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

www.beneficialfinancialgroup.com/financial_information.html

www.beneficialfinancialgroup.com/charitable_contributions.html

www.deseretnews.com/article/705310879/Beneficial-Financial-Group-cuts-150-of-its-214-Utah-jobs.html