[2] Operating through its local chapters nationwide, Thrivent and its subsidiaries offer financial products and services including life insurance, annuities, mutual funds, disability income insurance, credit union products, money management, brokerage services, and retirement planning.

[6] In the late 19th and early 20th century, the Lutheran Church–Missouri Synod forbade its members to join fraternal societies because they required initiation rites and secret oaths.

Life insurance was also frowned upon in some quarters since Martin Luther had written against similar enterprises in his day, as the practice could be considered a form of usury and reflected distrust in God.

[7] Like most fraternal benefit societies of the time, the AAL operated on the actuarially unsound graded assessment system.

[10] By 1979, it was the largest member of the National Fraternal Congress of America and ranked 13th among the 1,800 insurance firms in the country.

The AAL was particular about its locals not being called "lodges" because that was too similar to the nomenclature of oath-bound, ritualistic groups such as the Freemasons or the Oddfellows.

[11] The AAL was also involved philanthropically, giving money to scholarships, support for educational institutions and training for church workers.

[12] The organization authorized by the convention was called the Luther Union, and was incorporated in the state of Minnesota on September 18, 1918.

That month, the Luther Union entered into negotiations with Lutheran Brotherhood of America of Des Moines, Iowa.

In June 2001, after close consideration of how combining the two organizations would benefit members, the AAL and LB merged, with the merger completed by the end of that year.

After the merger, in 2002, a new name was voted upon and approved by the members of the merged organization: Thrivent Financial for Lutherans.

The program offers members the opportunity to make recommendations for where some of Thrivent's charitable outreach funds are directed.

Thrivent Financial chose Habitat for Humanity as an ally because, in the previous ten years, its members had already proven their interest in volunteering with them by building over 500 homes.

Additionally, there are two whole communities being built: Aid Association for Lutherans maintained a library of over 12,000 books on business management, fraternalism, and life and health insurance.

[35] Since 2012, Thrivent has been named on the list of The World's Most Ethical Companies, eight years running, by Ethisphere Magazine.