b˜autifuˇmembers saved an additional $98,000 in 2019 by using the life’s perks discount program...

2019 Annual Report

theBeautiful

Form 8461 4/20

1. An individual becomes a member by joining our shared commitment to family, community and country, and by purchasing a WoodmenLife product.

Our MissionUniting hard-working Americans to secure their financial future while strengthening our communities and country.

From Sea to Shining SeaThe WoodmenLife® family stretches across America, with all of its spacious skies and purple mountain majesty. We are a family of nearly 700,000 members1, standing strong with a shared commitment to family, community and country.

We have been helping to protect the financial future of families, making a difference in hometowns across America, and honoring our country since 1890. As a not-for-profit life insurance company, we put money back into the community. We are here when you need us most.

The economy may change, but our long-term approach to maintaining financial stability will not. We do not chase trends. Instead, we make decisions in the best interest of our members’ lifetime security. By looking ahead, we are protecting their futures and working to ensure that we will be standing strong when we are needed most.

WoodmenLife 2019 Annual Report | 32 | WoodmenLife 2019 Annual Report

WoodmenLife is not your typical life insurance company. We’re not-for-profit.

Members participated in more than 3,000 Shared Commitment projects across the nation in 2019. Planned Efforts Have Become Reality

We plan for financial growth at WoodmenLife each year, but in 2019, we also saw many new efforts come to life. At year-end 2019, our total assets stood at $11.1 billion2 and life insurance in force stood at $38.5 billion. We gave back nearly $35.2 million in refunds to our members.

Over the past few years, we have dedicated our efforts and resources to launch new offerings that give even more to members of our family. We were proud to introduce many of these in 2019.

First, our Giving Together program provided WoodmenLife Representatives and members around the country with additional funds for local projects to plant flowers, paint and beautify their towns.

Next, we are replacing the technology that processes and issues life insurance certificates. We are now able to offer even more efficient, seamless service to everyone we serve.

Finally, in September, we introduced My Choice IUL®, our indexed universal life insurance product. This new product is a groundbreaking option for helping Americans protect their families and prepare for promising financial futures.

Thank you for supporting our mission and for your continued trust in WoodmenLife.

Sincerely,

Patrick L. DeesPresident & CEO 2. Liabilities of $9.54 billion; as of December 31, 2019.


Standing Strong Since 1890We have been earning the trust of the WoodmenLife family for 130 years by taking a long-term approach to maintaining financial stability. Our members’ confidence in us matters, and we are dedicated to earning it every day by keeping their best interests in mind with the decisions we make.

Our stable approach and financial strength has not only made us an $11.1 billion organization, but also one that in 2019 posted a record high in surplus, which grew to $1.56 billion. In addition, we again were rated A+ (Superior) by A.M. Best3.

There is peace of mind for members in knowing their financial protection is rooted in an organization with strong year-over-year financial performance. We are dedicated to growing value.

2. Liabilities of $9.54 billion; as of December 31, 2019. 3. A.M. Best again rated WoodmenLife A+ (Superior) for our financial strength and operating performance in 2019. A+ (Superior) is the second-highest rating out of 15 awarded. A.M. Best is an independent rating company nationally recognized for its objective reporting and rating of insurers.

WoodmenLife 2019 Annual Report | 76 | Woodmen Life 2019 Annual Report

We gave back $35.17 million in refunds to our members in 2019.

Protecting the Ones We Love MostMembers of the WoodmenLife family have common goals. One goal stands above them all – ensuring their families are financially secure after they are gone.

Life insurance can help relieve financial burdens that members’ families may face, such as funeral costs, mortgages and college expenses.

All of our members have different needs and different visions of what makes America beautiful, so we are prepared to help them with a variety of products4 that best fit their unique situation. This includes My Choice IUL®, which we introduced in the fall of 2019. Our indexed universal life insurance5 helps meet our members’ needs wherever they are in life.

In addition, we offer:

• Whole Life Insurance

• Term Life Insurance

• Family Term Life Insurance

• Universal Life Insurance

Our goal is to help our members leave a legacy for the ones they love most.

4. Products are not available in New York and all products may not be available in all states. 5. IUL is not an investment. It is a life insurance policy product that provides growth potential through index interest crediting. You cannot invest directly in an index.


Our Representatives can prepare a customized plan that best meets your specific needs and budget.

Members saved an additional $98,000 in 2019 by using the Life’s Perks discount program compared to 2018.

Seeing Beyond the YearsWoodmenLife works to help our members build a secure financial future for themselves and their families. To meet their goals for the years ahead, we offer a variety of annuity and investment products4. Our members look to us when they are thinking about how to be financially secure, which is why we offer:

• Traditional and Roth IRAs

• Annuities

• Mutual Funds6

• 529 College Savings Funds6


4. Products are not available in New York and all products may not be available in all states. 6. Securities are offered through Woodmen Financial Services, Inc. (WFS), 1700 Farnam Street, Omaha, NE 68102, 877-664-3332, member FINRA/SIPC, a wholly owned subsidiary of Woodmen of the World Life Insurance Society (collectively “WoodmenLife”). Securities other than the WoodmenLife Variable Annuity are issued by companies that are not affiliated with WoodmenLife. This material is intended for general use with the public. WFS is not undertaking to provide investment advice for any individual or any individual situation, and you should not look to this material for any investment advice. WFS has financial interests that are served by the sale of these products or services. Products are not available in New York and all products may not be available in all states.

Support for Our Shared Commitment When members join the WoodmenLife family, they join other people who share a commitment to family, community and country. Through WoodmenLife, they have opportunities to connect with others, give back locally and honor those who make an impact.

America is made more beautiful through WoodmenLife activities and projects that:

Celebrate American PrideWe value our American freedoms. That is why we have presented more than 3.5 million flags to nonprofit organizations, schools and communities nationwide.

Join Our Fight Against HungerWoodmenLife helps support our national fight against hunger. Since 2015, we have raised $1.4 million to provide food to those in need and collected 915,000 pounds of food.

Fundraise for What Matters MostOur online fundraising tool for local giving, WoodmenLife Impact®, empowers members to support causes that matter to them, from helping local fire departments pay for new equipment to raising money for local schools.


Many of our chapters hold events to thank the First Responders and Veterans in their communities.

Help Paying for CollegeSince 2017, WoodmenLife has awarded scholarships7 worth $1.78 million to high school graduates for continuing educational opportunities through the WoodmenLife Focus Forward Scholarship®.

Rebuilding After a Natural DisasterWe cannot stop natural disasters, but we can help members of the WoodmenLife family who experience one by providing financial assistance of up to $1,0007.

Honoring HeroesTrue heroes deserve more. That is why we pay $25,0008 to the families of every First Responder member who dies in the line of duty.

Loss of a NewbornWhen the unimaginable happens, families need the time to focus on their healing and recovery. To help, we give $10,0009 to families after the loss of a newborn.

Caring for OrphansShould a member’s children be orphaned, we’ll provide each child $1,0007 a month to pay for their care, until they reach the age of 19.

Saving MoneyOur discount program — Life’s Perks® — gives members everyday savings at more than 30,000 local and national retailers10.

7. Member benefits are not contractual, are subject to change and have specific eligibility requirements. 8. $25,000 benefit applies to officially registered non-military First Responders. 9. WoodmenLife will pay a one-time member benefit of $10,000, subject to conditions and limitations, to the parents of an infant who dies between the age of 48 hours and 6 months. 10. WoodmenLife has entered into sponsored marketing relationships with companies that agree to offer discounts to WoodmenLife members. WoodmenLife is not affiliated with these companies and does not administer these discounts for products or services.

Extras to Help Your Family NowMembers of the WoodmenLife family have access to a wide range of valuable extras7 that help them get more out of life now, and when they need it most. From help paying for education to financial assistance following a natural disaster, these extras are designed to help members and their families right now. There is no extra cost nor obligation to use them.

These are some of the ways we are committed to helping members’ families at every stage in life:


Up to 1,713 WoodmenLife Focus Forward Scholarships are available to qualifying members each year.

By the NumbersThere are many ways the WoodmenLife family works to help make America beautiful. We fight hunger, complete service projects, celebrate patriotism, honor local heroes, and more. We also offer the chance to get help paying for college or trade school, as well as to get assistance in rebuilding after a natural disaster. Putting numbers to our actions shows just how much can be done.

WoodmenLife Extras Quantity Benefit Amount

Shared Commitment 3,054 projects $1,578,700.00

United States Flags 186,807 $346,567.30

First Responders 1 $25,000.00

Natural Disaster 1,063 $772,991.97

Newborn 0 0

Orphan's Care 20* $216,000.00*

Youth & Senior Activities 29,765 people attending 128 events $2,183,910.40 total expenditures

Life’s Perks Discounts 16,947 total users $521,348.00

Scholarships 857 $487,000.00

*There were 20 orphans on the program at year’s end. This number fluctuates throughout the year due to individuals moving off the program and does not balance with the total amount paid out.

In 2019, WoodmenLife members participated in 322 more Shared Commitment projects than in 2018.


Financial Highlights - Assets

18 | Woodmen Life 2019 Annual Report WoodmenLife 2019 Annual Report | 19

Assets Dec. 31, 2018 Dec. 31, 2019

Bonds $7,485,137,545 $7,543,845,884

Common & Preferred Stocks 414,900,254 419,866,349

Mortgage Loans 2,037,358,140 2,049,736,762

Real Estate 78,464,829 72,105,618

Certificate Loans 148,365,316 142,754,514

Short Term Investments & Cash 180,832,659 200,506,647

Securities Lending Assets 77,155,989 32,381,429

Other Invested Assets 8,800,563 11,401,250

Other Non-Invested Assets 2,912,735 2,188,961

Due & Accrued Investment Income 71,071,714 67,170,665

Separate Account — Pension Plan 227,277,736 253,667,324

Separate Account — Variable Annuity 217,233,239 305,840,755

Total Assets $10,949,510,718 $11,101,466,158

Assets 10-Year History

$8.6

$9.3 $9.5$10.1 $10.4

$10.7 $10.85 $10.98 $10.95

2010 2011 2012 2013 2014 2015 2016 2017 2018

$11.1

2019

DOLLARS IN ASSETS (BILLIONS) DOLLARS OF PREMIUM INCOME (MILLIONS)DOLLARS OF FACE AMOUNT IN FORCE (MILLIONS)

2010 2011 2012 2013 2014 2015 2016 2017 2018

$639

$767$793

$726

$807$746$748

$570 $587

2019

$773

Premium Income 10-Year History

Financial Highlights - Liabilities & Surplus


Liabilities & Surplus Dec. 31, 2018 Dec. 31, 2019

Reserves $8,466,431,399 $8,405,880,389

Contract Claims 41,585,231 49,842,399

Certificate Refunds 264,837,063 254,673,580

Advance Premiums & Premium Deposit Fund 5,351,869 5,616,760

Asset Valuation Reserve 100,281,350 118,744,367

Interest Maintenance Reserve 10,309,876 0

Post Retirement Benefits 48,963,709 50,802,277

Payable for Securities Lending 77,161,493 32,379,928

Other Liabilities 57,904,478 58,512,140

Separate Account Liabilities 444,510,975 559,508,079

Total Liabilities $9,517,337,442 $9,535,959,919

Surplus Before Net Income 1,346,946,216 1,455,456,510

Current Year Net Income (Loss) 85,227,060 110,049,729

Total Surplus $1,432,173,276 $1,565,506,239

Total Liabilities & Surplus $10,949,510,718 $11,101,466,158

Surplus Ratio (Surplus/Liabilities) 15.05% 16.42%

Surplus 10-Year History

(BILLIONS)

$0.89$0.80 $0.86

$1.06 $1.09$1.17

$1.27$1.39 $1.43

$1.56

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Surplus 10-Year History

DOLLARS IN SURPLUS (BILLIONS)DOLLARS OF FACE AMOUNT IN FORCE (BILLIONS)

2010 2011 2012 2013 2014 2015 2016 2017 2018

$37.6$37.2

$36.7$36.4

$35.8$35.4

$38$38.5 $38.7

2019

$38.5

DOLLARS OF FACE AMOUNT IN FORCE (BILLIONS)

Insurance in Force 10-Year History

Vice PresidentsC. Shawn Bengtson Investment

Annette M. Devine Accounting Services

Charles R. Driffill Sales

Karla J. Gochenour Human Resources

Lori E. Howard Marketing

Lee A. Janecek Certificate Administration & Chief Underwriter

Paula S. Mau Chief Security Official

Donald L. Molineu Fraternal

Pamela A. Mortenson Strategic Initiatives

Randall P. Rotschafer Chief Risk Officer

Raymond G. Smolinski Business Technology

Blake D. Warneke Chief Actuary

Alabama NorthRonnie G. LearHartselle, AL

Alabama SouthMichael H. HuttoMontgomery, AL

ArkansasKevin S. CrouseConway, AR

FloridaBradley S. Jones Tallahassee, FL

Georgia CentralGarret L. Emerson Macon, GA

Georgia NorthWilliam Todd Wiley Cornelia, GA

Georgia SouthDennis K. PowersLeesburg, GA

Kentucky EastKevin GossumGeorgetown, KY

Kentucky WestGregory D. RobertsonMurray, KY

Louisiana Desi P. DoiseLafayette, LA

Mississippi NorthJames G. GilbertSaltillo, MS

Mississippi SouthLisa G. Davis Flowood, MS

Nebraska/IowaB. Gonzalez III (Trae)Omaha, NE

North Carolina EastSpencer T. OwenKinston, NC

North Carolina WestTravis W. LoweHigh Point, NC

Northeast TerritoryMichaele L. GeibelButler, PA

OklahomaStephen L. PriestEdmond, OK

Pacific RegionTyler A. LawrenceGlendale, CA

South CarolinaBryan D. CarrollColumbia, SC

Tennessee EastJohn W. WaltersKnoxville, TN

Tennessee WestTimothy K. HoulahanJackson, TN

Texas NortheastWilliam H. SharpeFlint, TX

Texas SoutheastBradley W. LoweSpring, TX

Texas WestJustin T. CloughCibolo, TX

VirginiaRobert R. BlakeLynchburg, VA

West VirginiaPatrick D. CarterHurricane, WV

Regional Directors

Woodmen Financial Services, Inc.Timothy K. BuderusPresident & CEO

Lindsey J. Eblen Treasurer

Jordan S. Mawson Assistant Treasurer

Lynn L. Espeland Director

Pasquale E. Frappampina Director

S. Kyle McMahanDirector

Patrick K. Megel Director

Nic C. Olari Director

Officers

Woodmen Insurance Agency, Inc.S. Kyle McMahanChairman

Patrick K. MegelPresident

Nic C. OlariSecretary

Annette M. DevineTreasurer

Jordan S. MawsonAssistant Treasurer

Timothy K. BuderusDirector

Desi P. DoiseDirector

Kevin GossumDirector

John W. WaltersDirector

Subsidiaries

Patrick L. Dees Denise M. McCauley Jon R. Aerni S. Kyle McMahan Chairman,

President & CEOExecutive Vice President &

Chief Operating Officer Executive Vice President &

Chief Financial OfficerExecutive Vice President &

Chief Marketing Officer

Executives and Directors

National Board of Directors

Senior Vice Presidents Lynn L. Espeland General CounselPasquale E. Frappampina National Sales Manager

Daniel W. Rice IIINational Director

Kinston, NC

Dr. James W. Bosler IIINational Director

Louisville, KY

Dr. James W. ShaverNational Director

Landis, NC

Michael C. ShealyNational Director

Lexington, SC

Wesley A. Dodd Jr.National Director

Cornelia, GA

Daryl J. DoiseNational Director

Frisco, TX

Danny E. CumminsNational Director

Troup, TX

Ronald H. Aldridge National Director

Jackson, MS

Dwayne H. TuckerNational DirectorBrentwood, TN

Robert T. MaherNational Director

Naples, FL


b˜autifuˇmembers saved an additional $98,000 in 2019 by using the life’s perks discount program...

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