Beneficial Financial Group Tower, also known as the Gateway Tower West, at City Creek Center in Salt Lake City
Company type
Subsidiary
Industry
Insurance & Finance
Founded
1905; 119 years ago (1905)
Headquarters
Salt Lake City, Utah
,
United States
Key people
Kent Cannon, CEO
Products
Whole and Universal Life, Annuities, and Disability Insurance
Revenue
$600 million USD (2005)
Operating income
$42.5 million USD (2005)
Parent
Deseret Management Corporation
Website
www.beneficialfinancialgroup.com
Beneficial Financial Group is an insurance and financial services company based in Salt Lake City, Utah. It is a subsidiary of Deseret Management Corporation (DMC),[1] the for-profit arm of the Church of Jesus Christ of Latter-day Saints (LDS Church). The company was founded in 1905[2] and as of its 2013 fiscal year end had assets of $3.0 billion.[3] The insurance side of the company was known for many years as the Beneficial Life Insurance Company.
Beneficial is certified by the Insurance Marketplace Standards Association for ethical business practices. Beneficial held an "A+" (stable) rating from Standard & Poor's for financial strength,[4] when S&P downgraded the rating to "A" due to exposure to Mortgage-backed security investments in the wake of the 2008 housing bubble, and warned of further possible devaluations unless DMC replenished some of Beneficial's capital as it deteriorates "from its currently strong level."[5]
On June 16, 2009, it was announced that Beneficial would stop writing new policies at the end of August. DMC reiterated its commitment to back existing policies, but said that in the current environment, Beneficial was too small to compete with larger insurers.[6]
In 2019, David Nielsen, a former employee of the LDS Church's investment manager, Ensign Peak Advisors (EP), filed a whistleblower complaint with the Internal Revenue Service. Nielsen asserted that a portion of Beneficial's funding during a financial downturn had been provided by EP, a possible violation of federal tax rules.[7] A statement from the church denied any wrongdoing, and claimed Nielsen's allegations were based on "limited information."[7]
^Beneficial Role Archived 2006-10-21 at the Wayback Machine. beneficialfinancialgroup.com. Beneficial Financial Group. Retrieved on 2006-01-25.
^Mission, Vision, and Values Archived 2007-01-24 at the Wayback Machine. beneficialfinancialgroup.com. Beneficial Financial Group. Retrieved on 2006-01-25.
BeneficialFinancialGroup is an insurance and financial services company based in Salt Lake City, Utah. It is a subsidiary of Deseret Management Corporation...
in 1853 operating in Pennsylvania and New Jersey BeneficialFinancialGroup, an insurance and financial services company founded in 1905 and run by The...
In domestic and international commercial law, a beneficial owner is a natural person or persons who ultimately owns or controls an interest in a legal...
Parliament Leasing in 1977, and First Texas Financial Corp., a savings and loan, in 1978. In 1977, Beneficial entered the reinsurance business through its...
and communications brands. The following are DMC subsidiaries: BeneficialFinancialGroup: insurance, investment, and retirement services. Bonneville International...
Retrieved July 23, 2016. "One Utah Center". Boyer Company. "BeneficialFinancialGroup Tower, Salt Lake City | 129094 | EMPORIS". emporis.com. Archived...
incidents. The Financial Crimes Enforcement Network (FinCEN) in the United States is the regulatory agency tasked with overseeing the Beneficial Ownership...
Tower, however, was demolished, and its tenants relocated to the BeneficialFinancialGroup Tower nearby, which was renamed Key Bank Building. That building's...
identification and beneficial owner information relating to such bank and brokerage accounts, shell corporations, and other financial vehicles commonly...
provided financial services including personal and business banking, mortgages and loans, wealth management, business and insurance services. Beneficial Bank's...
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would have the beneficial effects of curbing instability introduced by speculation, reducing the diversion of resources into the financial sector of the...
the European Joint Money Laundering Steering Group along with the Financial Conduct Authority's 'Financial Crime: A guide for firms' as an aid to compliance...
and others that IFRS adoption worldwide would be beneficial to investors and other users of financial statements, by reducing the costs of comparing investment...
Financial inclusion is the availability and equality of opportunities to access financial services. It refers to processes by which individuals and businesses...
as well as the USA, Canada, and Kazakhstan. As of 2015, the ultimate beneficial owners were Russian oligarchs Roman Abramovich (31.03%), chairman Alexander...
The Multiannual Financial Framework (MFF) of the European Commission, also called the financial perspective, is a seven-year framework regulating its...
An offshore financial centre (OFC) is defined as a "country or jurisdiction that provides financial services to nonresidents on a scale that is incommensurate...
and documents Financial information for The SCO Group (SCOXQ) Yahoo! — The SCO Group, Inc. company profile, archive reference "The SCO Group Inc.", International...
Global Information
$600 million USD (2005)