Founded in Cincinnati in 1888 as The Western and Southern Life Insurance Company, Western & Southern Financial Group has become a Fortune 500 company providing life insurance, investment, and retirement solutions through its various financial subsidiaries. One of Western & Southern’s community objectives is to enhance the quality of life in Cincinnati to make it the most desired destination for living, working and leisure.
Determined to understand effectiveness locally, the company recently partnered with The Alpaugh Family Economics Center at the University of Cincinnati to conduct an economic impact study. The Center is renowned for providing top-notch research that aids in improving decision-making for public and private sectors.
“Because we have been in business for 135 years, we wanted to participate in this study and take the opportunity to reflect on our impact,” explains Maribeth S. Rahe, president and CEO of Fort Washington Investment Advisors, Western & Southern’s investment management subsidiary.
She notes that John F. Barrett, Western & Southern chairman, president and CEO, has collaborated with the Regional Economic Development Initiative (REDI Cincinnati) and other local leaders to actively recruit companies to move to Cincinnati. “We hope the results of this economic impact report will aid in that effort,” Rahe says.
Western & Southern was evaluated for its economic, fiscal and community benefits within the Cincinnati Metropolitan Statistical Area (MSA) between 2008 and 2022. According to the report, Western & Southern helped generate $27.4 billion in economic output, 188,715 jobs, and $13.6 billion in earnings within the Cincinnati MSA during those 15 years. Fiscally, Western & Southern generated $880.3 million in tax revenue for state and local governments. Additionally, the company provided more than $109 million in sponsorship and philanthropic support for several major local events.
Giving Back
“While this study illustrates the breadth of the impact we have made over the last 15 years and the variety of causes we support, it doesn’t change our philosophy of giving back and doing good for others,” Rahe says.
According to the report, Western & Southern provided support to almost 700 organizations in the region between 2008 and 2022. “We’ve always been a human institution serving human needs, and we orient our giving toward those essential drivers of a thriving community — primarily human services, health care, education and the arts,” Rahe adds. “This is who we are, and it animates and guides all of our decisions.”
Over the years, Western & Southern has been an ardent supporter of cancer research, dedicating significant resources to the cause. “In the Cincinnati region, one in two men and one in three women will be diagnosed with cancer in their lifetime,” Rahe says. “Much of our support has gone toward the University of Cincinnati’s Barrett Cancer Center, which is becoming one of the very best cancer institutions in the country.”
“Western & Southern has been a huge help in a number of ways by providing financial support and assisting in raising funds to support pilot projects for research. Their support has had a highly positive impact on propelling research and in recruiting talented scientists and clinicians from around the country,” says William Barrett, M.D., Co-Director of the University of Cincinnati Cancer Center. “Given Western & Southern’s influence, their endorsement of the cancer program has been hugely beneficial.”
Since 2007, Western & Southern has been a proud sponsor of Ride Cincinnati, a grassroots bike tour with the goal of giving 100% of every rider-raised dollar to life-saving cancer research and care in the Cincinnati area. So far, the organization has raised more than $6.6 million and helped fund nearly 70 research grants.
“Cincinnati deserves a comprehensive cancer center recognized by the National Cancer Institute,” Rahe says. “We looked at what Pelotonia has done in Columbus, raising more than $250 million for cancer research at the James Cancer Hospital at Ohio State. We can do the same right here through Ride Cincinnati.
“This is such an important effort, and we hope we can entice all companies across the region to recruit teams and join us in supporting Ride Cincinnati in September,” Rahe adds.
She aspires to encourage more investments in Cincinnati, similar to what Western & Southern has done for the past 135 years. She is steadfast in her conviction that Cincinnati holds endless untapped potential for other businesses to discover.
“We want this region to retain the companies that are here while also attracting new ones,” Rahe continues. “This is a terrific city with so many things to offer. Cincinnati has a business environment that can truly thrive, and Western & Southern is living and growing proof.”
It’s one of many successful, flourishing companies headquartered in Cincinnati that share the same vision, Rahe notes.
“I believe putting our heads and resources together will make our community stronger and our city even better,” she says.
Learn more about the Western & Southern Financial Group by visiting its website, westernsouthern.com. The corporate office is at 400 Broadway St., Cincinnati, OH 45202.