Enterprise Structure

Mutual: More than a Structure

In 2000, the companies of OneAmerica® reorganized to a mutual holding company structure. As a mutual organization, our first priority is the customer, not Wall Street. Policyholders elect our board of directors; we have no external shareholders. Because we don’t have the short-term distractions of quarterly earnings calls, stock prices and the other pressures felt by public companies, our mutual structure lets us focus on providing long-term value for customers by creating and protecting their assets.

The mutual structure supports growth by giving us the flexibility to bring other mutual insurance companies into the organization. And it lets us be more efficient in our capital structure, to support growth and financial strength over the long term.

At OneAmerica®, "mutual" is more than a structure. It’s a philosophy and a business model that supports our promise to be there when our customers need us most.

Questions about the Enterprise Structure

Is OneAmerica® part of a mutual insurance organization?

Yes, OneAmerica® and its operating companies (including American United Life Insurance Company®, The State Life Insurance Company and Pioneer Mutual Life Insurance Company) are part of a mutual holding company group. All companies are ultimately owned by American United Mutual Insurance Holding Company (AUMIHC).

When I look up OneAmerica®, AUL, State Life and Pioneer, it says they are stock companies. How can you be a mutual organization when you have stock companies?

These stock companies are ultimately owned by the mutual holding company parent, American United Mutual Insurance Holding Company (AUMIHC). There are no external shareholders. AUMIHC owns all of the stock of OneAmerica®, and OneAmerica® owns all of the stock of AUL, State Life and Pioneer.

When a customer purchases a policy at AUL, State Life or Pioneer, they become a member of the holding company (AUMIHC) and gain certain rights, including the right to vote for the AUMIHC board of directors. Being a family of companies ultimately controlled by its policyholders makes OneAmerica® a mutual organization.

Who controls OneAmerica® and its operating companies?

Policyholders. Eligible policyholders of our insurance subsidiaries elect the board of directors of the holding company that ultimately provides the direction and guidance to the enterprise.

Are there outside shareholders who influence or control OneAmerica® and its companies?

No. There are no external shareholders.

Does OneAmerica® plan to issue stock to external shareholders or "go public?"

We plan to remain a mutual organization and to continue to manage the company for the benefit of our policyholders rather than for the benefit of external shareholders.

Why did the company convert to a mutual holding company structure?

The mutual holding company structure lets us add other like-minded mutual companies to the structure. Policyholders benefit from the increased scale, financial strength and resources of the combined organization. And the holding company structure lets us manage capital more efficiently and effectively.

Why is mutuality so important?

As a financial services organization, we make long-term promises. Benefits often don’t come due for 20 or 30 years, and a lot can happen in that time frame. So a long-term view is vital. We believe mutuality is a superior form of ownership because it supports long-term thinking. And our performance during the recent downturn is a testament to our financial strength and conservative risk management over the long term.

Is OneAmerica® a mutual or stock company?

We are organized as a mutual holding company. Our operating subsidiaries are stock companies ultimately owned by a mutual holding company parent. Policyholders, not public shareholders, guide all aspects of our operation through the board of directors they elect. Our mutual structure is illustrated as follows:

American United Mutual Insurance Holding Company
(Insurance Holding Company)


OneAmerica Financial Partners, Inc.
(Indiana Stock Company Subsidiary)


The operating companies of OneAmerica:
American United Life Insurance Company® (Indiana Stock Company)
The State Life Insurance Company (Indiana Stock Insurance Company)
Pioneer Mutual Life Insurance Company (North Dakota Stock Insurance Co.)
OneAmerica Securities
AUL Reinsurance Management Services, LLC

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