with beneficial finance or beneficial corporation . beneficial financial group beneficial financial group tower also known as the gateway tower west at city creek center in salt lake city type private industry insurance & finance founded 1905 headquarters salt lake city utah united states key people kent cannon ceo products whole and universal life annuities and disability insurance revenue 600 million usd 2005 operating income 42.5 million usd 2005 owner deseret management corporation website www.beneficialfinancialgroup.com beneficial financial group is an insurance and financial services company based in salt lake city utah . it is a subsidiary of deseret management corporation the for profit arm of the church of jesus christ of latter day saints lds church . the company was founded in 1905 1 and as of its 2013 fiscal year end had assets of 3.0 billion . 2 the insurance side of the company was known for many years as the beneficial life insurance company . beneficial is certified by the insurance marketplace standards association for ethical business practices . it is a subsidiary of deseret management corporation dmc 3 a for profit management company of assets for the lds church . beneficial held an a stable rating from standard & poor s for financial strength 4 when s & p downgraded the rating to a due to exposure to mbs and warned of further possible devaluations unless dmc replenished some of beneficial s capital as it deteriorates from its currently strong level . 5 on june 16 2009 it was announced that beneficial would stop writing new policies at the end of august . dmc reiterated its commitment to back existing policies but said that in the current environment beneficial was too small to compete with larger insurers . 6 location edit the company headquarters for many years was in the beneficial life tower directly above the zcmi center mall . this office tower had the company name in large letters along the side lit in blue at the top of the structure . the words beneficial life could be seen from quite a distance as the tower had an entirely unimpeded view of the salt lake valley along the main artery known as state street . during the mid 1980s the beneficial life tower achieved notoriety citation needed when a rare breeding pair of peregrine falcons decided to take residence on the company letters on the north side of the building . around 2006 beneficial moved to the former kennecott building on an opposite corner of the same block . both buildings remained while almost the entirety of the block was torn down along with neighboring blocks of downtown salt lake city and turned into a new development called the city creek center . references edit mission vision and values . beneficialfinancialgroup.com . beneficial financial group . retrieved on 2006 01 25 . march 2014 president s letter . beneficialfinancialgroup.com . beneficial financial group . beneficial role . beneficialfinancialgroup.com . beneficial financial group . retrieved on 2006 01 25 . insurance ratings . standardandpoors.com . standard and poor s. retrieved on 2006 01 25 . s & p beneficial life insurance co. ratings lowered to a and placed on creditwatch october 12 2007 market news publishing s & p press release beneficial financial group cuts 150 of its 214 utah jobs . deseret news . retrieved on 2009 09 29 . v t e subsidiaries of deseret management corporation agriculture agreserves inc. hawaii reserves farmland reserve inc. real estate temple square hospitality utah property management associates property reserve media bonneville international deseret book deseret digital media deseret news publishing company other beneficial financial group retrieved from https en.wikipedia.org w index.php title beneficial financial group & oldid 743654106 categories deseret management corporationcompanies based in salt lake cityinsurance companies of the united stateslife insurance companieshidden categories pages using infobox company with unsupported parametersall articles with unsourced statementsarticles with unsourced statements from february 2015 navigation menu personal tools not logged intalkcontributionscreate accountlog in namespaces article talk variants views read edit view history more search navigation main pagecontentsfeatured contentcurrent eventsrandom articledonate to wikipediawikipedia store interaction helpabout wikipediacommunity portalrecent changescontact page tools what links hererelated changesupload filespecial pagespermanent linkpage informationwikidata itemcite this page print export create a bookdownload as pdfprintable version languages add links this page was last modified on 10 october 2016 at 15 52 . text is available under the creative commons attribution sharealike license ; 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