue Increase $7.9 billion USD (2016) [2]
Increase $356.6 million USD (2016) [2]
Total assets Increase $38.5 billion USD (2016) [2]
Number of employees
5,488 (March 2017)
Website Mutual of Omaha

Mutual of Omaha is a privately held Fortune 500 mutual insurance and financial services company based in Omaha, Nebraska. Founded in 1909 as Mutual Benefit Health & Accident Association, Mutual of Omaha is a multi-line organization providing insurance, banking, and financial products for individuals, businesses and groups throughout the United States.[3]

The company provides a variety of health insurance options and product services, some of which include accident insurance, critical illness care coverage, dental insurance, and disability insurance.[4]

Subsidiaries[edit]

Mutual of Omaha has multiple subsidiaries including:

United of Omaha Life Insurance Company[edit]

Founded in 1926, this company provides life insurance, pension and annuity products for groups and individuals.[5]

United World Life Insurance Company[edit]

Through direct marketing and independent agent networks, this company has offered health and accident coverage and specialty life plans since 1983.[5]

Mutual of Omaha Investor Services, Inc.[edit]

Mutual funds are offered to individuals through the company’s agents and Retirement Plans brokers.[5]

Omaha Financial Holdings, Inc.[edit]

Omaha Financial Holdings, Inc. (OFHI) is a holding company for Mutual of Omaha's banking operation.

East Campus Realty, LLC[edit]

East Campus Realty, LLC was established to develop Midtown Crossing at Turner Park, which is directly to the east of Mutual of Omaha's headquarters.

History[edit]

With Origins in Omaha, Nebraska, Harry S. Weller served as the company's first president from 1909-1932. Under his leadership, the company was granted license to provide insurance to 15 states in the United States of America.[3] Before 1940 came to an end, Mutual of Omaha actively sold insurance policies in 48 states and two territories.[3]

  • March 5, 1909 – Mutual Benefit Health and Accident Association filed articles of incorporation with the Nebraska Insurance Department.[6]
  • 1920 - Premium income exceeded $1 million for the year.
  • 1924 – Mutual of Omaha ranked 8th in comparison to other insurance companies
  • 1926 – The subsidiary, United Benefit Life Insurance Company, was founded
  • 1941 – The company founded its Group Insurance department
  • 1950 – Mutual Benefit Health & Accident Association changed its name to Mutual of Omaha Insurance Company
  • January 6, 1963 – Mutual of Omaha’s Wild Kingdom premiered on network television. The original show was hosted by hosts Marlin Perkins, Jim Fowler, and Peter Gros, and ran until 1988.[7]
  • 1981 – United Benefit Life Insurance Company became United of Omaha
  • 2001 – The company revitalized its brand and began sponsoring USA Swimming
  • 2002 – A new Wild Kingdom series premiered on Animal Planet
  • 2007 – Omaha Financial Holdings, Inc. was created as the parent company of Mutual of Omaha’s banking initiatives
  • 2009 - Mutual of Omaha celebrates their 100-year anniversary.

As of 2017, Mutual of Omaha holds the 367th rank on Fortune 500's top companies. Current CEO James T. Blackledge oversees the company, its entirety, and 5,488 employees.[8]

Company Governance[edit]

Chief Executive Officer[edit]

1964–1983 V.J. Skutt
1984–1996 Thomas Skutt
1998–2005 John Weekly
2005–2015 Dan Neary
2015–Present James Blackledge

Chairman of the Board[edit]

1949–1953 Dr. C.C. Criss
1953–1985 V.J. Skutt
1986–1996 Thomas Skutt
1998–2005 John Weekly
2005–Present Dan Neary

Recognition[edit]

  • 2016 - Mutual of Omaha received an A+ rating from A.M. Best Company, Inc. for overall financial strength and ability to meet policy holder-related obligations.[9]
  • 2017 - Mutual of Omaha was ranked 5th of 18 large life insurance companies by NerdWallet.[10]

External Sponsorships[edit]

Wild Kingdom - In 1963, Mutual of Omaha introduced the wildlife television program, Mutual of Omaha's Wild Kingdom. The original show ran from 1963 to 1988, and was revitalized in 2002 with a new series on Animal Planet.

Golf - Mutual of Omaha sponsors 4 PGA Tour golfers and 1 LPGA Tour golfer, including Russell Knox, Ryan Moore, Ian Poulter, Henrik Stenson, and Jessica Korda.[11]

[edit]

The company uses an "Indian Head" logo (a human head wearing a war bonnet) and has had the item trademarked since 1952.[12]

See also[edit]

References[edit]

  1. ^ Mutual of Omaha Annual Report 2007 - Moving Toward a New Tomorrow
  2. ^ a b c "Mutual of Omaha Reports 2016 Financial Results". Retrieved 26 July 2017. 
  3. ^ a b c "Good Financial Cents. Mutual of Omaha Mutual Life Insurance Company Review.". Good Financial Cents. 2017. Retrieved March 16, 2017. 
  4. ^ "Bloomberg. Company Overview of Mutual of Omaha Insurance Company.". Bloomberg. 2016. Retrieved March 16, 2017. 
  5. ^ a b c Affiliate Companies - Mutual of Omaha
  6. ^ V. J. Skutt, Mutual of Omaha, "the good neighbor." (Newcomen Society in North America, 1961) p11
  7. ^ "Mutual of Omaha’s Wild Kingdom. The Adventure That Started It All.". A.M. Best. 2017. Retrieved March 16, 2017.  Check date values in: |date= (help)
  8. ^ "Fortune 500. Mutual of Omaha Insurance.". Fortune 500. 2017. Retrieved March 16, 2017.  Check date values in: |date= (help)
  9. ^ "A.M. Best. A.M. Best Affirms Credit Ratings of Mutual of Omaha Insurance Company and Its Subsidiaries.". A.M. Best. December 14, 2016. Retrieved March 16, 2017.  Check date values in: |date= (help)
  10. ^ "Nerd Wallet. Mutual of Omaha Life Insurance Review 2017.". Nerd Wallet. 2017. Retrieved March 16, 2017.  Check date values in: |date= (help)
  11. ^ Mutual of Omaha - Golf Sponsorships
  12. ^ "Mutual of Omaha Insurance Company, a Nebraska Corporation, Appellee, v. Franklyn Novak, an Individual, Appellant, 775 F.2d 247 (8th Cir. 1985)". Justia US Law. Retrieved April 4, 2017. 

External links[edit]