Original sentence: In 2005, it formed a mutual insurance holding company the Union Central Mutual Holding Company and converted the life insurance company to a stock company.It was established as a mutual insurance company.On January 1, 2006 that holding company merged with the Ameritas Acacia Mutual Insurance Holding Company to form the UNIFI Mutual Holding Company.UNIFI Companies - Union Central
Edited sentence: At the beginning of the 21st century numerous mutuals such as Prudential, MetLife, and John Hancock decided to demutualize and return to policyowners all the profits earned over the years.Despite that fundamental fact, they have managed to accumulate massive profits over the years by overcharging policyowners for insurance and paying them too little in dividends.In 2005 it formed a mutual insurance holding company the Union Central Mutual Holding Company and converted the life insurance company to a stock company.It was established as a mutual life insurance company.Mutual life insurance companies were originally organized to provide insurance-at-cost.On January 1, 2006 that holding company merged with the Ameritas Mutual Insurance Holding Company to form the UNIFI Mutual Holding Company.Opponents of mutual insurance holding companies referred to it in New York as “legalized theft,” since the ownership interests of policy owners are extinguished without compensation.Policyowners for Demutualization of Union Central Life.Policyowners were awarded cash, stock and policy credits exceeding $100 billion in these demutualizations, which have been regarded as socially desirable.The Ameritas Acacia Mutual Holding Company had been formed in 1999 when the holding companies that owned Ameritas Life and Acacia Life merged.The initial reorganization undertaken by Union Central, while permissible in Ohio, is not allowed in the state of New York, where attempts by mutual insurers to pass similar permissible legislation failed.Those two mutual insurance holding companies were the first to merge in the modern era.Union Central Life is among the few mutual life insurance organizations that have not demutualized.Union Central Life’s whole life policyowners would receive an estimated $9,933 per policy and its other policyowners would receive $1,385 per policy in a demutualization according to financial data contained in Union Central Life’s 2005 Annual Statement to the National Association of Insurance Commissioners (NAIC), the company’s 2005 Annual Report and shown at