Beneficial Financial Group is a subsidiary of the Deseret Management Corporation. It was founded by Heber J. Grant in 1905 to provide for widowed women and orphaned children (as referendum, perhaps, on his own life experience). The company was the first certified insurance company in the Rocky Mountains and endured through the 20th century but could not weather the financial depredations of the early 21st century.
Between 2007 and 2008 it lost $600 million dollars (requiring a ‘bailout’ from Deseret Management Corporation) and stopped writing new policies. Today it manages a bond and stock portfolio worth $3 3,090,328. It holds $ 2,414,715 in policy reserves. It has $545,984,000 in capital. In 2012, its investments earned $50 million.
Today, Beneficial donates 10% of its pre-tax earnings to various charities. It also matches its employee’s donations (up to $3,000) to various charities.
Its website includes a partial list of charities it donates to:
- United Way
- American Heart Association
- Huntsman Cancer Institute
- Utah Symphony and Opera
- Rose Park Community Center
- CHOICE International
- American Red Cross
- Boy Scouts of America
- Girl Scouts of the United States of America
- Refugees of the conflict in Kosovo
- Flood victims in Venezuela
- Local students who receive educational grants and scholarships