2015 Annual Report

America is a country of inventors...

Airplane, 1903 Wilbur and Orville Wright

Telephone, 1876Alexander Graham Bell

Electric Guitar, 1931 George Beauchamp

Handheld Calculator, 1967Texas Instruments

iPhone, 2007Apple

Laptop Computer, 1975IBM

- Alexander Graham Bell

WoodmenLife – Established 1890 American inventors have been changing the world for the last three-plus centuries, since even before we were “America.”

One example is Thomas Edison. He failed nearly 100 times before he succeeded in creating the light bulb in 1879. Thanks to that perseverance, his invention went on to bring light into homes across America and reduced a near-total reliance on daylight.

WoodmenLife has also never given up on our commitment to our members1 and communities across the country. For more than 125 years, WoodmenLife has been protecting all kinds of American families. We stay connected to families, because we’re a different kind of life insurance company — we’re not for profit.

We give back revenues to our members, not investors, in the form of refunds2 and benefits.3 We also give back on a local level through chapters that help us lead service projects in communities across America.

This commitment to members’ families and community giving is not a unique invention, but at WoodmenLife, we believe we have perfected it.

1. An individual becomes a member by joining our shared commitment to family, community and country, and by purchasing a WoodmenLife product.

2. Refunds are declared annually by the company. The payment of refunds is not guaranteed because they depend on the company’s investment, expense and mortality experience.

3. Fraternal benefits are not contractual, are subject to change and have specific eligibility requirements.

Our VisionTo be the most trusted member-based financial services provider with valued member benefits and programs.

Our MissionWoodmenLife provides members with financial security

while making a difference in your community.

Light Bulb, 1879 Thomas Edison

Airplane, 1903 Wilbur and Orville Wright

Letter from the PresidentThe world as we know it today is convenient and enjoyable to be in because of many inventions that have made a big difference in our everyday lives.

From one of our Founding Fathers, Benjamin Franklin, and his many inventions to the Wright Brothers first taking to the sky in Kitty Hawk, NC, on Dec. 17, 1903, there are many inventors whose new ideas have shaped and changed the United States.

I believe WoodmenLife has made a big difference in many people’s lives, as well. Since 1890, we’ve been constantly improving on what we do to protect individuals and families. These are people who trust us to make decisions that impact the financial strength, stability and growth of our company, as well as their futures.

We may not be the largest or most well-known life insurance company, but I believe we set a standard many other insurance companies strive to achieve. Our members know we’re large enough to have the resources to offer security, and small enough to care about each and every one of them.

Our nation is great because of great people. And often the people that make the biggest impact are those individuals who develop inventions and ideas that have a direct impact on everyone’s lives.

Thank you for continuing to let WoodmenLife have an impact on your life and for your continued trust in our organization.

Sincerely,

Larry R. KingPresident & CEO

*As of Dec. 31, 2015

2015 Financial

Highlights*

Total Assets $10.7 billion

Life Insurance in Force$37.6 billion

Refunds to Members$51 million

Benefit Payments $586 million

Woodmen of the World Life Insurance Society

AM BEST

“A” or Higher Since 1974

Financial Strength Rating

Financially Strong, Uniquely AmericanThough he was born in Scotland, Alexander Graham Bell didn’t start inventing until he settled in Boston and became an American citizen. It was there that he developed and created one of our most valued American inventions: the telephone. Bell made his first speech transmission through the device on March 10, 1876 (three days after receiving his patent).

Like Mr. Bell’s invention, WoodmenLife has been around for more than a century because we’ve remained reliable and stable. Our conservative investment philosophy has stayed the same, because we realize that your money belongs to you, our members. You can rely on WoodmenLife to be financially stable for many years to come.

Evidence of that comes from A.M. Best who rated us A+ (Superior) for our financial strength and operating performance in 2015. A+ (Superior) is the

second-highest rating out of 15 awarded. A.M. Best is an independent rating company nationally recognized for its objective reporting and rating of insurers.

We’ve stood the test of time, just like Mr. Bell’s invention, and we plan to be there for many generations into the future.

2015 WoodmenLife Annual Report

Telephone, 1876 Alexander Graham Bell

Forward Thinking The ever-changing landscape of American innovation illustrates the ingenuity, intelligence and imagination of its people. Visionaries are always looking ahead to see how things can be improved for the future.

On a related note, WoodmenLife is always looking for ways to help our members plan for a better tomorrow for their families.

By making the needs of our members a priority, and offering a range of annuities and investment4 products, we can help them move forward and reach their financial goals in the years ahead.

• Traditional and Roth IRAs

• Annuities

• Mutual Funds4

• 529 College Savings Plans4

Reliable Products While he didn’t actually invent the automobile, Henry Ford’s motor company did produce the vehicle (the Model T) that initiated a new era in personal transportation in America. Another notable accomplishment for Ford was increasing the minimum wage for his workers, which was designed to make automobiles affordable and accessible to the common man — something we now see realized on the roadways every day!

Since its early days, WoodmenLife has been accessible for American families, as well. We’ve been there to assist them if they fall on hard times, or if they need help determining their financial needs for the future.

Just as the installation of a moving assembly line in Ford’s factory allowed cars to be produced both more quickly and efficiently, the addition of new products and improvement of existing products has allowed WoodmenLife to efficiently address each family’s specific needs.

• Whole Life Insurance

• Term Life Insurance

• Family Term Life Insurance

• Universal Life Insurance

4. Securities are offered through Woodmen Financial Services, Inc., 1700 Farnam Street, Omaha, NE 68102, 1-877-664-3332, member FINRA/SIPC, a wholly owned subsidiary of Woodmen of the World Life Insurance Society (collectively “WoodmenLife”). Securities other than the WoodmenLife Variable Annuity are issued by companies that are not affiliated with Woodmen of the World Life Insurance Society.

Model T, 1908 Henry Ford

Laptop Computer, 1975IBM

2015 WoodmenLife Annual Report

*As of Dec. 31, 2015

Strengthening CommunitiesEach exciting invention and new gadget offers an opportunity to do things differently and better. Whether tech savvy or not, every individual has a personal connection to the ever-evolving world of technology.

Similarly, WoodmenLife’s chapters are all very different, but dedicated to strengthening and supporting communities — something you won’t find with some other insurance companies.

We continue to share the same commitment to family, community and country that we’ve had since the beginning. We support our members and their communities with programs that focus on patriotism, community betterment, education, diversity, and wellness.

And as a fraternal organization, WoodmenLife continues to be dedicated to making a difference in communities across America.

• Volunteer Service

• Patriotic Programs

• Disaster Relief Activities

• Matching Funds Projects

• Community Support

• Leadership Development

• RedBasket.org

• National Community Focus

WoodmenLife NCF National Totals*

$314,209 donated

181,001 lbs. of food donated

iPad, 2010 Apple

5. Fraternal benefits are not contractual, are subject to change and have specific eligibility requirements.6. WoodmenLife has entered into sponsored marketing relationships with companies that agree to offer discounts

to WoodmenLife members. WoodmenLife is not affiliated with these companies and does not administer these discounts for products or services.

7. The Prescription Drug Savings Card is not an insurance policy and does not provide insurance coverage. In addition, the card cannot be used in combination with a prescription card issued by a health insurance provider. WoodmenLife and ScriptSave® reserve the right to discontinue this program at any time and are not responsible for the actions of any participating pharmacy. Discounts are only offered through participating pharmacies.

2015 WoodmenLife Annual Report

Changing for YouThe building of America’s first skyscraper in Chicago in 1885 ultimately changed the way architects and city planners designed cities. Buildings went from being mostly made of wood, to having steel frames and the goal of being fireproof. Since that first 10-story structure, these innovative tall buildings have continued to evolve into the impressive cityscapes we see today.

Just as the design of American cities has changed over the last century, so have the benefits5 and discounts6 WoodmenLife offers members just for trusting us to fulfill their insurance needs.

With access to family activities and community events, WoodmenLife offers support and experiences that you can’t find anywhere else for members of all ages.

• Social Activities

• Youth Programs

• Disaster Relief Benefit

• Orphan’s Care Benefit

• Newborn Benefit

• Prescription Drug Savings Card7

World’s First Skyscraper, 1885 William LeBaron Jenney

2015 WoodmenLife Annual Report

Fraternal Service ReportJust as the creation of the space shuttle was cause for celebration for the U.S. space program, our heritage of community service is something WoodmenLife proudly celebrates. By collaborating with chapters on hundreds of projects that benefit communities across America, these outreach activities make us stronger by increasing awareness of our organization and providing leadership opportunities for our members. In addition, WoodmenLife continues to provide member benefits that offer protection and support in times of need.

3,412American History Trophies and Plaques presented to students or placed in schools

32,507 American Patriot’s Handbooks presented to schools, libraries and newly naturalized citizens

437 Flags Across America participating chapters

348 JOIN HANDS DAY® participating chapters

437 In Honor and Remembrance ceremonies conducted

176 Make A Difference Day participating chapters

5,306Matching Fund Program projects in support of individuals, families and communities

162,958 United States flags presented to nonprofit groups, schools and communities

$781,000In Catastrophic Illness benefit payments

$10,000 In First Responders benefit payments

$9,944In Natural Disaster benefit payments

$23,000 In Newborn benefit payments

$46,375In Orphan’s Care benefits

$110,787Prescription Drug Savings Card benefit payments

5,700+Youth and Senior Camp attendees

2015 Community Service

2015 Customer Benefits

Space Shuttle, 1976 NASA

Financial Highlights

2015 WoodmenLife Annual Report

Sources of Income DEC. 31, 2014 DEC. 31, 2015

Payments received from members for insurance and annuities $767,491,749 $793,144,712

Interest, dividends and rents, less investment expenses and taxes 406,021,204 408,087,907

Other income 23,639,055 22,455,593

Total $1,197,152,008 $1,223,688,212

How Income Was Used DEC. 31, 2014 DEC. 31, 2015

Death benefits $193,708,385 198,121,304

Endowment benefits 2,009,684 2,122,697

Annuity benefits 220,798,874 236,126,749

Disability and hospital benefits 10,185,557 10,736,631

Payments to members and beneficiaries of monies previously deposited with WoodmenLife 42,094,605 40,850,887

Surrender benefits and withdrawals for life contracts 133,409,281 139,042,127

Refunds to members 57,939,632 51,262,897

Set aside for members and beneficiaries to guarantee payment of future benefits 358,456,667 358,255,557

Total paid to or set aside for members and beneficiaries $1,018,602,685 $1,036,518,849

Fraternal benefits 1,728,982 1,706,737

Civic and community welfare, and fraternal expense 36,379,875 35,501,163

Federal, state and other taxes (insurance) 6,215,221 6,210,370

Compensation to Sales Force for fraternal activities and securing new members 43,759,693 40,858,139

Insurance expense 90,465,552 102,892,954

Total $1,197,152,008 $1,223,688,212

Baseball, 1839 Abner Doubleday

2015 WoodmenLife Annual Report

Assets DEC. 31, 2014 DEC. 31, 2015

Bonds $7,015,394,501 $7,244,247,719

Common Stock 583,969,696 548,742,902

Mortgage Loans 1,733,426,999 1,849,032,195

Real Estate 83,175,849 82,498,757

Other Invested Assets 205,098,727 190,102,308

Cash and Short-Term Investments 165,992,217 150,524,831

Certificate Loans 164,444,422 160,654,359

Data Processing Equipment 1,058,179 1,506,758

Other Non-Invested Assets 1,390,617 1,122,892

Due and Accrued Investment Income 76,647,082 76,604,886

Separate Account Assets 409,391,300 371,031,551

Total Admitted Assets $10,439,989,589 $10,676,069,158

Assets Insurance In Force Premium Income

10-Year History 10-Year HistoryBonds

Mortgage Loans

5.1%

Stocks

Separate Accounts 3.5%Other

2.5%

1.5%Cash and Short-Term

Investments

Certificate Loans

Real Estate

1.4%

0.8%

Distribution of Assets

67.9%

Liabilities DEC. 31, 2014 DEC. 31, 2015

Certificate Reserves $8,076,078,773 $8,349,698,359

Certificate Claims 32,084,514 32,750,875

Certificate Refunds 300,221,209 289,161,682

Advance Payments 9,296,877 7,951,136

Asset Valuation Reserve 135,148,715 127,080,036

Other Liabilities 380,863,730 325,105,563

Separate Account Liabilities 409,391,300 371,031,551

Total Liabilities $9,343,085,118 $9,502,779,202

Special Reserve for Fluctuation of Assets, Mortality, Interest, Expense, and Fraternal Activities

1,096,904,471 1,173,289,956

Total Liabilities and Special Reserves $10,439,989,589 $10,676,069,158

Dollars of Assets to Every $100 of Liabilities $112 $112

Insurance In Force $37,237,663,349 $37,630,938,231

Life Insurance Issued $2,790,481,539 $2,758,500,408

Benefit Payments $560,111,781 $586,149,508

10-Year History

17.3%

Premium Income

2015

2014

2013

2012

2011

2010

2009

2008

2007

$793

$767

$726

$807

$746

$748

$800

$822

$517

2006 $538

DOLL

ARS

OF P

REM

IUM

INCO

ME

(MIL

LION

S)

Insurance in Force

2015

2014

2013

2012

2011

2010

2009

2008

2007

$37.6

$37.2

$36.7

$36.4

$35.8

$35.4

$34.9

$34.7

$34.7

2006 $34.4

DOLL

ARS

OF F

ACE

AMOU

NT IN

FOR

CE (B

ILLI

ONS)

Assets

201520142013201220112010200920082007

$10.7

$10.4$10.1$9.5$9.3$8.6$8.1$7.6$7.7

2006$7.5

DOLL

ARS

OF A

SSET

S (B

ILLI

ONS)

Woodmen of the World Life Insurance Society: Omaha, NE

Senior Vice President

Elvis O. AndersonSenior Vice President of Sales

Vice Presidents

C. Shawn BengtsonInvestment

Annette M. DevineAccounting

Matthew E. Ellis General Counsel

Karla J. GochenourHuman Resources

Randall D. HorrocksSales

Lee A. JanecekCore Operations & Chief Underwriter

Steven T. McKernAdministrative Services

Spencer R. OwenSales

Randall P. RotschaferActuary & Chief Actuary

Raymond G. SmolinskiBusiness Technology

Alabama NorthDonald E. BrayHartselle, AL

Alabama SouthJason E. ReedPrattville, AL

ArkansasJustin T. CloughConway, AR

CaliforniaWilliam J. ArdenVictorville, CA

FloridaBryan D. CarrollTallahassee, FL

Georgia CentralF. Jason FenderMacon, GA

Georgia NorthPasquale E. FrappampinaCornelia, GA

Georgia SouthDaryle W. Hardaway Leesburg, GA

Kentucky EastR T Jefferson Lexington, KY

Kentucky West Gregory D. Robertson Murray, KY

LouisianaDesi P. DoiseLafayette, LA

Mississippi NorthJames L. HofmisterTupelo, MS

Mississippi SouthPhillip M. PaceFlowood, MS

Nebraska/IowaJeff M. BridgesOmaha, NE

New York Rodney F. BarberElbridge, NY

North Carolina East Joseph W. WaltersKinston, NC

North Carolina West Lance A. Mayers Greensboro, NC

OklahomaStephen L. PriestOklahoma City, OK

PennsylvaniaJeremy S. CarrollCamp Hill, PA

South CarolinaDonald L. MolineuColumbia, SC

Tennessee East Stephen K. McMahanKnoxville, TN

Tennessee West Roger D. AndersonJackson, TN

Texas Northeast Kevin Gossum Flint, TX

Texas SoutheastChristopher D. EasonSpring, TX

Texas West Charles R. DriffillSan Antonio, TX

Virginia Terry W. CarrollRoanoke, VA

West VirginiaKevin S. Crouse Hurricane, WV

Regional Directors

Woodmen Financial Services, Inc.

Robert T. MaherChairman & Secretary

Timothy K. BuderusPresident & CEO

Elvis O. AndersonDirector

Patrick L. Dees Director

William J. Manifold Jr. Director

Officers

SubsidiariesWoodmen Insurance Agency, Inc.

Patrick L. DeesChairman

William J. Manifold Jr. President

Michael O. Berry Secretary

Annette M. DevineTreasurer

Elvis O. Anderson Director

Timothy K. BuderusDirector

Pasquale E. FrappampinaDirector

S. James Patterson Director

Executives and Directors

Daniel W. Rice III National Director

Kinston, NC

Michael C. Shealy National Director

Lexington, SC

Wesley A. Dodd Jr. National Director

Cornelia, GA

Danny E. Cummins National Director

Troup, TX

Mark L. Schreier National Director

Papillion, NE

Ronald H. Aldridge National Director

Jackson, MS

Daryl J. Doise National Director

Frisco, TX

Dr. James W. Bosler IIINational Director

Louisville, KY

Dr. James W. Shaver National Director

Landis, NC

National Board of Directors

Denise M. McCauley Patrick L. Dees Larry R. King Robert T. MaherExecutive Vice President, Operations & Secretary

Executive Vice President, Fraternal

Chairman, President & CEO Executive Vice President, Finance & Treasurer