iab-728x90

The Magazine of The Evangelical Lutheran Church in America

iab-728x90

Fraternals plan to merge

LB and AAL will become one 3-million member, $60 billion organization

Two fraternal benefit organizations, Lutheran Brotherhood and Aid Association for Lutherans, plan to merge by the end of this year, pending approval by LB delegates, AAL board members and several government agencies.

At a June 27 news conference, John O. Gilbert, AAL's president and CEO, called the merger "an outstanding opportunity."

The merger was influenced by the challenges of "new regulatory requirements, distribution issues and changing consumer preferences," said Bruce J. Nicholson, president and CEO of LB. To face those challenges, "the strengths we offer each other and the members we serve ... dwarf our differences and the need to remain separate, competing organizations," he added.

With almost 3 million members and nearly $60 billion in assets, the new organization will offer more insurance, asset management, and financial planning services and products, said both companies. A new name will be chosen for the organization. Its offices will be split between a corporate center in Minneapolis and an operations center in Appleton, Wis.


Comments



Print subscribers and supporting Web members may comment.

Log in or Subscribe to comment.

text size:

this page: email | print

iab-728x90
September issue

SEPTEMBER issue:

Reinventing Sunday school

More...