Beneficial Financial Group is an insurance and financial services company based in Salt Lake City, Utah. It is a subsidiary of Deseret Management Corporation, the for-profit arm of The Church of Jesus Christ of Latter-day Saints (LDS Church). The company was founded in 1905 and as of its 2013 fiscal year end had assets of $3.0 billion. The insurance side of the company was known for many years as the Beneficial Life Insurance Company. Beneficial is certified by the Insurance Marketplace Standards Association for ethical business practices. It is a subsidiary of Deseret Management Corporation (DMC), a for-profit management company of assets for the LDS Church. Beneficial held an "A+" (stable) rating from Standard & Poors for financial strength, when S&P downgraded the rating to "A" due to exposure to MBS, and warned of further possible devaluations unless DMC replenished some of Beneficials capital as it deteriorates "from its currently strong level." On June 16, 2009, it was announced that Beneficial would stop writing new policies at the end of August. DMC reiterated its commitment to back existing policies, but said that in the current environment, Beneficial was too small to compete with larger insurers.