Texas Mutual Insurance Company
Nonprofit profile at a glance
- EIN
- 742615873
- IRS 990 coverage
- 2010–2024
- Official website data refreshed
- Sep 2026
- Forms available
- Form 990 2024
- Location
- Austin, TX, USA
- Phone
- (800) 859-5995
- Rating
- 44
- Verdict
- MIXED
- Rating confidence
- Moderate
Reported finances
- Revenue
- $1,532,187,813
- Expenses
- $1,316,092,367
- Assets
- $8,566,132,270
- Liabilities
- $3,519,011,475
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
46 people listed
Executive titles in this filing
- Brenda Ward (President & CEO)
Highest reported compensation
- Brenda Ward (President & CEO): $1,716,743 total reported compensation
- Leonard Johnson (SVP Investments): $946,619 total reported compensation
- Paul Schlaud (SVP Enterprise Affairs & General Counsel): $927,780 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
At Texas Mutual, we work hard for hardworking Texans. Exceptional service and building community are our most precious values.
What it reported doing in 2024
The Company wrote over 85,000 workers' compensation policies in 2024 covering approximately 1.7 million Texas employees. During the year, the Company processed just over 47,000 claims and paid out approximately $460 million in medical and income benefits to injured workers. $350 million in dividends was distributed to approximately 70,000 policyholders and an additional $23 million in dividends was distributed to 26 safety groups.
Operating model
- Revenue model
- Other-operating. 77% of the money available for current operations came from other operating revenue.
- Distribution model
- Cannot be determined from the filing. The filing does not provide enough consistent spending detail to tell whether the nonprofit works directly or through others.
The verdict
MIXED - Most voting board members are independent and the filed numbers largely add up. A relatively small share of available resources goes toward mission work and a relatively small share of total spending goes to programs.
Rating breakdown
- Financial Efficiency: 0
- Transparency & Controls: 60
- Accountability: 95
- Sustainability: 76
- Growth: 60
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 0%; rating input score 0
- Program expense ratio: 0%; rating input score 0
- Fundraising efficiency: Limited
Transparency & Controls
- Consistency checks: 92.9%; rating input score 93; 17th percentile among comparable filings
- Pay-setting controls: 1 of 6 controls in place; rating input score 17
- Compensation committee: Missing
- Independent consultant: Missing
- Other Form 990s reviewed: Missing
- Written employment contract: Missing
- Compensation survey or study: Missing
- Board or committee approval: Pass
- Foreign activity oversight: Scored; rating input score 0
- Grant itemization coverage: 89.4%; rating input score 89; 22nd percentile among comparable filings
- Major donor itemization: Limited
- Related-party transparency: Yes; rating input score 100
Accountability
- Independent voting board: 100%; rating input score 100; 77th percentile among comparable filings
- Governance controls: 8 of 9 controls in place; rating input score 89
- Conflict-of-interest policy: Pass
- Whistleblower policy: Pass
- Document-retention policy: Pass
- CEO compensation review process: Pass
- Other executive compensation review process: Pass
- Form 990 shared with the board: Fail
- Board meeting minutes documented: Pass
- Audit committee oversight: Pass
- Independent financial-statement audit: Pass
Sustainability
- Operating margin: 14.1%; rating input score 81; 81st percentile among comparable filings
- Total-asset coverage ratio: 6.51; rating input score 88; 88th percentile among comparable filings
- Liabilities to assets ratio: 0.41; rating input score 44; 44th percentile among comparable filings
- Officer compensation ratio: 1.7%; rating input score 60; 60th percentile among comparable filings
Growth
- Program expense growth: Limited
- Revenue growth: 2.4% per year; rating input score 100; 17th percentile among comparable filings
- Asset growth: 4.6% per year; rating input score 100; 33rd percentile among comparable filings
Details
- What they do: 3 programs and campaigns described on the official site · 1 operating location identified
- Where the money goes: 0% of revenue deployed · 0% of spending went to programs
- Governance: 9 of 9 board members independent · 8 of 9 filing controls reported
- Programs: 1 filed program accomplishment
- Leadership: top reported pay $1.7M · 46 people listed · 1 of 6 pay-setting controls reported
- Highest-paid contractors: 5 contractors listed · $53.2M reported
- Consistency: 15 of 17 current checks pass · 2 findings to review
- Schedules: 6 filed schedules · includes foreign activity, grants, executive pay, and related organizations
- Filing history: 14 filing years from 2010 to 2024
- Contacts: How to reach this organization
- Money network: 218 filed money-flow records
- Related organizations: 175 filed related-organization links
- Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
- People: Everyone the filings name, and which of them the filings identify by more than a name.
- Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.
Key Signals
Signals prioritize questions for review. They are not findings of misconduct.
- High — Financial Efficiency: Mission deployment rate scored 0/100.
- High — Financial Efficiency: Program expense ratio scored 0/100.
- High — Transparency & Controls: Foreign activity oversight scored 0/100.
- Review — Accountability: Governance controls: Form 990 shared with the board not reported.
- Moderate — Transparency & Controls: Functional expense sum did not reconcile in the filed values.
- Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.
- Moderate — Sustainability: Liabilities to assets ratio scored 44/100.