American Income Life Insurance Company
North american Income Life Insurance Organization (formerly NASDAQ: AINC), centered in Waco, Texas, delivers supplemental a life insurance policy to work force,, labor force unions, credit unions, and associations. American Income Lifestyle (AIL) started in 51. The company's executive office buildings have been found in Waco, Texas, since 1959. North american Income Life is accredited in 49 states, the District of Columbia, Canada, which is registered to hold on business in Fresh Zealand. AIL has two wholly owned subsidiaries: Country wide Income Life Insurance Organization, qualified in the point out of recent York, and Union Heritage Life Guarantee Company Limited, accredited in the Republic of eire.
AIL has more than two million policyholders (as of June 2013). With its Ny subsidiary, State Income Life insurance coverage Company (NILICO), the company has merged assets of more than $2. 6 billion, with more than $41. several billion of life insurance coverage in force (as of The spring 2013).[2] North american Income Life is a wholly owned subsidiary of Torchmark Corporation (NYSE: TMK), based in McKinney, Arizona.
The company's history commenced in 1951 under the name American Income. North american Income was chartered while a mutual assessment connection in Indiana with $25, 000 of borrowed capital. It was reinsured through American Standard Insurance Organization being a new mutual hold company in March 51. American Income Insurance Organization was officially founded in May 1951 by provider's president, Harold Goodman, and executive vice president, Bernard Rapoport (Goodman's nephew). You’re able to send home offices were found in Indianapolis, Indiana.
American Profits formerly sold low-cost clinic insurance plans. During it is first year, the organization took in about $95, 000 worth of high quality income. The business reached $1 million worth of insurance premiums in 1953. By simply 1954, the company was obtaining 6, 000 insurance policy applications per month.
In September 1954, with $200, 000 in capital and $100, 000 of surplus, Goodman and Rapoport formed a new firm called American Income Insurance coverage Company (AIL). American Profits Life reinsured the plans of American Income and was transformed from a mutual reserve company to a stock company. North american Standard, you can actually original insurance provider, was merged with North american Income Life, and the company acquired about $400, 000 worth of rates.
Between 1954 and 1955, AIL's assets had increased twofold, its net reserve acquired tripled, its capital and surplus more than bending, and it had regarding $15 million of insurance in effect. In 1956, Rapoport planned to consider the Indiana-based company nationwide. He obtained a certificate in Ohio and opened up a central office in Columbus. By the close of 1956, American Cash flow Life was operating in thirteen states with three hundred sales personnel during a call operating out of 96 general agencies. In March 1958, the business home offices were transferred from Indianapolis, Indiana, to Waco, Texas.
In 61, AIL commenced providing extra insurance to members of labor unions and portion union policyholders in etiquette unfamiliar to the market. For instance, AIL waived payment of premiums simply by union members during a great authorized strike action, a benefit still offered in 2014. AIL also created a school scholarship program intended for children of union people, and the company offered to the strike cash of unions engaged in lawful strikes. The organization was positioned as the only 100% union insurance company, and termed the phrase, "Be Union-Buy Unification. " In 1963, AIL's income was about $6 or $7 million. Simply by 1973, income reached $31. 5 million.
In August 1966, the Office and Professional Employees International Unification (OPEIU) organized the House Office staff, making BOTHER the only insurance firm using union employees. In October 1973, the business was granted an standard designation as an Unification Label company by AFL-CIO. AIL was certainly one of sole two insurance companies in the complete United States with the official Union Sticker.
In 1994, American Salary Life was sold to Torchmark Corporation for $563 million.
American Income Existence Insurance Co. is suing Google Inc. and the unnamed owners of two websites for featuring unflattering websites in the leading page of search outcomes for American Income Lifestyle Insurance.