Several weeks after I penned the following letter, the COVID-19 pandemic thrust our communities, our country and our world into turmoil, heartache and crisis not seen in my lifetime. Yet with roots dating back to 1890, such times are not unprecedented for Assurity. Our company has lived our mission, endured, and prevailed through two World Wars, the 1918 Spanish Flu, the Great Depression – and we will do so again now.
Our purpose of helping people through difficult times resonates even clearer and is unwavering. As we meet in this moment, everyone at Assurity extends our compassion to those who are suffering and our good wishes for brighter days ahead. (April 13, 2020)
Dear Fellow Policyholders and Friends,
Consumers are increasingly seeking brands with purpose.
Several weeks after I penned the following letter, the COVID-19 pandemic thrust our communities, our country and our world into turmoil, heartache and crisis not seen in my lifetime. Yet with roots dating back to 1890, such times are not unprecedented for Assurity. Our company has lived our mission, endured, and prevailed through two World Wars, the 1918 Spanish Flu, the Great Depression – and we will do so again now.
Our purpose of helping people through difficult times resonates even clearer and is unwavering. As we meet in this moment, everyone at Assurity extends our compassion to those who are suffering and our good wishes for brighter days ahead. (April 13, 2020)
Dear Fellow Policyholders and Friends,
Consumers are increasingly seeking brands with purpose. We believe Americans have expectations of companies to lead with purpose by not just making money, but positively impacting society as well.
Purpose has driven Assurity since we were founded in 1890 as an accident association for members to help one another in times of need. Our growth as a mutual insurance organization, and more recently a Certified B-Corporation, has only strengthened that commitment – to our customers, our associates, our community and the planet.
The year 2019 was an important part of our nearly 130-year journey. We had a number of major accomplishments – here are just a few:
- In 2016 – when we were producing about $4 million in annualized new worksite sales – we set an aggressive goal of $20 million in 2020. I’m pleased to report we accomplished this goal one year earlier by surpassing $22 million in annual sales in 2019.
- Assurity Ventures Inc. (AVI) continued to grow a number of new relationships with insurtech and fintech firms. We are excited about working with these innovative businesses. Through AVI partnerships, we believe we’re connecting with our ultimate clients in a more contemporary way.
- Our Professional Employment Organization (PEO) subsidiary Resourcing Edge Inc. (REI) successfully integrated its recent acquisitions and achieved record levels of growth and profitability.
- Assurity Real Estate Development (ADEV) finished several new projects, which are helping to stem the decline in investment income. ADEV is also generating a new source of income for us in the form of real estate development fees.
We’re excited about our sales growth in worksite. We believe delivering quality insurance products through the workplace is the best way to reach middle-income Americans. We are also pleased with the progress of our non-insurance subsidiaries. Being a mutual insurance organization is a huge advantage for us – we have the luxury of time, which is required when starting anything new. As a mutual, I feel we can have a dual-time horizon of “forever” and “right now.” The “right now” provides the accountability and sense of urgency to push things across the goal line. The “forever” allows us to make investments that may not payoff in the near term but long term will enhance the company’s business profile.
In 2019, we also further ingrained into our culture the notion we can use business as a force for good. A great deal of our sales growth can be traced back to this belief as we take seriously our responsibility to our customers, distributors, home office associates and the broader community. Being a Certified B Corp is tangible, independent verification of Assurity’s commitment to purpose-driven growth.
In closing, I want to thank our Board of Directors and my colleagues at Assurity for their significant contribution to our success. We live in times of high uncertainty and with the significant headwinds of this protracted period of low interest rates. Even in this difficult environment, I’m confident that with our strong team at Assurity, we will continue to grow – together.
Sincerely,
Thomas E. Henning, CLU, ChFC, CFA
Chairman, President, CEO
