FRANKFORT, KY – May 8, 2019 – Investors Heritage Life Insurance Company (“Investors Heritage”) reported today that it ended the year with the highest top-level revenue in the company’s 58-year history, more than doubling its top-line revenue from 2017.
Aquarian Holdings LLC and Investors Heritage Capital Corporation (“IHCC”), Investors Heritage’s parent company, finalized their partnership in March 2018, a deal that took IHCC private and created a fresh injection of capital for the insurance company.
“Our partnership with Aquarian was intended to help Investors Heritage build on its existing platform and take that next step to grow — for our policy holders, for our employees, and for the Commonwealth of Kentucky,” said Harry Lee Waterfield II, CEO of Investors Heritage. “The results from this past year couldn’t be better evidence of that success so far.”
In May 2018, the Kentucky Department of Economic Development awarded Investors Heritage a $750,000 tax incentive as part of the company’s plan to hire 75 more full-time employees to its home office in Frankfort over the next five years. That process began in 2018 with the hiring of several new full and part-time employees and continued into 2019. To support the additional staffing, the company is also preparing for renovations to its campus in Frankfort.
“One of the main initiatives of Gov. Matt Bevin’s administration is to make Kentucky a top environment nationally for business,” said Vivek Sarin, executive officer and co-CEO of the Kentucky Cabinet for Economic Development. “When a long-time member of the corporate community like Investors Heritage rapidly expands into new markets, dramatically grows revenue and creates new jobs, it’s exactly the kind of performance we aim to help Kentucky companies achieve.”
Spurring this growth has been the success of the company’s newest product, the Heritage Builder Annuity, a single premium deferred, multi-year, rate-guaranteed annuity. Since entering the annuity space in October 2018, Investors Heritage has appointed more than 800 new agents and written new business in 36 states, doubling the company’s overall sales from 2017 to 2018 and anticipates tripling growth in 2019.
“At Investors Heritage, we built our business on a family-rooted commitment to our customers and partners and used this philosophy to develop this new product and successfully enter a new market,” said Rob Hardy, Executive Vice President and General Counsel at Investors Heritage. “By working closely with leading annuity distribution companies, we came to market with a product specifically designed to meet the needs of our clients.”
This new segment of business complements the company’s already significant presence in the preneed market. To build on that position, the company created a new position, Director of Preneed Development, in February 2019 to foster stronger relationships with new and existing customers and to grow market share in current regions and new markets nationally.
At the end of 2017, Investors Heritage was licensed to do business in 38 states. To date, that number has increased to 45 states with license applications pending in four more states.
Look for Investors Heritage to continue to grow its business as well as its public awareness, locally in Frankfort and beyond, as the company explores new ways to expand its employee base and market reach geographically.
ABOUT INVESTORS HERITAGE
Investors Heritage Life Insurance Company offers its policyholders a wide range of insurance solutions backed by a track record of exceptional service. The company was founded in 1960 and is headquartered in Frankfort, Kentucky, with a rich and growing tradition of providing tools to help people build and manage their legacies as a leader in preneed and final expense policies, and through its new retirement and wealth management offerings. For more information, please visit investorsheritage.com.
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