Mutual of Omaha Reports 2015 Financial Results
Omaha, Neb. — Mutual of Omaha today reported 2015 GAAP pre-tax operating income of $499.7 million on record revenues of $7.2 billion, compared with record operating income of $509.5 million on revenues of $6.9 billion in 2014.
After taxes and one-time charges, consolidated net income was $333.0 million in 2015, compared with $291.7 million a year earlier.
"As a mutual company owned by – and accountable to — our policyholders, it’s vital that we are financially strong so we can help our customers protect what they care about and achieve their financial goals. Thanks to the dedicated efforts of thousands of Mutual of Omaha employees and sales professionals, we recorded excellent results in 2015 with record revenue, total assets, retained earnings and statutory surplus," said CEO James Blackledge.
Strong returns from private equity investments, growth in banking results and strength in group insurance profitability contributed to 2015 operating income.
"Despite the continuing low interest rate environment and health care cost trends impacting our Medicare supplement lines, all of our business units experienced healthy profitability in 2015. These results reflect a sound business strategy and disciplined investment philosophy," Blackledge said.
Net realized investment gains for 2015 were $18 million, down from $30 million in 2014. Net investment income was $1.2 billion, up $54 million from 2014.
Mutual finished 2015 with total assets, retained earnings and statutory surplus at record levels.
Consolidated total assets on Dec. 31, 2015 were $35.6 billion, up from $34.5 billion at year-end 2014. Retained earnings were $5.2 billion, up from $4.9 billion a year earlier. Statutory surplus ended 2015 at $2.9 billion, compared with $2.8 billion at year–end 2014.
Note: Unless otherwise noted, all financial results discussed above are based on accounting principles generally accepted in the United States of America.
Mutual of Omaha is a full-service, multi-line organization providing insurance, banking and financial products for individuals, businesses and groups throughout the United States.