Even if you consider Ohio to be Out West, Western & Southern Mutual Holding Company wants to be your insurance destination. Operating through Western & Southern Financial Group and its subsidiaries, the company offers a variety of life insurance products and annuities; accident and supplemental health coverage; mutual funds; and other investment management products and services. Western & Southern's financial services include mutual fund administration, trust services, financial advisory, and real estate development; it owns or manages some $70 billion in assets. The company is licensed in most states and in Washington, DC.
Western & Southern Financial Group operates more than a dozen subsidiaries that offer everything from critical illness insurance to funds and annuities. Some of the company's subsidiaries include Western & Southern Life Insurance, (life and health insurance products, fixed annuities), and Western-Southern Life Assurance subsidiary (universal life, term life, and annuities). Other insurance divisions include Columbus Life Insurance, Integrity Life Insurance, Lafayette Life Insurance, and National Integrity Life Insurance Company.
For affluent clients seeking investment advice, Western & Southern operates Fort Washington Investment Advisors to manage private equity assets for corporate and government institutions and wealthy individuals; it has more than $39 billion under management. Other financial services include mutual fund management through Touchstone Investments, which saw sales of its products jump 21% to $6.8 billion in 2013.
The company's Eagle Realty Group participates in commercial real estate investment. Eagle Realty Group was the development manager for the recently built Great American Tower in Cincinnati. The skyscraper is the city's tallest building and opened up to occupants in 2011, with its primary tenant being hometown insurance rival American Financial Group.
Other member companies include IFS Financial Services, Peppertree Partners, Touchstone Advisors, Touchstone Securities, W&S Financial Group Distributors, and W&S Brokerage Services.
Sales and Marketing
The company markets its products and services through a sales force of direct representatives; it also sells through a network of independent agents and financial planners. It also conducts advertising activities through television commercials. Western & Southern's customer base is wide and varied, consisting of individuals and families of all income levels, large corporations, small to midsized businesses, financial institutions, real estate investors, and not-for-profit entities.
W&S Agency Group signed on on former pro footballer and current analyst on NBC Sunday Night Football Cris Collinsworth as its first national spokesperson in 2014.
Like many conservative mutual insurers, Western & Southern holds a long-term investment strategy that has served it well financially. Income from its investments is greater than the income from its insurance premiums, product charges, commissions, fees, and other income combined. In 2013 its investments accounted for more than half of total revenues. Revenues and net income have both seen gradual but steady growth in recent years: in 2013 revenues grew 0.5% to nearly $3 billion on higher premiums and fees.
Profits increased by 38% to $409 million in 2013. This was the highest net income to date for the company and the fifth year of increased profitability. The positive results were driven by an increase in investment gains and interest (but were partially offset by an increase in provision for income tax).
Western & Southern tends to grow its business and customer base by launching new products aimed at filling gaps in its existing areas of operation. It is looking to reach otherwise underserved middle-market customers by extending weekend and evening sales, expanding its online sales presence, and providing more bilingual sales information online.
In 2015 W&S Financial Group Distributors launched of a new variable annuity living benefit rider, Guaranteed Lifetime Income Advantage Plus.
That year Washington Capital Partners Group (the institutional private equity division of Fort Washington Investment Advisors) closed private equity funds in two investment strategies: Fort Washington Private Equity Investors VIII, LP and its parallel vehicle (together, Fund VIII) for $300 million; and Fort Washington Private Equity Opportunities Fund III, LP and its parallel vehicle (together, Opportunities III) for $150 million.
In 2015, W&S Financial Group Distributors introduced Indextra, a single premium deferred fixed indexed annuity issued by Integrity Life Insurance.
In 2014 Western & Southern Life entered Florida's west coast region.
The firm launched a sales program targeting veterans, women, college graduates, and multicultural customers in 2013 to further increase sales to middle-income individuals; it planned to hire more than 1,000 representatives as part of the program.
Western & Southern was founded in 1888.