Beneficial Financial Group

rdf:langString Beneficial Financial Group

rdf:langString Beneficial Financial Group

rdf:langString Beneficial Financial Group

rdf:langString Beneficial Financial Group Tower, also known as the Gateway Tower West, at City Creek Center in Salt Lake City

rdf:langString Kent Cannon, CEO

rdf:langString Salt Lake City, Utah, United States

rdf:langString File:Beneficial Financial Group logo.png

rdf:langString $42.5 million USD

rdf:langString Whole and Universal Life, Annuities, and Disability Insurance

rdf:langString $600 million USD

rdf:langString Beneficial Financial Group is an insurance and financial services company based in Salt Lake City, Utah. It is a subsidiary of Deseret Management Corporation (DMC), the for-profit arm of the Church of Jesus Christ of Latter-day Saints (LDS Church). The company was founded in 1905 and as of its 2013 fiscal year end had assets of $3.0 billion.The insurance side of the company was known for many years as the Beneficial Life Insurance Company. Beneficial is certified by the Insurance Marketplace Standards Association for ethical business practices. Beneficial held an "A+" (stable) rating from Standard & Poor's for financial strength, when S&P downgraded the rating to "A" due to exposure to Mortgage-backed security investments in the wake of the 2008 housing bubble, and warned of further possible devaluations unless DMC replenished some of Beneficial's capital as it deteriorates "from its currently strong level." On June 16, 2009, it was announced that Beneficial would stop writing new policies at the end of August. DMC reiterated its commitment to back existing policies, but said that in the current environment, Beneficial was too small to compete with larger insurers. In 2019, David Nielsen, a former employee of the LDS Church's investment manager, Ensign Peak Advisors (EP), filed a whistleblower complaint with the Internal Revenue Service. Nielsen asserted that a portion of Beneficial's funding during a financial downturn had been provided by EP, a possible violation of federal tax rules. A statement from the church denied any wrongdoing, and claimed Nielsen's allegations were based on "limited information."