Thrivent Financial for Lutherans Reports Fourth Consecutive Year of Strong Results and Increase in Financial Strength
Assets under management, revenue, and surplus all climb as membership organization continues record-setting growth; Members and employees turn financial success into positive community impact
MINNEAPOLIS--(BUSINESS WIRE)-- Thrivent Financial for Lutherans today announced its 2012 financial results led to a fourth consecutive year of growth for the not-for-profit membership organization. Against the backdrop of a continuing sluggish economy, the firm continued to increase its financial strength and along with its members provided more than 8.7 million volunteer hours and $165.3 million in direct support to charitable organizations, schools, congregations and communities across the country.
"2012 was an outstanding year for Thrivent Financial for Lutherans and our members," said Brad Hewitt, president and CEO of Thrivent Financial for Lutherans. "Our strong business performance was driven by our ability to offer our members a diversified set of new and existing products that performed well in the economic environment."
Assets under management, statutory revenue, adjusted surplus, and life insurance all rose as Thrivent Financial experienced one of its best years of performance in its 111-year history. Assets under management grew to $82.2 billion, up 8.4 percent over 2011, while statutory revenue was up 4 percent, climbing to $8.3 billion from the previous year. Adjusted surplus, a key indicator of overall financial strength and stability of a financial services organization, reached $6.1 billion, 13 percent higher than 2011, and now stands at an all-time high for the organization.
Strong overall sales in life, health and annuity products as well as the introduction of new life and long-term care insurance products helped drive Thrivent Financial's 2012 growth. Life insurance sales rose 14 percent, health insurance sales climbed 13 percent, and variable annuity sales were up 18 percent as the organization continued its existing focus on ensuring its members have the proper protection products in place while still taking advantage of the market rebound. In addition, mutual fund sales grew 9.3 percent over 2011 to $1.65 billion as Americans returned to the equity marketplace.
Thrivent Financial for Lutherans, its members and its employees continue to have a positive impact in communities nationwide as a result of giving and volunteerism. In 2012, the organization and its members gave $165.3 million in direct support to charitable organizations, schools, congregations and individuals in need. The Thrivent Financial for Lutherans Foundation awarded nearly $16.5 million through its Lutheran community and corporate community programs.
Thrivent Financial members and other non-members volunteered more than 8.7 million hours in communities nationwide. The approximately 3,000 Thrivent Financial corporate employees gave nearly 100,000 volunteer hours in support of non-profit organizations in their home cities of Minneapolis/St. Paul and the Fox Cities (Wis.). Through the Thrivent Gift Multiplier program, Thrivent corporate employees and Thrivent financial representatives had their individual donations matched by the Thrivent Financial for Lutherans Foundation for a total of more than $5.3 million. In addition, through the employee giving campaign, Thrivent corporate employees generated an additional $808,537 for non-profits which was also matched by the Thrivent Financial for Lutherans Foundation for a total of $1,617,074.
In its second full year of operation, the Thrivent Choice program continued to gain momentum. The program allows eligible Thrivent Financial for Lutherans' members to recommend how a portion of Thrivent Financial's charitable funds are distributed. Nationwide, over $50 million in funding was distributed to more than 20,000 congregations and non-profit organizations through the program in 2012. Approximately $120 million in charitable grant funds have been distributed since the program began in 2010.
"As one of the strongest financial services organizations in the industry our goal is to ensure our members are able to be wise with money and to inspire them to live generously," continued Hewitt. "We were able to add great value in 2012 and plan to for years to come."
About Thrivent Financial for Lutherans
Thrivent Financial for Lutherans is a faith-based, Fortune 500 financial services membership organization helping its nearly 2.5 million members to be wise with money and to live generous lives. Thrivent Financial and its affiliates offer a broad range of financial products and services. As a not-for-profit organization, Thrivent Financial joins with its members to create and support national outreach programs and activities that help congregations, schools, charitable organizations and individuals in need. For more information, visit Thrivent.com. Also, you can find us on Facebook and Twitter.
Insurance products issued or offered by Thrivent Financial for Lutherans, Appleton, WI. Not all products are available in all states. Securities and investment advisory services are offered through Thrivent Investment Management Inc., 625 Fourth Ave. S., Minneapolis, MN 55415, 800-847-4836, a FINRA and SIPC member and a wholly owned subsidiary of Thrivent Financial for Lutherans. Thrivent Financial representatives are registered representatives of Thrivent Investment Management Inc. They are also licensed insurance agents/producers of Thrivent Financial.
Directing Choice Dollars, participating in Voting Events, and receiving Choice Dollars grant funds are subject to the Terms and Conditions of the Thrivent Choice program.
For additional important disclosure information, please visit Thrivent.com/disclosures .
Thrivent Financial for Lutherans
Brett J. Weinberg, 612-844-4272, 612-219-3244 (cell)
Callie Briese, 612-844-7340, 540-878-8093 (cell)
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