Banner Life Insurance
Banner Life Insurance Company
1701 Research Blvd
Rockville, MD 20850-3171
Life is often unpredictable no matter how much we think ahead and how careful we are about things. We need to prepare and secure our financial future for the people we care about, in case something unexpected happens. This is what Banner Life Insurance Company is all about: planning for what we cannot predict.
For more than 60 years, Banner Life has been making its own distinction in the insurance industry. In 1949, it was known as the Government Employees Life Insurance Company (GELICO), until it was acquired by Legal & General Group Plc, and became its direct subsidiary in 1981. The company’s name was changed to Banner Life in 1983, which signifies its flagship position with Legal & General America in the United States.
In 1989, Banner Life’s sister company, William Penn Life Insurance Co., joined the corporate group and consolidated the management for both companies at the senior level. The operational synergy between the two companies has become a strong combination and a mutually advantageous conjunction.
The company’s life insurance products are marketed through separate life brokerage agencies in 49 states and the District of Columbia, with the exemption of New York, where the sister company is located, and operating. The company offers low-cost, innovative products and responsive service to its clients. Its various life insurance products, including term life and fixed universal life, translated to over $379 billion of life insurance in force and over $4.6 billion in assets at the end of 2008 on a Generally Accepted Accounting Principles (GAAP) consolidated basis. At the end of 2009, Banner had over $396 billion of life insurance in force and over $5.5 billion in assets.
The company’s president, David Lenaburg, takes pride in the company’s financial strength through its independent management. The company was rated A+ (superior) by A.M. Best for its financial strength and operating performance.
Dubbed as “Your Company For Life”, Banner is committed to gaining and keeping the trust of its policyholders through ethical and financially responsible business practices. The company applies its Business Ethics Policy across all levels in the organization. Some of its guiding principles address business and accounting practices, conflict of interest, and fraud, among others.
Being a part of the Legal & General America, Inc., Banner Life Insurance Company has built its own reputation and became a nationally recognized market leader in the individual life insurance industry. Though the company has less than 360 employees in its Rockville, MD headquarters and less than 25 in its Chicago office, its business issued in 2008 ranked it 11th nationally and it has plans to keep growing.
In 2011, Banner will be moving its headquarters to Urbana, MD which will be beneficial for both its employees and customers. Its plan of expanding the number of its capable and service-oriented staff will further advance its current status in the industry as it will encourage employee participation, teamwork, mutual trust, creativity, initiative and achievements.