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Our history spans a lifetime. The history of Banner Life Insurance Company is more than 50 years strong. Chartered in 1949 as Government Employees Life Insurance Company (GELICO), we were acquired by Legal & General Group Plc as a wholly owned subsidiary in 1981. In 1983, our name was changed to Banner Life, signifying our flagship position with Legal & General America in the United States. Banner Life's subsidiary, William Penn Life Insurance Company of New York, joined the corporate group in 1989. Since that time, management for both companies has been consolidated at the senior level. Banner Life's national presence, William Penn's nearly 40 years of brokerage experience and the operational synergy between both companies is a strong combination. Banner's life insurance products are sold through independent life brokerage agencies in 48 states and the District of Columbia. Real life means keeping promises. At Banner Life, we take our financial promises seriously. We also promise to treat our customers fairly and to apply ethical standards to every business transaction. We believe in offering low-cost, innovative products and responsive service. Our goal is to build lasting, mutually beneficial partnerships for life. At year-end 2004, on a GAAP consolidated basis, Banner Life had: Over $246 billion of life insurance in force Over $3.5 billion in assets An investment portfolio that consisted of 100% investment grade assets, including 21% U.S. government and U.S. government agency holdings No real estate or commercial mortgages And on a statutory basis had: Capital & surplus of over $321 million Assets equal to 138% of liabilities Our ratings speak for themselves. While we are proud to be a member of the Legal & General Group Plc, we take an even greater pride in our financial and management independence. Our ratings indicate that Banner can and will honor its commitments to policyowners...based on its own, independent financial strength. Banner has: An A+ (Superior) rating from A.M. Best for financial strength and operating performance, the highest of Best's 10 rating categories An AA rating from Standard & Poor's for financial strength Our headquarters: Banner Life's home office is located in Rockville, Maryland, just minutes away from our nation's capital.
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