National Life Group

National Life Group
Mutual company
Industry Financial Services
Founded Montpelier, Vermont, USA (1848)[1]
Founder Julius Yemans Dewey
Headquarters Montpelier, Vermont, USA
Key people
 Mehran Assadi,[2] President and CEO
Website nationallife.com

National Life Group is a diversified group of financial services companies. It emphasizes that it doesn’t make widgets or cars or computers. Instead, it makes promises. The company states its goal is to work to create a better future through innovative financial solutions that can be delivered on 10, 20 or 50 years down the road. The company’s first death claim was that of Rowland Allen, who died in 1850 while seeking fortune in the California Gold Rush. National Life Insurance Co. had been chartered just two years earlier, so the claim pushed the company to its limits. But the directors used their personal credit to ensure the claim was paid and the promise was kept. National Life has paid a dividend on its participating life insurance policies every year since 1855. Through the Civil War, the great flu epidemic of 1918, the Great Depression, two World Wars and most recently the Great Recession, National Life has paid. National Life is mutually organized and remains independent. The company does business across the country. In May 2016 National Life launched its Main Streets Across America campaign promoting small business practices and community.[3]

History

National Life Group is a diversified group of financial services companies that offer life insurance, annuities, mutual funds and estate, business succession and retirement planning strategies.[4]

The National Life Insurance Company was chartered on November 13, 1848, “upon the principle of mutual participation in the funds or profits” of the company. The company officially issued its first policy on February 1, 1850. Its name was intended to signal that its organizers were from many different states and believed company’s life insurance policies would be sold throughout the nation.

Dr. Julius Yemans Dewey, a physician in Montpelier, Vermont, was among the company's founders. He would later serve as general agent and then president of the company and delivered the payment of the company's very first claim on July 26, 1850.

Today, National Life Group includes National Life Insurance Co., Life Insurance Company of the Southwest, in Dallas, Texas, Sentinel Investments and Equity Services, Inc. and has more than $30 billion in assets under management.[5]

The National Life Group companies employ nearly 1,000 people, with most located at its home offices in Montpelier and Dallas.

Mehran Assadi is the president and chief executive officer of National Life Group, a position he has held since 2009. He has been a member of the company’s board since 2009. He joined National Life Group in September 2003 as interim Chief Information Officer. In May 2004 he was appointed interim Chief Operating Officer and in April 2005 he accepted the position of President – Life and Annuity.[6]

Leadership

Executive Management:
President & CEO Mehran Assadi; Executive Vice President Ruth B. Smith; Executive Vice President Thomas H. Brownell, who is also CEO of Sentinel Investments; Executive Vice President and Chief Financial Officer Bob Cotton; Chief People Officer Sean N. Woodroffe; Senior Vice President & General Counsel Greg Woodworth; Chief Information Officer Tom Anfuso; Vice President of Corporate Communications & Community Relations Christopher Graff.[7]

Board of Directors:
President & CEO Mehran Assadi, Chairman Thomas H. Macleay, David R. Coates, former Vermont governor James H. Douglas, Kim Goodman, Bruce Lisman, V. Louise McCarren, Dr. Roger B. Porter, Harris H.Simmons, Carol A Carlson.[8]

Company Mission

National Life Group hosts various community engagement efforts every year through events, volunteering, and donations. The company offers up to 40 hours of paid volunteer service time for employees. In 2015 the company donated $750,000 through its charitable foundation in both Vermont and Texas. The average size of each grant was $4,191. The total volunteer hours from National Life employees totaled over 4,000 in 2015.[9]

Cause the book: Cause! covers the different leadership styles of various successful companies. It was written by authors Drs. Kevin and Jackie Freiberg. The book mainly focuses on the concept of mission-driven companies and the “servant leadership” style used in National Life Group and features images of many employees of the company, including its CEO Mehran Assadi on the cover.[10]

Committed to Main Street: May 3, 2016 National Life announced a new campaign titled “Main Streets Across America”. This follows the company values set forth by CEO Mehran Assadi in 2009. This effort includes a focus on small businesses and community engagement. The campaign features a series of articles on the company’s blog in which various streets described as “Main Streets” are depicted and highlighted. The series is titled “Main Streets Across America.” The streets and towns are selected based on criteria relating to artistic, historic, and economic significance. The campaign showcases the different cultures across the country and provides historical context for each town. Additionally the company blog features various industry leaders and employees writing about business practices and life advice often focusing on community engagement.[11]

LifeChanger of the Year: LifeChanger of the Year is an annual award program created by National Life in 2012. The program recognizes faculty and staff of k-12 schools who are nominated by students, parents of students, friends, families, or co-workers. Once a school employee is nominated a profile of the employee is created on the LifeChanger website and schools are encouraged to share the profile on social media. A total of 16 winners are chosen based on community service and student engagement. There is one “Spirit Award” in which the school that shows the most “spirit” for their nominee wins the award of $2,500 to the school of the winner and an additional $2,500 will be given to the winning educator as well. There are ten LifeChanger awards of $1,500 to the school and an equal amount to the winner. There are four Grand Prize Finalists of $2,500, with an equal amount is given to the winners. There is also one Grand Prize Winner who receives $5,000 personally and $5,000 is given to the school. Past winners have included a custodian, and teachers who have helped students facing drug issues, prostitution, abuse, legal issues, and inadequate academic standing.[12]

Public Events

Do Good Fest is an annual music festival held by National Life on the lawn of its Vermont campus to raise money for Branches of Hope. Branches of Hope is a cancer patient fund that gives money to cancer patients who cannot afford to cover medical expenses or other bills. Bands that have performed include O.A.R., Brett Dennen, and Big Head Todd and The Monsters. In 2016 the event raised more than $30,000 in donations to Branches of Hope.[13]

References

  1. ↑ An Act to Incorporate the National Life Insurance Company, State of Vermont Legislature, 1848.
  2. ↑
  3. ↑ https://www.nationallife.com/OurStory-WhoWeAre
  4. ↑ https://www.nationallife.com/OurStory-Financials
  5. ↑ https://www.nationallife.com/OurStory-Financials
  6. ↑ https://www.nationallife.com/OurStory-Leadership
  7. ↑ https://www.nationallife.com/OurStory-Leadership
  8. ↑ https://www.nationallife.com/OurStory-Leadership
  9. ↑ https://www.nationallife.com/OurStory
  10. ↑ http://www.freibergs.com/
  11. ↑ http://www.syracuse.com/news/index.ssf/2016/05/syracuses_armory_square_named_a_main_street_across_america.html
  12. ↑ https://lifechangeroftheyearnominees.com/
  13. ↑ https://dogoodfest.com/
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