User:MaryGaulke/sandbox/Midland National Life Insurance Company

Midland National Life Insurance Company is a privately held, U.S.-based life insurance company that operates as a subsidiary of Sammons Financial Group. Founded in 1906, the company sells both life and annuity insurance plans.

History
Midland National was founded in 1906 as Dakota Mutual Life Insurance Company, changing its name to Midland National Life Insurance Company in 1925. The company grew steadily throughout its early years and was purchased by Reserve Life Insurance Company in 1958. In 1970, Midland National reached a milestone of $1 billion of life insurance in force; by 1982, the company hit $10 billion of life insurance in force, and by 1989, it was $25 billion.

In 1999, the company began selling annuities in addition to life insurance. That same year, Esfandyar Dinshaw joined the company; he was subsequently promoted to President of Sammons Annuity Group in 2006 and then CEO of Sammons Financial Group in 2009. By the end of 2008, Midland National and its affiliated life insurance companies reached over $225 billion of individual insurance in force.

In June 2014, Midland National agreed to pay a $31 million settlement in a lawsuit alleging that Midland National deceived buyers of some of its annuity products. The company denied any wrongdoing and contended that its annuity products are legal as sold.