Pekin Life Insurance Company Holds 49th Annual Meeting
Pekin Life Insurance Company held its annual meeting on Tuesday, May 13, 2014, at the company’s Home Office in Pekin, Illinois. The company has strong, stable roots that date back to its inception in 1965.
The company reported net income of $2.4 million. Premium income increased by 2.7 percent to $227.0 million. Life Insurance in force exceeded $14.5 billion in the year 2013.
At the meeting, shareholders elected directors Steven R. Anderson, Loves Park, Illinois; Byron A. Dodd, Anna, Illinois; and Gordon M. Walker, Groveland, Illinois, to three year terms to expire in May 2017.
Other directors whose terms continue are: Craig W. Concklin, Hinsdale, Illinois; Daniel V. Connell, Tremont, Illinois; Scott A. Martin, Peoria, Illinois; and Thomas C. Hornstein, A. Richard Kriegsman, and Christine A. Schwartz, all from Pekin, Illinois.
On April 16, 2014, Pekin Life Insurance Company declared a quarterly dividend of $0.01 per share payable June 2, 2014, to shareholders of record May 2, 2014. The company has paid dividends each year since June 1, 1976.
President and Chief Executive Officer Scott Martin remarked at the meeting, “Our strategy for growth and profitability will always center around the sales generated by the independent agent. Last year, new paid Life sales were almost $8 million, which has doubled from ten years ago. But as you know, Pekin Life Insurance Company is much more than that. Our Financial Products division, our Pathway® Pre-need division, and our new venture into self-funded plans are all growing, often in states outside our core operating area of the property/casualty company. We believe we have the right strategy for us. We’re doing this and producing a product that helps people. That is the part I’m most proud of. We all need to be reminded of what happens when an agent does their job by convincing a family to purchase protection. On the company side, we must invest their money wisely and pay the proceeds when the time comes. What we do together is serving families, a very noble cause and something we all take pride in.”
Brian Lee, the company’s Senior Vice President and Chief Operating Officer/Life, in speaking to the group, commented, “Total premium increased from $221 million in 2012 to almost $227 million, and Pekin Life Insurance Company is now licensed in 19 states with the premium coming from targeted product lines in various states. 2013 was our best Ordinary Life New Business year in our company’s history with premiums exceeding $8 million. There are new challenges around every corner. With the continued support of our agents and the dedicated efforts of our employees, I have no doubt 2014 will be a successful year for Pekin Life Insurance Company.”
Pekin Life Insurance Company is an integral part of the Pekin Insurance® group of companies.
Pekin Life Insurance Company stock trades under the symbol “PKIN” and is listed on the OTCQB. Wells Fargo Advisors makes a market in the stock.
A multi-line company, Pekin Life Insurance Company offers individual life and group life and health products; including term, universal life, group medical, medicare supplement, annuity, credit insurance, debt protection, and pre-need coverages. Additionally, Pekin Life Insurance Company has created a new third party claims administration division, Group Plan Solutions, which is designed to provide employer-based, self-funded health plan administration.
Other products offered by the Pekin Insurance group include automobile, homeowners, motorcycle, recreational vehicle, boatowners, commercial automobile, businessowners, commercial property and liability, workers compensation, and bonds.
Information about Pekin Life Insurance Company can be obtained by visiting our Internet website at www.pekininsurance.com.