OMAHA, Neb. – Mutual of Omaha today reported record 2017 GAAP pre-tax operating income of $554.8 million on revenues of $8.7 billion, compared with operating income of $526.3 million on revenues of $7.9 billion in 2016.
Net income after taxes was $862.6 million, compared with $356.6 million in 2016. Net income for 2017 included non-recurring net favorable items of $469.4 million related to the Tax Cuts and Jobs Act.
“Mutual of Omaha is a financially strong organization,” said Chairman and CEO James Blackledge. “As a mutual company, we exist for our policyholders. Profitable growth enables us to maintain the financial strength necessary to give our customers peace of mind knowing that we’ll be here to pay the benefits promised to them in our policies.”
Healthy growth and profitability was achieved across the company’s insurance and banking operations, with high levels of customer retention, strong sales, excellent investment results and disciplined expense management contributing to Mutual of Omaha’s strong 2017 results, Blackledge said.
“These results are driven by our talented and dedicated associates and sales professionals who focus on helping our customers protect what they care about and achieve their financial goals,” he said.
Mutual finished 2017 with total assets, retained earnings and statutory surplus at record levels. Consolidated total assets on Dec. 31, 2017 were $42.4 billion, up from $38.5 billion at year-end 2016. Retained earnings were $6.4 billion, up from $5.6 billion a year earlier. Statutory Surplus ended 2017 at $3.2 billion, up from $3.0 billion at year-end 2016.
Mutual of Omaha is a full-service, multi-line organization providing insurance, banking and financial products for individuals, businesses and groups throughout the United States.