About: Beneficial Financial Group

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An Entity of Type : yago:SocialGroup107950920, within Data Space : dbpedia.org associated with source document(s)
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Beneficial Financial Group is an insurance and financial services company based in Salt Lake City, Utah. It is a subsidiary of Deseret Management Corporation (DMC), the for-profit arm of the Church of Jesus Christ of Latter-day Saints (LDS Church). The company was founded in 1905 and as of its 2013 fiscal year end had assets of $3.0 billion.The insurance side of the company was known for many years as the Beneficial Life Insurance Company.

Attributes	Values
rdf:type	Thing company schema:Organization dul:Agent dul:SocialPerson agent wikidata:Q24229398 Organization Business enterprise yago:WikicatCompaniesBasedInSaltLakeCity,Utah yago:WikicatLifeInsuranceCompanies yago:Abstraction100002137 yago:Company108058098 yago:FinancialInstitution108054721 yago:Group100031264 yago:Institution108053576 yago:InsuranceCompany108070465 yago:NondepositoryFinancialInstitution108419984 yago:Organization108008335 yago:WikicatInsuranceCompaniesOfTheUnitedStates yago:YagoLegalActor yago:YagoLegalActorGeo yago:YagoPermanentlyLocatedEntity organisation yago:SocialGroup107950920
rdfs:label	Beneficial Financial Group (en) Beneficial Financial Group (sv)
rdfs:comment	Beneficial Financial Group is an insurance and financial services company based in Salt Lake City, Utah. It is a subsidiary of Deseret Management Corporation (DMC), the for-profit arm of the Church of Jesus Christ of Latter-day Saints (LDS Church). The company was founded in 1905 and as of its 2013 fiscal year end had assets of $3.0 billion.The insurance side of the company was known for many years as the Beneficial Life Insurance Company. (en)
foaf:name	Beneficial Financial Group (en)
foaf:homepage	http://www.beneficialfinancialgroup.com/
name	Beneficial Financial Group (en)
foaf:depiction
location	Salt Lake City, Utah
dcterms:subject	American companies established in 1905 Financial services companies established in 1905 1905 establishments in Utah Companies based in Salt Lake City Financial services companies of the United States Life insurance companies of the United States Deseret Management Corporation
Wikipage page ID	9114302 (xsd:integer)
Wikipage revision ID	1124729735 (xsd:integer)
Link from a Wikipage to another Wikipage	American companies established in 1905 Financial services companies established in 1905 Deseret Management Corporation 1905 establishments in Utah Peregrine falcon United States dollar Insurance Life insurance Annuity (financial contracts) Salt Lake City Salt Lake City, Utah City Creek Center Ensign Peak Advisors Mortgage-backed security Standard & Poor's Kennecott Utah Copper The Church of Jesus Christ of Latter-day Saints Companies based in Salt Lake City Financial services companies of the United States Life insurance companies of the United States Deseret Management Corporation Disability Finance ZCMI Center Mall Private Company
Link from a Wikipage to an external page	http://www.beneficialfinancialgroup.com/
sameAs	Beneficial Financial Group Beneficial Financial Group Beneficial Financial Group Beneficial Financial Group Beneficial Financial Group Beneficial Financial Group
dbp:wikiPageUsesTemplate	dbt:! dbt:Authority_control dbt:Citation_needed dbt:Infobox_company dbt:Other_uses dbt:Reflist dbt:Start_date_and_age dbt:Unreferenced_section dbt:Profit dbt:DeseretMgt
thumbnail	wiki-commons:Special:FilePath/Beneficial_Financial_Group_logo.png?width=300
homepage	http://www.beneficialfinancialgroup.com/
image caption	Beneficial Financial Group Tower, also known as the Gateway Tower West, at City Creek Center in Salt Lake City (en)
image size	200 (xsd:integer)
industry	Insurance Finance
key people	Kent Cannon, CEO (en)
location	Salt Lake City, Utah, United States (en)
logo	File:Beneficial Financial Group logo.png (en)
operating income	$42.5 million USD (en)
owner	Deseret Management Corporation
products	Whole and Universal Life, Annuities, and Disability Insurance (en)
revenue	$600 million USD (en)
type	Private Company
has abstract	Beneficial Financial Group is an insurance and financial services company based in Salt Lake City, Utah. It is a subsidiary of Deseret Management Corporation (DMC), the for-profit arm of the Church of Jesus Christ of Latter-day Saints (LDS Church). The company was founded in 1905 and as of its 2013 fiscal year end had assets of $3.0 billion.The insurance side of the company was known for many years as the Beneficial Life Insurance Company. Beneficial is certified by the Insurance Marketplace Standards Association for ethical business practices. Beneficial held an "A+" (stable) rating from Standard & Poor's for financial strength, when S&P downgraded the rating to "A" due to exposure to Mortgage-backed security investments in the wake of the 2008 housing bubble, and warned of further possible devaluations unless DMC replenished some of Beneficial's capital as it deteriorates "from its currently strong level." On June 16, 2009, it was announced that Beneficial would stop writing new policies at the end of August. DMC reiterated its commitment to back existing policies, but said that in the current environment, Beneficial was too small to compete with larger insurers. In 2019, David Nielsen, a former employee of the LDS Church's investment manager, Ensign Peak Advisors (EP), filed a whistleblower complaint with the Internal Revenue Service. Nielsen asserted that a portion of Beneficial's funding during a financial downturn had been provided by EP, a possible violation of federal tax rules. A statement from the church denied any wrongdoing, and claimed Nielsen's allegations were based on "limited information." (en)

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