Beneficial Financial Group
| Company type | Subsidiary |
|---|---|
| Industry | Financial services, Insurance |
| Founded | 1905 |
| Headquarters | Salt Lake City , United States |
| Products | Insurance |
| Parent | Deseret Management Corporation |
Beneficial Financial Group is a financial services and insurance firm headquartered in Salt Lake City, Utah. It functions as a subsidiary under Deseret Management Corporation (DMC), which serves as the commercial division of the Church of Jesus Christ of Latter-day Saints (LDS Church). Established in 1905, Beneficial reported total assets amounting to $3.0 billion during the 2013 fiscal year. The company's insurance operations were previously identified as the Beneficial Life Insurance Company.
The company holds certification from the Insurance Marketplace Standards Association, reflecting its adherence to ethical business standards. In 2006, it earned an "A+" (stable) rating from Standard & Poor's, which was subsequently lowered to "A" due to exposure to mortgage-backed securities amid the 2008 housing market collapse. S&P indicated the possibility of further downgrades unless DMC increased Beneficial’s capital reserves.
On June 16, 2009, Beneficial declared that it would discontinue issuing new insurance policies by August, attributing this decision to challenges competing with larger insurance providers. Despite this reduction in operations, DMC confirmed its ongoing support for existing policyholders.
In 2019, David Nielsen, a former employee involved in investment management for the LDS Church, filed a whistleblower report with the IRS. The complaint alleged that Ensign Peak Advisors (EP) had financially supported Beneficial during a period of economic difficulty, potentially breaching federal tax laws. The LDS Church refuted these allegations, asserting they were based on incomplete information.
Location
For an extended period, the company's main office was situated in the Beneficial Life Tower above the ZCMI Center Mall. The building featured the company’s name in large blue illuminated letters, prominently visible along State Street throughout the Salt Lake Valley.
During the mid-1980s, the Beneficial Life Tower attracted attention when a rare pair of nesting peregrine falcons took residence on the company’s signage.
Around 2006, Beneficial moved its headquarters to the former Kennecott building located at the opposite corner within the same block. Both structures remained intact as nearly the entire block and surrounding areas underwent redevelopment into what is now known as City Creek Center.