| Business Summary | | Summit
Life
Corporation
is
an
insurance
holding
company.
The
Company's
primary
focus
is
its
life
insurance
operations,
although
historically
it
has
also
provided
residential
mortgage
loan
processing
services
to
individuals
and
financing
to
medical
accounts
receivable
factoring
entities.
As
of
December
31,
2000,
the
Company
had
approximately
817
life
insurance
policies
and
annuity
contracts
outstanding
and
individual
life
insurance
in
force
of
approximately
$14
million.
Through
its
insurance
subsidiary,
the
Company
offers
a
portfolio
of
permanent
and
term
life
products
as
well
as
flexible
premium
and
single
premium
annuities
designed
to
meet
the
needs
of
its
customers
for
supplemental
retirement
income,
estate
planning
and
protection
from
unexpected
death.
The
target
niche
is
middle-income
individuals,
families
and
small
businesses
throughout
its
marketing
territory. | More
from
Market Guide: Expanded
Business Description |
| Financial Summary | | SUMC,
through
its
subsidiary,
Great
Midwest
Life
Insurance
Company,
offers
individual
life
insurance
and
annuity
products
in
LA,
OK
and
TX.
For
the
six
months
ended
6/30/01,
revenues
rose
30%
to
$496
thousand.
Net
loss
applicable
to
Common
rose
4%
to
$116
thousand.
Revenues
reflect
higher
investment
income
and
net
premium
income.
Net
loss
was
partially
offset
by
increased
expenses
due
to
reserve
increases
associated
with
the
new
business
written
by
the
Company. | More
from
Market Guide: Significant
Developments |
| | | | FY2000 Pay | |
| James Smith, 62 Chairman
and CEO | $15K | Charles Smith, 42 Pres,
COO | -- | Quinton Hiebert, 42 CFO,
VP, Sec. | -- | Dollar amounts are as of 31-Dec-2000 and compensation values are for the fiscal year ending on that date; "Pay" is salary, bonuses, etc.. |
| More
from
Market Guide on Officers & Directors: Expanded
List, Bios,
Compensation,
Options
|
|