Illinois Mutual Life Insurance, a provider of life insurance, annuity, and disability insurance products, has joined the Federal Home Loan Bank of Chicago as a new member.
Insurance companies use loans from the Federal Home Loan Bank (called advances) in a variety of ways, including managing unexpected cash-flow disruptions, funding operational needs, supporting fixed-rate assets or annuity products, and match-funding for assets with regular principal and interest payments.
Matt Feldman, president and CEO of the Federal Home Loan Bank of Chicago, said: We are pleased to be working with this premier Illinois institution. With membership, Illinois Mutual gains access to reliable, low-cost funding as well as a host of other benefits. We look forward to increasing our membership among insurance companies.
The Federal Home Loan Bank (FHLB) System has more than 200 regulated insurance carriers as members across the country. In the past 10 years, the FHLB System has more than doubled its insurance company membership.