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Thrivent Financial posts strong results for membership

March 9, 2008
Williamsport Sun-Gazette
Thrivent Financial for Lutherans delivered strong results for its membership in 2007, according to a news release. As a result, the organization will increase dividends 25 percent on average over last year, with eligible members across the country receiving more than $320 million in dividends in 2008.

In Pennsylvania, eligible members will receive $22.8 million in dividends overall. Thrivent Financial will also deliver more than $60 million in additional value in the form of higher interest rates and lower costs on selected insurance and annuity products. There are nearly 150,000 members in Pennsylvania.

In 2007, total statutory surplus rose $317 million, or 8 percent, to $4.4 billion. This provides the organization with long-term financial strength and solid positioning for future growth.

Thrivent Financial’s gain from operations before refunds to members in 2007 totaled $671 million, nearly identical to 2006’s gain of $679 million, according to the news release. Statutory net income was $391 million in 2007, down from $524 million a year earlier. This was a result of lower capital gains and higher dividends.

Member assets, or assets under management, grew $2.6 billion to $73.2 billion in 2007, an increase of 3.6 percent, while life insurance in force rose 1 percent to $161.5 billion. More than $1.5 billion in life insurance and other benefits was paid to Thrivent Financial members and their families during the year, an increase of 5 percent.

”Thrivent Financial is stronger than ever,” said Bruce Nicholson, chairman, president and CEO. “Our strong foundation and recent financial performance make it possible for us to provide one of the largest amounts we have returned to members in the history of our organization. Our goal is to continue providing the same or higher dividend level to members for years to come.”
 
 

 

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