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Thrivent Magazine Summer 2020

What’s happening at Thrivent - June 2020

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Thrivent’s COVID-19 response, AM Best rating affirmed, more.

The COVID-19 pandemic has been a time of uncertainty, and people across the country quickly acted to protect themselves and to help others. Thrivent and its members were no exception.

“As always, but especially now, we are committed to serving our members, clients and their families,” says Terry Rasmussen, Thrivent president and CEO. “Rest assured, Thrivent is a strong and stable diversified financial services organization that is well-positioned to not only weather but thrive during this storm. Our strong capital and surplus positions will allow us to deliver on our past and future commitments to our clients.”

Here’s a brief synopsis of how Thrivent responded to COVID-19:

For our clients:

  • Thrivent has offered an extended grace period for life and health insurance products to help clients through the impacts of coronavirus. Thrivent hasn't lapsed a contract due to nonpayment of premiums during the pandemic.
  • Thrivent Credit Union3 offered assistance and resources to those who have or may be experiencing financial hardships.

For the workforce:

  • Thrivent has an action plan to demonstrate care for the workforce. It includes a work-from-home requirement for most positions that began March 23. Thrivent financial professionals are using technology to meet virtually with members.
  • All non-essential travel has been canceled, and Thrivent has established a quarantine policy.
  • Meetings and events have been transitioned to virtual engagements if possible; others were canceled or postponed.

For our clients and communities:

  • Thrivent Member Network events have been held virtually when possible. Events that could only be held in person have been postponed or canceled.
  • Thrivent has extended all Thrivent Action Teams originally scheduled for March, April or May, offering additional time to complete events.
  • As of the end of May, the amazing generosity and action of more than 46,000 Thrivent members, along with their friends, family and neighbors, generated nearly $13 million of much-needed financial support to more than 17,000 non-profit organizations and churches around the country.

Learn more about Thrivent’s efforts.

Mary Jane Fortin joins Thrivent as chief commercial officer

Mary Jane Fortin joins Thrivent on July 6 as senior vice president and chief commercial officer. Fortin will play an integral role in Thrivent’s transformation into a customer-centric organization that helps people achieve financial clarity, enabling lives full of meaning and gratitude.

“Mary Jane has everything I was looking for in this key role,” says Thrivent president and CEO Terry Rasmussen. “Her depth of financial services expertise, her experience leading multiple distribution channels, and her passion for our organization’s purpose make her a perfect fit for Thrivent.”

Fortin will have responsibility for all commercial operations of Thrivent: distribution; product management; life, health and annuity product operations; and national community and membership engagement.

Fortin is a highly regarded industry leader with a proven track record of success. She comes to Thrivent from Allstate, where she last served as president of Allstate Financial Businesses. She’s also held senior leadership roles at several other financial services organizations, including AIG and The Hartford.

Thrivent’s ethical culture recognized by the Ethisphere Institute

Thrivent is proud to be named for the ninth year in a row as one of the World’s Most Ethical Companies by Ethisphere1, a global leader in defining and advancing the standards of ethical business practices. The organization is one of 132 honorees in 2020 and one of only five honorees in the financial services category.

This recognition honors companies that set global standards for business integrity and corporate citizenship.

President and CEO Terry Rasmussen said this honor is a testament to Thrivent’s ethical culture of doing the right thing.

“I’m grateful for our workforce who make a daily commitment to put our values into action,” Rasmussen says. “It’s because of them that we’re able to fulfill our promise of helping people achieve financial clarity, enabling lives full of meaning and gratitude.”

Introducing two new Thrivent board members

The Thrivent Board of Directors appointed two new members to the organization’s governing body, and their terms began in February. The board can appoint others into appointive positions based upon skills sets, experience and overall board needs.

Deborah Ackerman, of Wilmette, Illinois, is co-founder and senior advisor to Twin Bridge Capital Partners, a private equity firm based in Chicago. She is a former chair of the Illini Leadership Council and previously served as director and executive chair of the Thrivent Member Network–Chicagoland Region. In addition, Ackerman is an active leader at her church where she is a deacon, Sunday school teacher and liturgist. She graduated from the University of Illinois, Urbana with a B.S. in finance, and she has an MBA in finance from the Kellogg School of Management.

Angela Rieger, of Madison, Wisconsin, is senior vice president of planning and head of international at Lands’ End. She currently is on the board of Women in Retail Leadership Circle and is a mentor for Building Brave. She previously served as executive chair for the Thrivent Member Network–South Wisconsin Region and was on the boards of Doyenne and the Edgewood Athletic Association. She received her B.S. in organizational leadership from the Gies College of Business at the University of Illinois, Urbana.

“We’re thrilled to welcome Debbie and Angie to the board,” says Terry Rasmussen, president and CEO of Thrivent. “They are passionate about supporting Thrivent’s mission and helping people achieve greater financial clarity. I’m confident they will help us transform our organization in new and exciting ways.”

Learn more about all Thrivent’s board members.

AM Best affirms Thrivent rating

AM Best recently affirmed Thrivent’s A++ (Superior) rating as well as its stable outlook.2 This rating is the highest of the agency’s 16 ratings categories.

Given the current economic environment, this rating is especially significant and important to our clients. It means Thrivent is a strong and stable organization, ready to serve you and deliver on its financial promises.

In its review, AM Best identified several positive factors that contributed to Thrivent’s rating. In particular, the agency recognized Thrivent for its balance sheet strength, strong operating performance, favorable business profile and very strong enterprise risk management in a challenging environment. They also noted Thrivent’s high-quality capital structure which utilizes no debt and fully retains product-related risks on its balance sheet. Finally, they cited the organization’s loyal membership base and continued efforts to grow.

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1"World's Most Ethical Companies" and "Ethisphere" names and marks are registered trademarks of Ethisphere LLC. For details, visit worldsmostethicalcompanies.com/honorees.

2Rating based on Thrivent’s financial strength and claims-paying ability. Does not apply to investment product performance.

3Deposit and lending services are offered by Thrivent Credit Union, the marketing name for Thrivent Federal Credit Union, a member-owned not-for-profit financial cooperative that is federally insured by the National Credit Union Administration and doing business in accordance with the Federal Fair Lending Laws. Insurance, securities, investment advisory and trust and investment management accounts and services offered by Thrivent, the marketing name for Thrivent Financial for Lutherans, or its affiliates are not deposits or obligations of Thrivent Federal Credit Union, are not guaranteed by Thrivent Federal Credit Union or any bank, are not insured by the NCUA, FDIC or any other federal government agency, and involve investment risk, including possible loss of the principal amount invested. Must qualify for membership in TCU.

Member benefits and programs are not guaranteed contractual benefits. The interpretation of the provisions of these benefits and programs is at the sole discretion of Thrivent. Thrivent reserves the right to change, modify, discontinue, or refuse to provide any of the membership benefits or any part of them, at any time.

You should only purchase and keep insurance and annuity products that best meet the financial security needs of you and your family and never purchase or keep any insurance or annuity products to be eligible for nonguaranteed membership benefits.
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