The 2021 Fortune 500 list released today by Fortune magazine ranks Western & Southern Financial Group No. 374 (up 27 spots from No. 401 in 2020), with $8.1 billion in revenue for 2020.
Western & Southern finished 2020 with the strongest balance sheet in the company's history. By the end of March 2021, we topped $100 billion in owned and managed assets for the first time. Our capital-to-asset ratio, which exceeds 19%, remains more than double the average capital-to-asset ratio of the 15 largest publicly traded life insurers doing business in the U.S.
On the 2021 list, Western & Southern ranked seventh among mutual life and health insurance companies and 18th among the combined mutual and stock life and health insurance companies. Western & Southern is one of 25 Ohio companies and seven from the Greater Cincinnati area to make the list – more than any other city in Ohio, Indiana or Kentucky.
The seven local companies on the 2021 list (2020 ranking noted in parentheses) are:
Kroger 17 (23)
Procter & Gamble 43 (50)
Fifth Third Bancorp 358 (325)
Western & Southern Financial Group 374 (401)
American Financial Group 376 (383)
Cincinnati Financial Corporation 386 (400)
Cintas 410 (441)
For mutual companies like Western & Southern, Fortune uses revenue reported on a statutory accounting basis to rank companies for inclusion on the Fortune 500 list. Because of that, the numbers differ from the GAAP (Generally Accepted Accounting Principles) numbers cited in our annual report.