Company Profile
Banner Life Insurance, Inc.
Company Overview
Banner Life Insurance Company is in the business of providing financial protection through life insurance products. Between Banner and its subsidiary company, William Penn Life Insurance Company of New York, we are licensed to conduct business in every state and the District of Columbia. Our life insurance policies are sold through independent agents and brokers.
Banner's home office is located in Rockville, Maryland, just minutes away from our nation's capital. Banner is a subsidiary of Legal & General Group Plc which is headquartered in London England. L&G calls its U.S. operations Legal & General America, Inc. and Banner & William Penn are part of that corporate entity.
Banner is financially strong, fiscally responsible and committed to the business practices that will make sure we will be here when our policy holders need us most. With over $379 billion of life insurance in force and over $4.8 billion in assets, Banner Life holds an A+ (Superior) rating from A.M. Best and an A+ (Strong) financial rating from Standard & Poor’s.
Company History
Our history began in 1949 and sixty years later we are still a growing company. At year-end 2008, Banner had more than $379 billion of life insurance in force; according to A.M. Best we ranked 11th among all U.S. companies for new coverage issued in 2008.
The company that eventually became Banner Life, Government Employees Life Insurance Company (GELICO) was chartered in 1949. We were part of Government Employees Group which began with GEICO.
By 1975, GELICO had assets of $124 million and $1.7 billion of insurance in force. GELICO was among a select group of companies to be rated A+ (superior) by A.M. Best in 1976 …a rating we’ve held on to ever since.
GELICO’s growth gained the notice of Legal & General Group Plc, an international insurance conglomerate. We were acquired by Legal & General Group Plc as a wholly owned subsidiary on December 17, 1981. In 1983, our name was changed to Banner Life, signifying our flagship position with Legal & General in the U.S.
In the early eighties, we were one of the very first companies to market universal life insurance. It was then a revolutionary concept that today is part of almost every life company’s portfolio.
Banner's subsidiary, William Penn Life Insurance Company of New York, joined the corporate group in 1989. Since that time, management for both companies has been consolidated at the senior level. Banner's national presence, William Penn's more than 45 years of brokerage experience and the operational synergy between both companies is a strong combination.
In 1995, Banner changed its distribution network to independent brokerage agencies and began its professional relationship with the National Association of Independent Life Brokerage Agencies (NAILBA). Today Banner's individual life insurance products are sold through twelve marketing groups with approximately 300 member agencies plus almost sixty other independent brokerage general agencies.
Benefits
Personal Time, Flexible Spending Plans, Cash Balance Plan and Wellness Facility on site.