Independent Life Insurance Company demonstrates strong results in 2024

FORT WORTH, Texas, March 12, 2025 /PRNewswire/ -- In the structured settlement annuity (SSA) industry, dominated by many of America's largest life insurers, Independent Life Insurance Company (ILIC) achieved significant milestones in 2024. Not only did the company surpass $1 billion dollars in funded premium, but it also made national headlines in the insurance press as one of the Fastest-Growing Small to Medium Annuity Issuers, 3Q 2024, in the United States. The company realized many accomplishments across key metrics, reinforcing its position as a continually emerging force in the SSA industry. 

Key 2024 Financial Milestones: 

• Annual Production grew from $312.7M in 2023 to $451.7M in 2024, a 44.5% increase.
• Total Production Since Inception climbed from $909.1M in 2023 to $1.36B in 2024, a 49.7% increase.
• Market Share Expansion: ILIC's share of the SSA industry rose from 3.60% to 4.73%.
• Policies Issued expanded from 721 in 2023 to 905 in 2024, exhibiting strong demand and customer trust.
• Court Approvals (Since Inception) reached 1,755, up from 1,365, reinforcing ILIC's track record of success.
• Assignors (Since Inception) rose from 465 to 545, reflecting nationwide expansion.

These achievements represent more than just numbers — they are a testament to ILIC's unwavering commitment to injury victims and their attorneys. From its inception in 2018, Independent Life has championed the cause of those battling for fairness and justice in the face of adversity. The Company's success is fueled by an innovative spirit and a professional team dedicated to our mission. 

In conjunction with our financial growth, Independent Life is also expanding its impact through influential endeavors and leadership.  Donald J. Herrema, Interim CEO of Independent Insurance Group, announced expanded roles for Courtney Barber, who becomes the Chief Sales and Marketing Officer for ILIC, and for Mikel Taft, who is now the Chief Business Development Officer for ILIC, both reporting to Herrema.  The Company's focus for 2025 will be strongly linked to ongoing new business growth, introduction of one or more market-based structured settlement annuity solutions and enhanced automation from an initial quote through policy issuance. 

In addition to leadership, innovation also represents a key factor in ILIC's success. The Company has embraced new technologies, pioneered unique insurance products like iStructure, expanded into ancillary markets and streamlined our processes to better serve its agents and clients. Another success factor has been the trust and support from ILIC's clients and partners. Together, this alliance is building a community committed to justice for personal injury victims.  

ABOUT INDEPENDENT GROUP

Founded by insurance industry experts, Independent Group is a forward-thinking enterprise whose complementary product and service companies improve outcomes for all structured settlement stakeholders. Independent Life, its underwriting division, is dedicated to providing structured settlement solutions, including annuities, to serve the needs of injured parties, their families and advocates. With its unique profile and ambitious vision for the structured settlement industry, Independent Life has attracted world-class partners: LKCM Headwater Investments, KKR's Kilter Finance and Hannover Re USA support Independent Life's growth and guarantees. For more on what makes Independent Life different, visit www.independent.life.

CONTACT:

Todd Hagely

thagely@independent.life 

View original content:https://www.prnewswire.com/news-releases/independent-life-insurance-company-demonstrates-strong-results-in-2024-302400123.html

SOURCE Independent Insurance Group LLC