Beneficial Financial Group is an insurance and financial services company based in Salt Lake City, Utah. It is a subsidiary of Deseret Management Corporation, which is in turn owned by the Corporation of the President of The Church of Jesus Christ of Latter-day Saints. The company was founded in the early 20th Century and as of fiscal year end 2005 had assets of $3.1 billion with yearly revenues of $600 million. 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. It is a subsidiary of Deseret Management Corporation (DMC), a for-profit management company of assets for The Church of Jesus Christ of Latter-day Saints. 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 MBS, and warned of further possible devaluations unless Deseret Management 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. Deseret Management reiterated its commitment to back existing policies, but said that Beneficial's relatively small size rendered it unable to compete with larger insurers.
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