Destined to become a leading life insurance company, Midland National® Life Insurance Company’s beginning dates to 1906, as Dakota Mutual Life Insurance Company in the Black Hills of South Dakota. The company weathered its first four decades of existence through economic challenges in the form of the Spanish Flu Outbreak of 1918-19, the Great Depression, the Dust Bowl and two World Wars.
In 1958, Reserve Life Insurance Company based in Dallas, Texas, acquired the majority of Midland National stock. Charles A. Sammons was sole shareholder and president of Reserve Life. Mr. Sammons had watched Midland National's rapid growth, as the company had doubled its life insurance in force during the previous five years. In 1962, Sammons Enterprises, Inc. was established to hold Mr. Sammons’ diverse investments. Over the next 30 years, Midland National's growth skyrocketed as the company achieved a compound annual growth rate of 15 percent while maintaining superior industry ratings and a high quality investment portfolio. In 1970, the company achieved its first billion dollars of life insurance in force and later took its first step in the fixed annuity arena.
Visit th overview web page for Midland National to learn more.
Learn more company history at the Midland National History website.
Source for sales numbers and growth rate: Midland National Internal Sales and Historical Data, 2017.