#USA #Fort Worth #Structured Settlements #annuities #Independent Life Insurance

Independent Life Insurance Company Achieves Major Milestones in 2024

In a significant achievement for the structured settlement annuity (SSA) industry, Independent Life Insurance Company (ILIC) has reported remarkable growth for the year 2024. Amidst competition from numerous major life insurance companies in the United States, ILIC has distinguished itself by surpassing $1 billion in funded premiums and being recognized as one of the Fastest-Growing Small to Medium Annuity Issuers in a recent insurance sector report.

Key Financial Highlights for 2024

The impressive financial performance of ILIC is highlighted by several key metrics that marked a strong year:

• - Annual Production: The company witnessed a substantial increase in annual production, growing from $312.7 million in 2023 to $451.7 million in 2024. This represented an astounding 44.5% growth.
• - Total Production Since Inception: Reflecting on its overall performance, ILIC's total production since inception leaped from $909.1 million to $1.36 billion, showcasing a 49.7% increase.
• - Market Share Expansion: The company's market share in the SSA industry increased notably from 3.60% to 4.73%.
• - Policies Issued: The number of policies issued rose from 721 in the previous year to 905 in 2024, indicating growing trust and demand from customers.
• - Court Approvals: The total court approvals since inception surged to 1,755, up from 1,365.
• - Assignors: ILIC also expanded its reach by increasing assignors from 465 to 545, further emphasizing its national presence.

These impressive statistics represent not merely numbers, but rather a commitment to supporting injury victims and their attorneys. ILIC, established in 2018, has been a steadfast advocate for those seeking justice and fairness in difficult times.

Commitment to Leadership and Innovation

In line with its significant growth, ILIC has made strategic executive appointments. Donald J. Herrema, the Interim CEO of Independent Insurance Group, announced expanded roles for key personnel. Courtney Barber has become the Chief Sales and Marketing Officer while Mikel Taft has taken on the position of Chief Business Development Officer, both of whom will report directly to Herrema.

Looking forward to 2025, the company aims to continue its trajectory of growth by introducing innovative market-based structured settlement annuities and enhancing automation processes from initial quotes to policy issuance.

Moreover, ILIC leads the way in embracing new technologies. The company has pioneered unique insurance products, such as the iStructure, and has ventured into ancillary markets to improve user experience. This proactive stance towards innovation has been critical in meeting the needs of agents and clients alike.

Building a Community Around Justice

The relationship ILIC has built with its clients and partners is a cornerstone of its success. By nurturing these alliances, ILIC fosters a community that is devoted to advocating for personal injury victims. This sense of community is coupled with a commitment to integrity and excellence in the structured settlement space.

About Independent Group

Established by specialists from the insurance industry, the Independent Group is an innovative entity dedicated to benefiting all stakeholders in the structured settlement arena. Its underwriting branch, Independent Life, focuses on delivering structured settlement solutions, including annuities tailored to meet the needs of injured individuals, their families, and advocates.

ILIC's vision and proactive approach have attracted significant support from prominent partners such as LKCM Headwater Investments, KKR's Kilter Finance, and Hannover Re USA. To learn more about ILIC and its unique offerings, visit www.independent.life.