Thrivent Financial for Lutherans, buoyed by strong sales of insurance and annuities, said it posted about $1 billion in gross income in 2010, as revenue rose about 12 percent during the year to $7.5 billion from the sale of financial plans, insurance and investment products.
"Our continued focus on the fundamentals of our business helped us surpass our goals," said CEO Brad Hewitt. "We strive to help our members meet their financial goals while running an efficient and effective business in a sustainable way so that it can be there to keep its promises decades from now."
Thrivent is a not-for-profit fraternal benefits association that essentially donates an amount equivalent to what would be its federal corporate taxes to Lutheran-related congregations, charities and causes in Minnesota and around the country through its local chapters.
Thrivent said its health and annuity sales were $151.6 million in 2010, up 10 percent from 2009. The organization had more than $167 billion in life insurance in force at the end of 2010 compared with $164 billion at the end of 2009.
Thrivent Financial said its policyholders/members will receive an estimated $304 million in dividends in 2011, the fourth year in a row of $300 million-plus in dividend payments.
Fitch Ratings recently affirmed Thrivent's "AA" rating, citing its profitability, surplus, sound capitalization and strong investment portfolio.
NEAL ST. ANTHONY
