Life at its Best®
Midland National’s culture is driven by a set of shared values — Integrity,
Openness, Respect, and Accountability. These values keep the company, its
employees, and its representatives focused on doing the right things in the
right way. You’ll find that our culture is evident in our mission, history,
stability, and investment philosophy.
We like to sum up our company’s culture with the phrase “Life
at its Best.” It means so much to us that we
trademarked it. When it comes to your finances, you need a company you can
count on. One that’s stable, and strong enough to stand the test of time. You
want — and deserve — Life at its Best.
Our 100-Year History
A Modest Beginning
In 1906, the company that would eventually evolve into Midland National
Life Insurance Company was born on a late summer evening in the Black Hills of
South Dakota. To capitalize the new company, the six directors were required to
apply for a $1,000 life insurance policy and pay an assessment of $300. We paid
our first claim in 1908.
Spanish Flu
World War I brought with it the worst epidemic to strike the world during the
20th century: the Spanish Flu outbreak of 1918-1919. This strain of flu
eventually killed far more people than died in battle in the war. Our claims
increased dramatically, but our 12-year-old company not only survived, but
thrived.
Pig Policies
The 1930s brought drought and a major depression. Perhaps nothing illustrates
Midland National’s ability to innovate better than the steps we took
during this trying time. A plan was initiated to furnish brood sows on loan to
farmers on the condition that each farmer renew or take out a life insurance
policy. When the sows were sold, the loan was repaid and the farmer began
paying premiums. This plan did more than make it possible for farmers to buy
insurance — it helped rehabilitate a depleted swine industry in South Dakota,
Minnesota and Iowa. At one time, the company had $90,000 invested in pigs.
Charles A. Sammons
C.A. Sammons & Associates of Dallas, TX acquired the majority of the
Midland National stock in 1958. Charles A. Sammons, president of Reserve
Life and owner of eight life insurance companies, had long admired the rapid
growth of Midland National, which had doubled its life insurance in force
during the prior five years.
Sammons Financial Group
Today, Midland National is a member of Sammons Financial Group
, which means that we offer something that is unique in the life insurance
industry: private ownership with employee-shareholders.
We live by the belief that employee-shareholders with solid personal values
yield positive behaviors that produce strong business results. This kind of
ownership creates an atmosphere where personal, efficient service is the
priority.
With life operations located in Sioux Falls, South Dakota, the Annuity
Division located in West Des Moines, Iowa, and Corporate Markets located in
Fargo, North Dakota, Midland National operates in 49 states, the District
of Columbia, Puerto Rico, Guam, the Virgin Islands, the island of Anguilla, and
on several overseas military installations.
Stability
Why is our stability important to you? As a privately held company, Midland National is not subject to the short term earnings pressures that publicly held companies often face to satisfy Wall Street’s expectations. We are a company with plans to perpetuate
itself for hundreds of years, not the next quarter or fiscal year. We focus on
the long term. We focus on you.
Investment Philosophy
A company's investment philosophy is a good indication of how well the company
will fare in good — and bad — economic environments. Midland National strives
for a quality, comprehensive, and diverse investment portfolio and we maintain
high liquidity, with over 80% of our investments in cash, short-term
investments, and publicly traded securities.
You
If you’ve ever been waited on by the owner of a store — versus one of the
store’s employees — you’ve likely experienced a strong distinction in service.
Like owners, Midland National employees have a stake in the company’s success,
and they take your business seriously. Experience "Life
at its Best."
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