Company Address:Sioux Falls, SD
About:Midland National’s culture is driven by a set of shared values — Integrity, Openness, Respect, and Accountability. These values keep the company, its employees, and its representatives focused on doing the right things in the right way. You’ll find that our culture is evident in our mission, history, stability, and investment philosophy.
We like to sum up our company’s culture with the phrase “Life at its Best.” It means so much to us that we trademarked it. When it comes to your finances, you need a company you can count on. One that’s stable, and strong enough to stand the test of time. You want — and deserve — Life at its Best.
History:A Modest Beginning In 1906, the company that would eventually evolve into Midland National Life Insurance Company was born on a late summer evening in the Black Hills of South Dakota. To capitalize the new company, the six directors were required to apply for a $1,000 life insurance policy and pay an assessment of $300. We paid our first claim in 1908.
Spanish Flu World War I brought with it the worst epidemic to strike the world during the 20th century: the Spanish Flu outbreak of 1918-1919. This strain of flu eventually killed far more people than died in battle in the war. Our claims increased dramatically, but our 12-year-old company not only survived, but thrived.
Pig Policies The 1930s brought drought and a major depression. Perhaps nothing illustrates Midland National’s ability to innovate better than the steps we took during this trying time. A plan was initiated to furnish brood sows on loan to farmers on the condition that each farmer renew or take out a life insurance policy. When the sows were sold, the loan was repaid and the farmer began paying premiums. This plan did more than make it possible for farmers to buy insurance — it helped rehabilitate a depleted swine industry in South Dakota, Minnesota and Iowa. At one time, the company had $90,000 invested in pigs.
Charles A. Sammons C.A. Sammons & Associates of Dallas, TX acquired the majority of the Midland National stock in 1958. Charles A. Sammons, president of Reserve Life and owner of eight life insurance companies, had long admired the rapid growth of Midland National, which had doubled its life insurance in force during the prior five years.
|Standard & Poor´s||A+||Strong|