Sammons Financial Lays Off ‘Small Group’ Of Employees

Sammons Financial Group is the latest insurer to announce layoffs -- a "small group" of employees across four Midwest company sites.

The layoffs will happen during the first quarter of 2019, said John Myers, associate vice president of corporate communications for Sammons. The affected offices are reportedly in Illinois, Iowa, South Dakota and North Dakota.

"Impacted employees will be offered severance and outplacement services to help as they transition," Myers said in an email. "We are approaching these changes from a position of strength to accommodate anticipated growth across the enterprise."

Headquartered in Chicago, Sammons is the parent company for Midland National Life in Sioux Falls, S.D.; North American Company for Life and Health Insurance in West Des Moines, Iowa; and Sammons Institutional Group, which sells retirement products.

Sammons Financial reports $82.1 billion in total assets, nearly 1.1 million life insurance policies worth $276.6 billion, and 611,013 annuity contracts.

"There are currently 25 open positions across the company, and we expect to continue to add new jobs over the next several years," Myers said.

"Through the transformation process, we have identified opportunities to operate more efficiently, invest in automation and digital solutions, and improve the experience of our distributors and policyholders. We have identified areas where those improvements will result in the addition of new types of positions as well."

State Farm and Nationwide are just two of the insurers who have had layoffs since the beginning of 2017. Nationwide is reducing its workforce by about 1,100 people, the insurer said last month.

InsuranceNewsNet Senior Editor John Hilton has covered business and other beats in more than 20 years of daily journalism. John may be reached at [email protected].

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InsuranceNewsNet Senior Editor John Hilton has covered business and other beats in more than 20 years of daily journalism. John may be reached at [email protected]. Follow him on Twitter @INNJohnH.