August 01, 2014 5:58 AM ET

Insurance

Company Overview of Security Plan Life Insurance Co.

Company Overview

Security Plan Life Insurance Co. provides life insurance products including graded death benefit, super triple protector, super triple protector plus, increasing death benefit, and basic whole life insurance. The company also offers fire insurance services. The company is based in Donaldsonville, Louisiana. Security operates as a subsidiary of Mayflower National Life Insurance Company. As of October 1, 2004, Security Plan Life Insurance Co. is a subsidiary of Citizens Insurance Company of America.

205 Railroad Avenue

Donaldsonville, LA 70346

United States

Founded in 1948

Phone:

225-473-8654

Fax:

225-474-9071

Key Executives for Security Plan Life Insurance Co.

Chief Executive Officer and Chairman
Age: 61
Chief Financial Officer
Vice President of Operations and Assistant Secretary
Secretary
Compensation as of Fiscal Year 2014.

Security Plan Life Insurance Co. Key Developments

Security Plan Life Insurance Company Reports Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013

Security Plan Life Insurance Company reported consolidated earnings results for the fourth quarter and full year ended December 31, 2013. For the quarter, the company reported premiums of $47.64 million compared to $46.23 million a year ago. Net investment income was $9.37 million compared to $8.42 million a year ago. Total revenue was $56.87 million compared to $54.07 million a year ago. Net income applicable to common stock was $806,000 or $0.02 per diluted share compared to net loss applicable to common stock of $297,000 or $0.01 per diluted share a year ago. Operating income was $1.06 million compared to $206,000 a year ago. Income before income tax expense was $1.40 million compared to loss before income tax expense of $441,000 a year ago. For the full year, the company reported premiums of $176.16 million compared to $169.87 million a year ago. Net investment income was $36.60 million compared to $31.73 million a year ago. Total revenue was $213.64 million compared to $202.76 million a year ago. Net income applicable to common stock was $4.79 million or $0.10 per diluted share compared to net income applicable to common stock of $4.53 million or $0.09 per diluted share a year ago. Operating income was $5.31 million compared to $3.88 million a year ago. Book value per share of class A common stock decreased 6% to $4.91 at December 31, 2013, compared with $5.25 at year-end 2012. The 2013 decrease was due primarily to fluctuations in the market values of bonds and stocks in its portfolio as interest rates rose thus reducing fair values on lower coupon securities. Income before income tax expense was $6.93 million compared to $6.04 million a year ago.

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Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
October 7, 2013
Magnolia Guaranty Life Insurance Company
 

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