Pekin Life Insurance Company Holds 48th Annual Meeting
Pekin Life Insurance Company held its Annual Meeting on May 14, 2013, at the company’s Home Office in Pekin, Illinois. It is the 48th year of operations for the company that traces its roots back to 1965.
The Company reported net income of $7.6 million. Premium income decreased by 1.5 percent to $221.1 million. Life Insurance in force exceeded $13.7 billion in the year 2012.
At the meeting, shareholders elected directors Thomas C. Hornstein, Pekin, Illinois; Scott A. Martin, Peoria, Illinois; and Christine A. Schwartz, Pekin, Illinois, to three year terms to expire in May 2016.
Other directors whose terms continue are: Steven R. Anderson, Loves Park, Illinois; Craig W. Concklin, Hinsdale, Illinois; Daniel V. Connell, Pekin, Illinois; Byron A. Dodd, Anna, Illinois; A. Richard Kriegsman, Pekin, Illinois; and Gordon M. Walker, Groveland, Illinois.
On April 17, 2013, Pekin Life Insurance Company declared a quarterly dividend of $0.02 per share payable June 3, 2013, to shareholders of record May 3, 2013. The company has paid dividends each year since June 1, 1976.
President Scott Martin, a featured speaker, remarked, “Our focus is on writing more Life through our core distribution system, the independent agent, and we are working hard to roll out new products continuously. We are expanding our wings outside of the core states of Arizona, Illinois, Indiana, Iowa, Ohio, and Wisconsin through Pre-need, Credit Life, and our newest venture of Life only products in Missouri. Our top lines in terms of profitability in 2012 were annuities, individual life, and Medicare Supplement; all areas we are focusing on going forward. We continue to be grateful for the support of our agents, and we will never take them for granted.”
Another featured speaker at the meeting was Brian Lee, Senior Vice President and Chief Operating Officer/Life, who commented, “we live in interesting times. With regulators, politicians, and the economy all impacting our operation, the task at hand can be daunting. Due to the tireless efforts of our employees and the unwavering support of our agency partners, I rest easy knowing that we have the best people possible to overcome all of the challenges we face.”
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.