Company: Thrivent
Company Description: Thrivent is a Fortune 500 diversified financial services organization offering advice, investments, insurance, banking and generosity programs and solutions. We help people achieve financial clarity, enabling lives full of meaning and gratitude. We believe money is a tool, not a goal, used to enable people to make the most out of what they have been given. That is the Thrivent purpose,
Nomination Category: Company / Organization Categories
Nomination Sub Category: Company of the Year - Financial Services - Large
 Nomination Title: Thrivent
- Which will you submit for your nomination in this category, a video of up to five (5) minutes in length about the achievements of the nominated organization since January 1 2021, OR written answers to the questions for this category? (Choose one):
Written answers to the questions
- If you are submitting a video of up to five (5) minutes in length, provide the URL of the nominated video here, OR attach it to your entry via the "Add Attachments, Videos, or Links to This Entry" link above, through which you may also upload a copy of your video.
N/A, opted for written answers below.
- If you are providing written answers for your submission, you must provide an answer to this first question: Briefly describe the nominated organization: its history and past performance (up to 200 words):
Total 191 words used.
Thrivent is a Fortune 500 diversified financial services organization that offers advice, investments, insurance, banking and generosity products and programs to millions of clients nationwide. Founded over 120 years ago as a membership-owned fraternal organization, Thrivent helps its clients, who share Christianity as their common bond, meet their financial goals and lead lives of purpose, service and faith.
As one of the original purpose-driven organizations, Thrivent believes that humanity thrives when people make the most of all they’ve been given. Unique in its focus on generosity and service to the community, the organization is committed to building on its strong legacy of mobilizing people to come together to make a positive difference. Thrivent does this by offering unique products and programs that enable its clients and workforce to be generous with their time, talents and resources.
Lastly, Thrivent believes everyone deserves a plan for their finances and has more than 1,900 financial advisors located across the country delivering purpose-based advice that helps clients achieve financial clarity, enabling them to live with more meaning and gratitude. The organization has more than 4,000 corporate employees and is headquartered in Minneapolis, Minnesota.
- If you are providing written answers for your submission, you must provide an answer to this second question: Outline the organization's achievements since the beginning of 2021 that you wish to bring to the judges' attention (up to 250 words):
Total 249 words used.
Despite facing a year defined by pandemic recovery pains and market volatility, Thrivent remained strong and stable, committed to serving its clients and providing them with meaningful guidance as they navigated these headwinds.
In 2022, Thrivent’s Assets Under Management were $162 billion with total revenue of $9.4 billion and an adjusted surplus of $16.6 billion (as of 12/31/22). Thrivent also distributed a record-breaking $400 million in dividend and credited rate enhancements to its clients in January 2023—a 37% increase over 2022 and its 110th consecutive annual dividend payout, signifying how Thrivent returns value to its clients, generation-to-generation.
Thrivent’s strong financial foundation and disciplined long-term management philosophy has resulted in the company receiving strong financial strength and claims-paying ability ratings in 2022, including AM Best (A++ Superior; highest of the agency’s 16 rating categories), Moody’s Investors Service (Aa2 (Excellent) with stable outlook, the third highest of the agency’s 21 rating categories), and S&P Global Ratings (AA+ (Very Good) with stable outlook, the second highest of the agency’s 20 rating categories). This does not apply to investment product performance.
These achievements are a testament to Thrivent’s committed workforce and the company’s efforts to engage, nurture, and retain top talent through a flexible, hybrid, working model that attracts people who are passionate about helping clients reach their financial goals and lead lives of purpose. Consequently, even as most other companies battled the Great Resignation, Thrivent had a 47% increase in hiring new talent in 2022 compared to the previous year.
- If you are providing written answers for your submission, you must provide an answer to this third question: Explain why the achievements you have highlighted are unique or significant. If possible compare the achievements to the performance of other players in your industry and/or to the organization's past performance (up to 250 words):
Total 250 words used.
Thrivent offers a diverse portfolio of products and services paired with purposeful and meaningful advice, designed to help clients thoughtfully assess their financial and life goals, keeping their values in mind. Whether choosing an insurance plan or an investment, Thrivent guides clients to use money as a tool for living a purposeful life—caring for themselves and others. This philosophy is different from many in the industry who simply view money as the primary goal to measure success.
Thrivent empowers its workforce and clients to be generous with their time, talents, and resources. In 2022, Thrivent, its clients and others raised and donated $283M through Thrivent’s generosity programs and volunteered 12.8M hours toward community service. Thrivent’s purpose-driven mission and approach to generosity are among industry differentiators and serve as a platform for lifting company performance to new heights.
As a testament to Thrivent’s commitment to removing barriers so everyone can access its purpose-based advice, the organization is building on it’s digital-first capabilities by offering remote services. One initiative underway is Money Canvas, a complimentary program offered by Thrivent to help people build healthy financial habits. Money Canvas has delivered 8,710 coaching sessions to over 4,090 households nationwide. Thrivent recognizes offering innovative virtual programs first starts within, which is why it provides its workforce with the flexibility to choose where they want to work based on personal preference and ability to meet business and client needs. This is especially significant as other financial services continue to mandate in-office time.
- You have the option to answer this final question: Reference any attachments of supporting materials throughout this nomination and how they provide evidence of the claims you have made in this nomination (up to 250 words):
Total 244 words used.
Serving as a steward of financial clarity: Thrivent’s ability to serve clients in the ways they need most depends on the company being financially strong and stable. As evidenced by the company’s overall financial performance, as well as very strong ratings and recognitions by AM Best, Moody’s Investors Service, S&P Global, and Lipper Fund (see ratings details above) Thrivent is well-positioned to help its clients achieve financial clarity, enabling lives full of meaning and gratitude.
Prioritizing people: Building upon Thrivent’s flexible work initiative, the company is simultaneously re-investing at every level, implementing leadership development programs that allow the company to hone its existing talent base and support advisors in pursuing careers that make a societal impact. A recent example is the company’s partnership with Harvard Business School to develop a ‘Next Generation Enterprise Leader’ program preparing mid-level managers to enhance their knowledge, strength, and strategic mindset.
Giving back: Beyond professional development, Thrivent encourages its clients and workforce to give back in meaningful ways. This is evidenced by the millions of hours volunteered and dollars donated by Thrivent and its advisors, members, and communities through initiatives like Thrivent Action Teams and Thrivent Choice®.
Leading with purpose: Being recognized as a World’s Most Ethical Company by Ethisphere for the 11th consecutive year—one of only 136 honorees spanning 22 countries and 45 industries—demonstrates Thrivent’s core values and commitment to doing what’s right are reflected every day in the company’s business practices and the ways it serves clients.
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