Midland National Life Insurance Company · Sioux Falls, SD United States
Company Description
Phone: 605-335-5700
Fax: 605-335-3621
Toll Free: 800-923-3223
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This link will open in a new window For Midland National Life Insurance, "midland" is a mindset more than an address. Touting "main street values" the company offers personal financial planning services including life insurance, annuities, retirement planning, and investment management. The company, an original member of the Sammons Financial Group , serves customers throughout the US (except NY), and its territories. Subsidiary Sammons Securities distributes Midland National's variable annuities, while its Sammons Corporate Markets group provides bank-owned life insurance products. Like all Sammons Enterprises companies, Midland National has a high level of employee ownership and will eventually become fully owned by its employees To read the full description, subscribe now.
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Key Midland National Life Insurance Company Financials
| Company Type | Subsidiary Headquarters |
| Fiscal Year-End | December |
| Annual Sales (mil.) | $3.4 |
| Employees | 683 |
Midland National Life Insurance Company Executives
5 executives listed for Midland National Life Insurance Company's Sioux Falls, SD location.
| Title | Name & Bio | Contact |
| Chairman and CEO, Sammons Financial Group | Michael Masterson | Network |
| President and COO | Steven Palmitier | Network |
| VP, Policy Administration | Gary Helder | Network |
Competition
Competitive Landscape for Midland National Life Insurance Company
Demand is driven by demographics and commercial transactions. Demand is also driven by legal or financial requirements. Consumers are usually required by states to buy auto insurance and by lenders to buy homeowners insurance, for example. The profitability of individual companies depends on effective marketing and on the ability to accurately estimate future payments. Large companies have big economies of scale in administration and in access to capital, as well as advertising and marketing. Small companies can compete successfully by specializing in particular products or industries. Average annual revenue per worker is around $400,000, so the industry is not labor-intensive. In the late 2000s recession, insurers saw revenues decline sharply when their investment portfolios lost value after the market fell. Insurance carriers rely heavily on their investment portfolios, which is where they invest premiums collected until they are needed to pay claims or benefits. In addition, deregulation of the insurance and financial services industries led to increased risk taking that hurt insurers' credit ratings. Insurance giant AIG was forced to accept $150 billion in government loans to stave off bankruptcy that was brought on by its overexposure to credit default swaps. Federal government bailouts have primarily targeted banks. Aside from AIG, insurance companies have not been as hard hit by the subprime mortgage meltdown. But some insurance companies are seeking relief from state regulators to allow them to operate with less capital. Other insurance companies are buying financial institutions to qualify for federal aid. To read the full description, subscribe now.Top Midland National Life Insurance Company Competitors
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