Throughout our history, Beneficial has been known for its financial strength. Beneficial historically has made protecting families through economic hardships a top priority. During the stock market crash of 1929 and the economic depression of the 1930s, Beneficial honored policy owner requests for policy loans and surrender payments, although deferring such cash payments was allowed by law. Likewise, through both World Wars, we paid death claims for insureds who died while serving their country, without invoking policy war clauses that allowed denial of such claims.
As of December 31, 2023, Beneficial’s insurance in-force was $8.5 billion. Other highlights include the following amounts, based on statutory accounting practices followed by insurance companies:
| Category | Amount in thousands |
| Total admitted assets | 1,808,356 |
| Policy reserves and other liabilities | 1,601,322 |
| Capital and surplus | 207,034 |
Beneficial continues to maintain very high capital and surplus as a financial safety cushion to meet the company’s future liability obligations. As of December 31, 2023, the company’s capital and surplus was 207.0 million.
As of December 31, 2023, Beneficial’s assets and asset allocation were as follows:
| ASSETS | AMOUNT in thousands | ASSET ALLOCATION percent of total |
|---|---|---|
| Bonds | 1,613,568 | 89.2% |
| Stocks | 12,117 | 0.7% |
| Policy loans | 80,152 | 4.4% |
| Cash and short-term investments | 20,968 | 1.2% |
| Other invested assets | 38,720 | 2.1% |
| Other assets | 42,831 | 2.4% |
| Total assets | 1,808,356 | 100.0% |
Beneficial’s diversified bond portfolio consists of approximately 466 separate issues. As of December 31, 2023, the quality of Beneficial’s bond portfolio was divided into the following risk categories as classified by the National Association of Insurance Commissioners (NAIC). NAIC’s six categories are based on the level of risk, ranging from 1 to 6; level 1 is the highest quality and lowest risk.
| NAIC Risk Category | Percent of Total |
|---|---|
| 1 (investment grade) | 74 |
| 2 (investment grade) | 25 |
| 3-6 (non-investment grade) | 1 |
| Total | 100 |
Beneficial’s risk-based capital ratio as of December 31, 2023, was 820%.