The American Life Life Insurance Company (formerly NASDAQ: AINC), based in Waco, Texas, provides additional life insurance to unions, credit unions and associations. American Income Life (AIL) was established in 1951. The company's executive office has been located in Waco, Texas, since 1959. American Income Life is licensed in 49 states, District of Columbia, Canada and registered to do business in New Zealand. AIL also has two wholly owned subsidiaries: National Life Life Insurance Company, licensed in New York state, and Union Heritage Life Assurance Company Limited, licensed in the Republic of Ireland.
AIL has more than two million policyholders (as of June 2013). With a subsidiary of New York, National Income Life Insurance Company (NILICO), the company has a combined asset of more than $ 2.6 billion, with more than $ 41.3 billion of applicable life insurance (as per April 2013). American Income Life is a wholly owned subsidiary of Torchmark Corporation (NYSE: TMK), based in McKinney, Texas.
Video American Income Life Insurance Company
History
The history of the company began in 1951 under the name American Income. American income was hired as a joint valuation association in Indiana with $ 25,000 in loan capital. It was reinsured through the American Standard Insurance Company as a new joint-stock company in March 1951. American Income Insurance Company was formally established in May 1951 by company president Harold Goodman and executive vice president, Bernard Rapoport (Goodman's nephew). The company's corporate offices are located in Indianapolis, Indiana.
Revenue America initially sold low-cost hospital insurance plans. During the first year, the company received a premium income of approximately $ 95,000. The company achieved a $ 1 million insurance premium in 1953. In 1954, the company received 6,000 insurance policy applications per month.
In September 1954, with a $ 200,000 capital and a $ 100,000 surplus, Goodman and Rapoport formed a new company called American Income Life Insurance Company (AIL). American Income Life reinsures US Revenue policy and is converted from a joint reserve company to a stock company. American Standard, the original insurer of the company, joined American Income Life, and the company earned about $ 400,000 worth of premium.
Between 1954 and 1955, AIL's assets doubled, its net reserves tripled, capital and surplus more than doubled, and that's about $ 15 million from the prevailing insurance. In 1956, Rapoport wanted to take on a national company based in Indiana. He obtained a license in Ohio and opened its headquarters in Columbus. By the end of 1956, American Income Life operated in thirteen states with 300 field salesmen operating outside 96 public institutions. In March 1958, the company's corporate office was moved from Indianapolis, Indiana, to Waco, Texas.
In 1961, AIL began providing additional insurance to union members and serving union policyholders in a way unfamiliar to the industry. For example, AIL releases premium payments by union members during the official strike action, a benefit still offered in 2017. AIL also develops a college scholarship program for union member children, and the company contributes to union strike funds involved in legally strike. The company is positioned as the only 100% union insurer, and termed the phrase, "Be Union-Buy Union." In 1963, AIL revenue was about $ 6 or $ 7 million. In 1973, revenues totaled $ 31.5 million.
In June 1966, the Office and International Professional Workers Union (OPEIU) organized the Home Office staff, making AIL the only insurance company with all union employees. In October 1973, the company was given an official title as a Union Label company by AFL-CIO. AIL is one of only two insurance companies across the United States with an official Label Union.
In 1994, American Income Life was sold to Torchmark Corporation for $ 563 million.
in 2012, American Income Life Insurance Co. sued Google, Inc. and an unnamed owner of two websites to show unattractive results for companies on the top pages of search results.
Maps American Income Life Insurance Company
References
Source of the article : Wikipedia
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