Mutual of Omaha reported Wednesday a record $359.2 million in net income in 2013, up 26.6 percent from 2012, crediting increases especially in individual Medicare supplement, employee benefit and mortgage loan products.
Dan Neary, chairman and CEO, said 2013’s revenue of $6.6 billion also set a record. Mutual’s 2012 net income was $283.8 million on revenue of $6.4 billion.
Compared with a year ago, Dec. 31 assets totaled $32.2 billion, up from $31 billion; retained earnings totaled $4.6 billion, up from $4.2 billion; and surplus totaled $2.7 billion, up from $2.4 billion, with all three measures setting records.
Neary said all of Mutual’s business lines showed strength during 2013, calling it “an exceptional year.”
Mutual, which has about 4,900 employees, including 3,450 in Omaha, dropped its individual major medical business in 2002 and its group major medical business in 2007 to focus on other products.
Since then, it has become one of the largest sellers of Medicare supplement coverage. Its products include employer group life, disability and retirement plans; individual life, long-term care and disability coverage and annuities; and similar products for individuals sold through employer groups.
Mutual of Omaha Bank started operations in 2007 and last year issued $1.2 billion in new mortgages. Banking operations added $61.2 million to operating income, up from $45.5 million in 2012.