Mutual returns to Fortune 500

Welcome back to the Fortune 500, Mutual of Omaha.

After a two-year absence from Fortune magazine's list of the country's biggest companies, Mutual of Omaha is back, bringing the city's total to five.

Mutual is joined by mainstays No. 11 Berkshire Hathaway, No. 164 Union Pacific, No. 178 ConAgra Foods Inc. and No. 238 Peter Kiewit Sons' Inc.

Omaha now has as many companies on the list as Los Angeles, Philadelphia, Pittsburgh and three other cities.

Des Moines has one company on the list, Principal Financial, at No. 266. Kansas City, Mo., also has one, H&R; Block, No. 493.

Mutual posted revenues of $5.1 billion in 2009 and jumped 117 spots to No. 408 after missing the cut at No. 525 last year.

“We're pleased to be numbered amongst the Fortune 500 again,” said company spokesman Jim Nolan. “I think it's something our associates can be proud of. I believe it also can reinforce our financial strength and stability with our customers.”

Since Mutual was last among the 500 biggest companies in 2007, it has experienced revenue improvements in its Medicare supplement insurance and retirement planning sectors while adding a nationwide banking division that now has $4 billion in assets, Nolan said.

Kiewit, ConAgra and Berkshire also improved their rankings on the list.

After Mutual, Kiewit made the biggest leap of 83 spots. The construction and mining company improved revenues by 24.6 percent to $9.9 billion in 2009.

ConAgra moved up 10 spots, and Berkshire CEO Warren Buffett's acquisition of Burlington Northern Santa Fe Corp. helped drive his company up two spots, according to Fortune.

Having five Fortune 500 companies shows that the Omaha business community is dedicated to supporting the growth and leadership of big businesses, said David Brown, president of the Greater Omaha Chamber of Commerce.

“I think this just continues a good seal of approval. Other companies take a hard look at businesses that are here when considering an investment, so this helps,” Brown said.

Omaha now ranks fourth for the number of Fortune 500 businesses per capita, with one for every 87,729 residents, according to Census figures. The two top cities, Englewood, Colo., and Irving, Texas, are located near the major population centers of Denver and Dallas, respectively.

Richmond, Va., ranks third for the number of Fortune 500 companies per capita with one for every 40,400 residents.

In the latest ranking, 24 states had more Fortune 500 firms than Nebraska while 24 had fewer.

Texas had the most, with 64. Following Texas were New York, 56; California, 51; and Illinois, 32.

Alaska, Hawaii, Maine, Mississippi, Montana, New Hampshire, South Dakota, Vermont, West Virginia and Wyoming have zero Fortune 500 firms.

Contact the writer:

444-1414, ross.boettcher@owh.com