Western & Southern Financial Group published its 2019 Annual Report, which shows the company had another record-breaking performance in 2019, generating its highest-ever net income of $764.5 million on revenue of $5.3 billion, up from $721.2 million on revenue of $4.7 billion in 2018.
In addition to record net income and total revenue, the company also produced new highs in life and health premiums ($2 billion), and total life and health premium and annuity sales ($5.1 billion).
Western & Southern’s balance sheet at year’s end also reached an all-time high as the company’s owned assets reached $58.4 billion and managed assets grew to $26.9 billion, for a total of $85.3 billion of assets owned and managed.
“Our financial position at the end of the year 2019 was the best in our company’s history,” said John F. Barrett, chairman, president and chief executive officer of Western & Southern. “Through organic growth, new distribution partnerships, and strategic acquisitions like Gerber Life Insurance at the end of 2018, Western & Southern has grown considerably during the past decade. Our company’s financial strength ratings from the major ratings agencies remain very strong, and our capital-to-asset ratio – another financial strength measure – finished 2019 among the industry’s highest at 18.6%.”
Over the past decade, Western & Southern has continued to develop new and innovative products, expand distribution, and make significant investments in technology. The company is committed to helping its customers meet their financial needs through superior service and an ever-expanding range of insurance, investments and retirement solutions.
“Now more than ever, our incredible corporate culture continues to fuel our ability to weather difficult times. The road ahead in 2020 will indeed be challenging, but Western & Southern was built for times like these. We are incredibly well positioned to deliver the financial solutions our clients need along life’s journey, and will overcome the difficult times our country and the world are going through,” Barrett said.