A+ for college cash: changes in the rules for 529 college savings plans are drawing some big life insurers into the business. (Life/Health: 529 College Savings Plans).Congress provided a big boost last year to tax advantaged plans that save money for college by making growth of assets in these plans tax-exempt tax-ex·empt adj. 1. Not subject to taxation, as the capital or income of a philanthropic organization. 2. Producing interest that is exempt from income tax: tax-exempt bonds. n. . Since then, assets in 529 college savings plans--named after a section of the Tax Code--have grown exponentially ex·po·nen·tial adj. 1. Of or relating to an exponent. 2. Mathematics a. Containing, involving, or expressed as an exponent. b. . Mutual funds have dominated the plans since they were created in 1996, when asset growth in the plans was tax-deferred tax-de·ferred adj. 1. Of or relating to an investment that is not liable to taxation until income is withdrawn or an appointed date is reached. 2. . But several insurers entered the fray fray 1 n. 1. A scuffle; a brawl. See Synonyms at brawl. 2. A heated dispute or contest. tr.v. frayed, fray·ing, frays Archaic 1. To alarm; frighten. 2. after June June: see month. 2001, when Congress exempted from tax earnings used for specified college costs, and they are now trying to improve upon their small share of the 529 market. College savings plans are sponsored by each of the 50 states and the District of Columbia District of Columbia, federal district (2000 pop. 572,059, a 5.7% decrease in population since the 1990 census), 69 sq mi (179 sq km), on the east bank of the Potomac River, coextensive with the city of Washington, D.C. (the capital of the United States). , which negotiate contracts with financial-services organizations to serve as exclusive providers of state plans. States provide extra incentives to buyers through deductibility of plan contributions from state income taxes, exclusion of plan assets from state-aid calculations and even matching funds Noun 1. matching funds - funds that will be supplied in an amount matching the funds available from other sources cash in hand, finances, funds, monetary resource, pecuniary resource - assets in the form of money . Plan providers may sell outside the state with which they have contracted, though without the advantages of the state incentives. The plans also are attractive because investors may fund them up to maximum amounts of $250,000 or more for a single beneficiary beneficiary Person or entity (e.g., a charity or estate) that receives a benefit from something (e.g., a trust, life-insurance policy, or contract). A primary beneficiary receives proceeds from a trust or insurance policy before any other. , even in the first year, far more than other education savings vehicles. The average account size at the end of 2001, however, was about $6,300, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the Investment Company Institute, the trade association for mutual funds. In order to market 529 plans, financial-services organizations must gain a foothold foot·hold n. 1. A place providing support for the foot in climbing or standing. 2. A firm or secure position that provides a base for further advancement. foothold Noun 1. in at least one state plan, either by winning the contract or by partnering with a company that has one. Mutual-fund organizations won most of those contracts. "With the exception of TIAA-CREF TIAA-CREF Teachers Insurance and Annuity Association - College Retirement Equities Fund , insurers missed the mandate party," said Douglas Douglas, city, Isle of Man Douglas, city (1991 pop. 19,950), capital of the Isle of Man, Great Britain. It is a popular resort, connected by rail to Ramsey and Port Erin, on the Irish Sea. Tourism is the chief industry. Ratcliffe Ratcliff or Ratcliffe may refer to a place or a person. Places in the United Kingdom:
An insurer is frequently an insurance company and is also known as an underwriter. to win a state plan; it has a contract in West Virginia West Virginia, E central state of the United States. It is bordered by Pennsylvania and Maryland (N), Virginia (E and S), and Kentucky and, across the Ohio R., Ohio (W). Facts and Figures Area, 24,181 sq mi (62,629 sq km). Pop. . But other insurers or their subsidiaries have formed partnerships, including Manufacturers Life Insurance Co. (U.S.A.), American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of Skandia Life Assurance Corp., USAA USAA United Services Automobile Association USAA Urban Superintendents Association of America USAA United States Achievement Academy USAA United States Arbitration Act of 1925 USAA United States Axemen's Association USAA United States Air-Table-Hockey Association Life Insurance Co., New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Life Insurance Co., Massachusetts Massachusetts (măsəch  `sĭts), most populous of the New England states of the NE United States. Mutual Life Insurance Co. (through its
Oppenheimer Op·pen·hei·mer , J(ulius) Robert 1902-1967.American physicist who directed the Los Alamos, New Mexico, laboratory during the development of the first atomic bomb (1942-1945). Noun 1. mutual fund subsidiary), AIG AIG addressee indicator group (US DoD) AIG American International Group, Inc AiG Answers in Genesis (religious group in defense of Scripture) AIG Artificial Intelligence Group AIG Australian Industry Group SunAmerica (through its mutual fund company) a nd Lincoln Lincoln, city and district, England Lincoln, city (1991 pop. 79,980) and district, Lincolnshire, E England, in the Parts of Kesteven, on the Witham River. National Corp. (through its Delaware Delaware, state, United States Delaware (dĕl`əwâr, –wər), one of the Middle Atlantic states of the United States, the country's second smallest state (after Rhode Island). Investments mutual fund subsidiary). TIAA-CREF (Teachers Insurance & Annuity annuity: see insurance. annuity Payment made at a fixed interval. A common example is the payment received by retirees from their pension plan. There are two main classes of annuities: annuities certain and contingent annuities. Association-College Retirement Equities Fund) won its first contract in 1998 with New York State. Ratcliffe said moving into 529 plans was a "natural fit," given the company's customer base of mostly college educators. "These people are aware of the cost of higher education higher education Study beyond the level of secondary education. Institutions of higher education include not only colleges and universities but also professional schools in such fields as law, theology, medicine, business, music, and art. and of how these plans work," he said. "It's it's 1. Contraction of it is. 2. Contraction of it has. See Usage Note at its. it's it is or it has it's be ~have a way to almost invest in their own future, to perpetuate per·pet·u·ate tr.v. per·pet·u·at·ed, per·pet·u·at·ing, per·pet·u·ates 1. To cause to continue indefinitely; make perpetual. 2. their salaries. That's one of the reasons that drove the company to get so many mandates." Mutual fund company Fidelity Investments Fidelity Investments is a group of privately held companies in the financial services industry. It is made up by two independent but closely cooperating companies, Fidelity Management and Research Corporation (FMR Co. was the other early player in the 529 market. It has mandates in New Hampshire New Hampshire, one of the New England states of the NE United States. It is bordered by Massachusetts (S), Vermont, with the Connecticut R. forming the boundary (W), the Canadian province of Quebec (NW), and Maine and a short strip of the Atlantic Ocean (E). , Delaware and its home state of Massachusetts. TIAA-CREF As of mid-September n. 1. the middle part of September. Noun 1. mid-September - the middle part of September period, period of time, time period - an amount of time; "a time period of 30 years"; "hastened the period of time of his recovery"; "Picasso's blue , TIAA-CREF had $2.6 billion in assets in 529 plans and more than 650,000 accounts, or about $4,000 per account. Year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. 2001 statistics by the ICI (language) ICI - An extensible, interpretated language by Tim Long with syntax similar to C. ICI adds high-level garbage-collected associative data structures, exception handling, sets, regular expressions, and dynamic arrays. showed a total of $8.5 billion in 529 plans, up from $200 million three years earlier. Technically, TIAA-CREF's investment division, rather than its insurance division, runs the plans. TIAA-CREF won its state contracts by virtue of its low costs and a tight state focus, said Michael Michael, archangel Michael (mī`kəl) [Heb.,=who is like God?], archangel prominent in Christian, Jewish, and Muslim traditions. In the Bible and early Jewish literature, Michael is one of the angels of God's presence. Noone, second vice president of tuition For tuition fees in the United Kingdom, see . Tuition means instruction, teaching or a fee charged for educational instruction especially at a formal institution of learning or by a private tutor usually in the form of one-to-one tuition. financing and a director of six of the 13 plans. "We've we've Contraction of we have. we've have put our emphasis onto maintaining the state centricity," he said, meaning that the company is able to tailor A tailor is a person whose occupation is to sew menswear style jackets and the skirts or trousers that go with them. Although the term dates to the thirteenth century, tailor its plans closely to specifications unique to each state. "Our approach is to make these plans broadly available to all residents." Customers sign up for plans through toll-free phone calls to a customer center dedicated to tuition financing, Noone said. They can enroll online, download To receive a file transmitted over a network. In any communications session, "download" means receive, and "upload" means send. The download/upload often implies a big/little scenario, in which data is being downloaded from the "big" server into the "little" user's computer. an application off the Web site or sign up with employers for payroll deductions. Fee-only advisers also sell TIAA-CREF plans. The core investment component of the company's plans contains managed-allocation funds based on the age of the beneficiary. These low-cost options are a mix of stocks, bonds and other fixed-income investments, and TIAA-CREF automatically moves account assets into funds weighted more in fixed-income investments as the beneficiary draws closer to starting college. Noone said the company plans to introduce a program in Missouri Missouri, state, United States Missouri (mĭz  r`ē, –ə), one of the midwestern states of the United States. that allows a choice of more investment options for
customers using fee-only planners.Part of the reason for using financial planners Financial Planner A qualified investment professional who assists individuals and corporations meet their long-term financial objectives by analyzing the client's status and setting a program to achieve these goals. is the increased investment flexibility now permitted in 529 plans. Noone said that prior to January January: see month. , plan owners had no discretion in investment choices after choosing an option at the opening of their accounts. "So one of the criticisms of 529 plans was that they were too rigid," he said. "Because of that restriction restriction - A bug or design error that limits a program's capabilities, and which is sufficiently egregious that nobody can quite work up enough nerve to describe it as a feature. , the vast majority of plans offered only a managed allocation The apportionment or designation of an item for a specific purpose or to a particular place. In the law of trusts, the allocation of cash dividends earned by a stock that makes up the principal of a trust for a beneficiary usually means that the dividends will be treated as option. Now you can transfer among options once a year." Coupled with tax exemptions tax exemption, immunity from the requirement of paying taxes. Federal, state, and usually local law provide exemption from taxation for a wide variety of organizations, usually not-for-profit, such as churches, colleges, universities, health care providers, various , greater investment flexibility also is why insurers that rely on the adviser distribution model have piled into the market. "We recently heard the statistic statistic, n a value or number that describes a series of quantitative observations or measures; a value calculated from a sample. statistic a numerical value calculated from a number of observations in order to summarize them. that three of every four dollars going into 529s now are through financial intermediaries Financial intermediaries institution that provide the market function of matching borrowers and lenders or traders. ," said William William, crown prince of Germany William or Frederick William, 1882–1951, crown prince of Germany, son of William II. In World War I he commanded (1914) an army on the Western Front and was nominal commander in the German attack Burrow, senior vice president and general manager of Manufacturers Life's U.S. College Savings program. Mutual-fund organizations active in the 529 market also have strong adviser distribution models, he said. They include American Funds  Please see the discussion on the talk page. American soldier active in the French and Indian War and the Revolutionary War. During the Battle of Bunker Hill (June 17, 1775), he supposedly issued the order, "Don't one of you shoot until you see the whites of their and Alliance. "Insurers will ultimately get in through their distribution," said Ratcliffe. "An insurer advantage is that its advisers know their customers, the family backgrounds, maybe that the family has three or four kids who will be going to college. And to the extent that they have the ability to explain complicated insurance products, they probably have a good ability to educate their clients about 529 plans." Manulife Financial Manulife Financial (NYSE: MFC, TSX: MFC, SEHK: 945, PSE: MFC), also known as The Manufacturers Life Insurance Company, is a major Canadian insurance company and financial services provider. (U.S.A.) Manufacturers Life's foothold is in Alaska Alaska (əlă`skə), largest in area of the United States but third smallest (exceeding only Vermont and Wyoming) in population, occupying the northwest extremity of the North American continent, separated from the coterminous United States , a state more renowned for mountains and glaciers This is a list of glaciers. Due to somewhat sparse information, some glaciers, especially those in the tropics, may no longer exist as listed. This is especially true for glaciers in Africa and New Guinea. than for financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. . The Boston-based insurer, part of the Manulife Financial organization, partnered with mutual-fund company T. Rowe Price T. Rowe Price (NASDAQ: TROW) is an independent global investment management firm and mutual fund manager based in Baltimore, Maryland. It was founded in 1937 by Thomas Rowe Price, Jr.. T. , which has the provider contract, and launched what it believes is the first 529 plan offering multiple subaccounts managed by outside firms. Under the partnership, Manulife designed the product and markets it through its network of independent financial intermediaries, while T. Rowe Price provides the administrative support. T. Rowe Price markets its mutual funds directly to consumers, but it wanted to use agents and brokers to sell 529 plans, Burrow said. These intermediaries can help clients sort through the advantages and disadvantages of using in-state or out-of-state out-of-state adj. Of, relating to, or being from another state. plans, and Manulife has created Web tools for them to quantify Quantify - A performance analysis tool from Pure Software. the differences. "Every state has a different formula," said Burrow. "What we see frequently is that the state tax advantage up front is not as dramatic as one might think. States are all different on how they tax contributions and make financial-aid calculations." Manulife provides services to advisers through its system of wholesalers, just as it does for sales of annuities and life insurance. Its top distributors include advisers from Paine Webber Paine Webber and Company was an American stock brokerage firm that was acquired by the Swiss bank UBS AG in 2000. The company was founded in 1880 in Boston, Massachusetts, by William Alfred Paine and Wallace G. Webber. , Salomon Noun 1. Salomon - American financier and American Revolutionary War patriot who helped fund the army during the American Revolution (1740?-1785) Haym Salomon Smith Barney Smith Barney is a division of Citigroup Global Capital Markets Inc., a global, full-service financial firm, that provides brokerage, investment banking and asset management services to corporations, governments and individuals around the world. , Raymond James  This article or section is written like an .Please help [ rewrite this article] from a neutral point of view. Mark blatant advertising for , using . , A.G. Edwards and Linsco Private Ledger The principal book of accounts of a business enterprise in which all the daily transactions are entered under appropriate headings to reflect the debits and credits of each account. . Burrow said another strength of Manulife's plan is the company's long record of selecting and reviewing investment managers for its investment options across product lines. Manulife monitors these outside managers daily, holds quarterly reviews and replaces them when warranted. As of September September: see month. , it hadn't had·n't Contraction of had not. hadn't had not hadn't have made any changes in managers of investments in its college savings plan, he added. Manulife has so far exceeded its sales targets and ranks among the top four in broker-sold college savings plans, Burrow said. The company reported that as of June 30, total assets in its Manulife College Savings plan were $279.8 million in 35,600 accounts. The company introduced its program with a "soft launch" in July July: see month. 2001 and began its marketing push two months later. Hartford Life Hartford Life Insurance Co., Simsbury Simsbury, town (1990 pop. 22,023), Hartford co., N Conn.; inc. 1670. Although the town is mainly residential, it produces ordnance, machinery, and chemicals. The Westminster School, the Ethel Walker School, and the International Skating Center are located in the town. , Conn., launched its program in March and reported about $60 million in sales through August, with 10,028 accounts through Sept. 5. Hartford's foothold is in West Virginia, which required the winner of its bid to provide a plan it directly markets to state residents. But the state also allows its contract holder to market a plan nationally through brokers, which is Hartford's primary means of distribution throughout its product lines. An advantage of the direct plan is that it tends to be cheaper because it doesn't does·n't Contraction of does not. require the services of a financial professional, said Charles Charles, archduke of Austria Charles, 1771–1847, archduke of Austria; brother of Holy Roman Emperor Francis II. Despite his epilepsy, he was the ablest Austrian commander in the French Revolutionary and Napoleonic wars; however, he was handicapped by DiVincenzo, vice president of advanced product marketing. State residents or residents of other states with a plan beneficiary living in West Virginia can sign up on the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the or use a toll-free telephone number A toll-free, Freecall, Freephone, or 800 number is a special telephone number, in that the called party is charged the cost of the calls by the telephone carrier, instead of the calling party. . Direct-marketed plans tend to offer only a few, broadly diversified diversified (di·verˑ·s investment options. "With ours, you can choose a fund of funds Fund of Funds A mutual fund that invests in other mutual funds. Notes: For example, an investor would select a general risk profile and the fund-of-funds manager would pick underlying investments from a range of products managed by external managers. , but if you want to choose mutual-fund type investments, you have to use a financial adviser," DiVincenzo said. Hartford clearly is using its contract with West Virginia to market out of state. DiVincenzo estimated that about 75% of Hartford's 529 business is outside West Virginia. "That's consistent with a lot of fund companies that have developed this with a national distribution," he said. "The no-load funds A type of Mutual Fund that does not impose extra charges for administrative and selling expenses incurred in offering its shares for sale to the public. have more in-state business than out-of-state, though some have done well." State tax deductions Tax deduction An expense that a taxpayer is allowed to deduct from taxable income. tax deduction See deduction. on contributions to plans can be alluring to residents of high-tax states such as California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). and New York, where a $6,000 contribution could result in state tax savings of $500 or more. But DiVincenzo pointed out that opportunities to sell plans out of state are still good. Many states impose no state income tax, including big states such as Florida Florida, state, United States Florida (flôr`ĭdə, flŏr`–), state in the extreme SE United States. A long, low peninsula between the Atlantic Ocean (E) and the Gulf of Mexico (W), Florida is bordered by Georgia and , Texas and Washington Washington, town, England Washington, town (1991 pop. 48,856), Sunderland metropolitan district, NE England. Washington was designated one of the new towns in 1964 to alleviate overpopulation in the Tyneside-Wearside area. . And with big state budget deficits to solve, states aren't aren't Contraction of are not. See Usage Note at ain't. aren't are not aren't be likely to be adding benefits to their 529 plans any time soon. Like Manulife, Hartford Life sees value in clients working with advisers, not only in the context of constructing a 529 plan, but in seeing how the plan fits into a client's total financial picture, said DiVincenzo. Decisions about saving for a child's education should not be made separately from decisions about retirement funding, estate planning Estate Planning The overall planning of a person's wealth, including the preparation of a will and the planning of taxes after the individual's death. Notes: Contrary to popular belief, estate planning involves much more than preparing a will, and it is not only for the and wealth transfer, and other financial considerations, he said. Burrow said a 529 plan is "the best tool advisers can use today to build their practices." Sunset “Sundown” redirects here. For other uses, see Sundown (disambiguation). Sunset, also called sundown in some American English dialects, is the time at which the Sun disappears below the horizon in the west. Concerns Advisers also can help explain one of the uncertainties of 529 plans: The tax-exempt status of money used for qualified education expenses is scheduled to expire expire /ex·pire/ (ek-spi´er) 1. to exhale. 2. to die. ex·pire v. 1. To breathe one's last breath; die. 2. To exhale. after 2010 along with many other tax reductions, including the phase-out Noun 1. phase-out - the act or instance of a planned discontinuation discontinuance, discontinuation - the act of discontinuing or breaking off; an interruption (temporary or permanent) of estate taxes, higher estate-tax exemptions, lower income-tax rates, higher annual exemptions for gifts and higher contribution limits for qualified plans. Unless Congress extends these benefits, tax laws will revert re·vert v. 1. To return to a former condition, practice, subject, or belief. 2. To undergo genetic reversion. to what they were in early 2001. "We certainly encourage every adviser to share the story of the sunset provision A statutory provision providing that a particular agency, benefit, or law will expire on a particular date, unless it is reauthorized by the legislature. Federal and state governments grew dramatically in the 1950s and 1960s. ," said Burrow. "But I would not want to be the congressperson con·gress·per·son n. A congressman or congresswoman. who votes against the education of the youth of America America [for Amerigo Vespucci], the lands of the Western Hemisphere—North America, Central (or Middle) America, and South America. The world map published in 1507 by Martin Waldseemüller is the first known cartographic use of the name. ." Neither DiVincenzo nor Burrow currently is worried about the end of tax exemptions. If the law were to revert to early 2001 provisions, parents of beneficiaries would find that they could withdraw money from 529 plans tax free in 2010 but would have to pay tax in 2011 and afterward af·ter·ward also af·ter·wards adv. At a later time; subsequently. Adv. 1. afterward - happening at a time subsequent to a reference time; "he apologized subsequently"; "he's going to the store but he'll be back here . But even then, the money could be taxed at the beneficiary's rate, which presumably pre·sum·a·ble adj. That can be presumed or taken for granted; reasonable as a supposition: presumable causes of the disaster. would be lower than those of the benefactors. "We entered into this business prior to the tax-law changes," noted Burrow. "The law made a good business even better." Prepaid pre·pay tr.v. pre·paid, pre·pay·ing, pre·pays To pay or pay for beforehand. pre·pay  ment n. PlansWhile 529 Savings Plans are garnering the most attention and assets, another kind of 529 plan might appeal to investors afraid of making investments in stocks or bonds. These are the prepaid plans, which guarantee payment of tuition for an in-state student at a public university in a state of choice. Advisers don't don't 1. Contraction of do not. 2. Nonstandard Contraction of does not. n. A statement of what should not be done: a list of the dos and don'ts. earn commissions on prepaid plans, and they aren't sold through intermediaries but through direct marketing. "This year, there has been a resurgence re·sur·gence n. 1. A continuing after interruption; a renewal. 2. A restoration to use, acceptance, activity, or vigor; a revival. in prepaid plans because of the financial world's issues," said DiVincenzo. Prepaid plans cover one to five years of tuition--in West Virginia's plan, at West Virginia University West Virginia University, mainly at Morgantown; coeducational; land-grant and state supported; est. and opened 1867 as an agricultural college, renamed 1868. or Marshall Marshall. 1 City (1990 pop. 12,711), seat of Saline co., N central Mo.; inc. 1839. In a large farm area, it is a processing center for grain, eggs, meat, and dairy products. Marshall is the seat of Missouri Valley College. . If the participant chooses another school, hinds Hinds may refer to: People with the surname Hinds:
WVU Love You or Marshall, he said. Advisers can help clients sign up for both kinds of plans, DiVincenzo said. The prepaids lock in coverage of tuition and fees, which can represent as little as 25% of the cost of attending a school. Savings plans pay for room, board and incidentals incidentals Noun, pl minor expenses, events, or action . Unlike insurers that enter into partnerships, Hartford handles nearly all functions of the West Virginia plan. Its service center manages contacts with advisers and clients. The investment options are the Hartford funds that the company uses in its variable annuities Variable annuities Investment contracts whose issuer pays a periodic amount linked to the investment performance of an underlying portfolio. and are subadvised by Pacific Investment Management Co. (PIMCO PIMCO Pacific Investment Management Company ) and Wellington Wellington, city (1996 pop. 157,647; urban agglomeration 334,051), capital of New Zealand, extreme S North Island, on Port Nicholson, an inlet of Cook Strait. . For distribution, Hartford uses its wholesalers to interact with major wire-houses, major regional independents and banks. The partnership with the most partners is in New Mexico New Mexico, state in the SW United States. At its northwestern corner are the so-called Four Corners, where Colorado, New Mexico, Arizona, and Utah meet at right angles; New Mexico is also bordered by Oklahoma (NE), Texas (E, S), and Mexico (S). , where State Street Corp., a mutual-fund organization, has the contract through its subsidiary, Schoolhouse Capital LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control . Schoolhouse then partnered with Prudential Prudential is the name of two different companies and buildings named after them: Companies:
Investment Strategies Arrive offers a choice of two investment strategies: an age-based portfolio and a custom-choice portfolio with eight investment options. Both clients and advisers are able to access information through the distributors' Web sites or through the plan's Web site, www.arrive529.com. The partners launched the plan on Aug. 1 and sell it nationwide, she said. Sales data weren't were·n't Contraction of were not. weren't were not yet available, she added. "It's a long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. business opportunity," she said. "We won't won't Contraction of will not. won't will not won't will get in and make a killing. The product requires a lot of support." DiVincenzo predicted 529 plans would gain in popularity and retain their tax-exempt status beyond 2010. "We haven't have·n't Contraction of have not. haven't have not haven't have seen too much effect from the tax issue," he said. "People ask the question, but these plans are popular through all income levels, and you'll you'll Contraction of you will. you'll you will or you shall you'll will have a groundswell ground·swell n. 1. A sudden gathering of force, as of public opinion: a groundswell of antiwar sentiment. 2. of support to keep the tax-free tax-free adj. Not subject to taxation; tax-exempt. tax-free Adjective not needing to have tax paid on it: a tax-free lump sum Adj. 1. nature of 529s in place. In addition, state treasurers Noun 1. state treasurer - the treasurer for a state government financial officer, treasurer - an officer charged with receiving and disbursing funds and agencies that run the plans are very in tune and can lobby to ensure that their plans stay intact."
529 Savings Plan Assets, 1998-2001
Federal legislation in 2001 made 529 plans more attractive by allowing
greater contributions and tax-free withdrawals for qualified education
expenses.
($ Millions)
1998 $200M
1999 $900M
2000 $2.6B
2001 $8.5B
Note: Data were estimated for a few individual state observations in
order to construct a continuous time series.
Sources: Investment Company Institute, College Savings Plans Network,
SavingforCollege.com, individual states and investment managers
Note: Table made from bar graph
Insurers Moving Into the 529 College Plan Market
States negotiate contracts with financial-services organizations to
serve as exclusive providers of state plans.
State contracted or partnered Insurer
Alaska * Manulife Financial, partnering
with T. Rowe Price
California * TIAA-CREF
Connecticut * TIAA-CREF
Georgia * TIAA-CREF
Hawaii * Delaware Investments (Lincoln
National)
Idaho * TIAA-CREF
Kentucky * TIAA-CREF
Michigan * TIAA-CREF
Minnesota * TIAA-CREF
Mississippi * TIAA-CREF
Missouri * TIAA-CREF
Nevada * American Skandia, partnering with
Strong Capital
* USAA, partnering with Strong
Capital
New Mexico * Oppenheimer Funds (Massachusetts
Mutual), partnering with
Schoolhouse Capital (State Street
Corp.)
* New York Life Investment
Management (New York Life),
partnering with Schoolhouse
Capital
* AIG SunAmerica, Prudential
Financial, partnering with
Schoolhouse Capital
New York * TIAA-CREF
Oklahoma * TIAA-CREF
Pennsylvania * Delaware Investments (Lincoln
National)
Tennessee * TIAA-CREF
Vermont * TIAA-CREF
West Virginia * Hartford Life
Source: SavingforCollege.com
Ordinary Life Average Policy Size and Lapse Ratios, Top Writers -- 2001
Rank is based on the amount of total ordinary life issued in 2001.
Issued in 2001
Rank Company AMB # ($ Thousands)
1 Northwestern Mutual Group 69515 $88,686,060
2 State Farm Group 70126 84,955,773
3 Amer International Group 70342 82,622,942
4 Citigroup 70128 79,613,025
5 Zurich Ins Group 70130 63,858,284
6 New York Life Group 69714 62,614,794
7 Aegon USA Inc 69707 62,378,774
8 Metropolitan Life & Affiliated 70192 59,797,353
9 GE Fin Assur Group 69555 58,488,177
10 Allstate Fin 70106 56,089,632
11 ING Group 70153 43,796,472
12 Legal & General Amer Inc 69539 41,020,649
13 Business Men's Assur Co 06175 39,822,456
14 Protective Life Corp 69728 39,026,733
15 Lincoln Natl Corp 70351 33,174,225
16 Sammons Fin Group 69731 33,058,355
17 John Hancock Fin Srvcs Group 70170 31,654,353
18 MassMutual Fin Group 69702 30,114,960
19 CNA Ins Group 70110 28,173,540
20 Prudential of Amer Group 70189 27,000,268
21 Torchmark Corp 70265 23,994,157
22 Guardian Life 69685 22,206,646
23 Equitable Group 70194 19,242,632
24 MONY Group 70198 18,497,654
25 Nationwide Group 70350 17,537,159
Total U.S. L/H Stock Cos $1,289,219,497
Total U.S. L/H Mutual Cos $306,033,349
Total U.S. L/H Legal Reserve Cos $1,595,252,846
Total U.S. L/H Fraternal Cos $22,080,720
Total U.S. L/H Indemnity Cos $1,617,333,566
Average Policy Issued
Rank Company 2001 2000 1999
1 Northwestern Mutual Group $349,674 $330,502 $287,205
2 State Farm Group 98,335 100,618 88,379
3 Amer International Group 88,739 77,672 68,577
4 Citigroup 231,303 218,059 202,657
5 Zurich Ins Group 232,130 204,139 187,280
6 New York Life Group 193,495 190,218 196,466
7 Aegon USA Inc 135,773 195,176 166,596
8 Metropolitan Life & Affiliated 198,763 179,909 177,330
9 GE Fin Assur Group 328,990 343,301 307,058
10 Allstate Fin 186,433 197,442 179,609
11 ING Group 63,376 87,533 69,636
12 Legal & General Amer Inc 513,773 424,368 447,519
13 Business Men's Assur Co 36,044 36,149 29,115
14 Protective Life Corp 254,872 259,584 207,699
15 Lincoln Natl Corp 499,108 449,837 436,737
16 Sammons Fin Group 304,211 272,260 246,110
17 John Hancock Fin Srvcs Group 540,416 498,107 399,732
18 MassMutual Fin Group 449,705 432,111 375,336
19 CNA Ins Group 424,409 492,245 405,035
20 Prudential of Amer Group 196,381 181,979 164,423
21 Torchmark Corp 22,375 21,538 18,010
22 Guardian Life 433,470 414,002 347,468
23 Equitable Group 454,995 435,633 397,248
24 MONY Group 326,082 326,695 269,100
25 Nationwide Group 301,528 335,988 265,073
Total U.S. L/H Stock Cos $105,998 $127,588 $109,371
Total U.S. L/H Mutual Cos $172,115 $171,360 $132,506
Total U.S. L/H Legal Reserve Cos $114,431 $133,267 $113,206
Total U.S. L/H Fraternal Cos $64,368 $67,074 $64,454
Total U.S. L/H Indemnity Cos $113,229 $131,573 $111,883
Average Policy Average
Issued Policy In
Force
Rank Company 1998 1997 2001
1 Northwestern Mutual Group $269,359 $261,893 $151,218
2 State Farm Group 86,844 87,282 71,362
3 Amer International Group 63,725 46,481 29,462
4 Citigroup 187,324 166,461 130,404
5 Zurich Ins Group 188,167 172,021 160,588
6 New York Life Group 183,864 163,661 100,608
7 Aegon USA Inc 109,834 98,329 59,753
8 Metropolitan Life & Affiliated 170,692 148,832 44,362
9 GE Fin Assur Group 273,777 279,143 245,652
10 Allstate Fin 143,967 140,455 122,087
11 ING Group 91,932 96,200 53,677
12 Legal & General Amer Inc 478,747 370,739 305,871
13 Business Men's Assur Co 35,602 36,147 36,047
14 Protective Life Corp 178,401 149,487 139,790
15 Lincoln Natl Corp 326,730 278,646 82,748
16 Sammons Fin Group 226,024 199,807 169,940
17 John Hancock Fin Srvcs Group 341,733 299,180 68,131
18 MassMutual Fin Group 323,522 297,075 139,427
19 CNA Ins Group 206,515 304,129 68,382
20 Prudential of Amer Group 152,470 132,429 37,689
21 Torchmark Corp 15,052 14,391 15,960
22 Guardian Life 310,276 291,870 40,797
23 Equitable Group 355,400 308,101 38,556
24 MONY Group 225,749 189,975 108,771
25 Nationwide Group 219,659 134,664 116,331
Total U.S. L/H Stock Cos $99,362 $92,034 $49,463
Total U.S. L/H Mutual Cos $128,384 $122,377 $83,025
Total U.S. L/H Legal Reserve Cos $104,052 $97,045 $52,761
Total U.S. L/H Fraternal Cos $60,699 $58,029 $34,687
Total U.S. L/H Indemnity Cos $102,807 $95,905 $52,318
Average Policy In Force
Rank Company 2000 1999 1998
1 Northwestern Mutual Group $140,706 $130,732 $121,924
2 State Farm Group 68,240 64,997 62,832
3 Amer International Group 26,217 39,604 36,340
4 Citigroup 150,720 142,292 137,776
5 Zurich Ins Group 150,894 146,405 141,986
6 New York Life Group 95,678 90,629 85,310
7 Aegon USA Inc 59,435 53,721 52,192
8 Metropolitan Life & Affiliated 54,093 46,741 45,325
9 GE Fin Assur Group 219,398 180,156 162,938
10 Allstate Fin 114,302 110,193 101,674
11 ING Group 51,097 52,461 58,166
12 Legal & General Amer Inc 265,163 214,706 134,702
13 Business Men's Assur Co 35,159 34,358 36,636
14 Protective Life Corp 124,250 102,833 85,261
15 Lincoln Natl Corp 75,219 84,901 60,282
16 Sammons Fin Group 156,711 146,070 136,064
17 John Hancock Fin Srvcs Group 59,592 47,158 40,978
18 MassMutual Fin Group 128,495 118,535 109,348
19 CNA Ins Group 68,174 87,167 91,981
20 Prudential of Amer Group 37,136 34,919 33,150
21 Torchmark Corp 15,481 14,668 14,006
22 Guardian Life 36,283 44,268 28,091
23 Equitable Group 41,549 59,582 59,272
24 MONY Group 95,400 82,896 76,898
25 Nationwide Group 102,989 84,291 68,042
Total U.S. L/H Stock Cos $46,838 $48,510 $48,099
Total U.S. L/H Mutual Cos $77,537 $70,162 $60,737
Total U.S. L/H Legal Reserve Cos $49,951 $51,239 $50,015
Total U.S. L/H Fraternal Cos $32,841 $31,474 $30,285
Total U.S. L/H Indemnity Cos $49,509 $50,654 $49,379
Average Lapse Ratio
Policy In Published
Force
Rank Company 1997 2001 2000
1 Northwestern Mutual Group $112,599 4.3 4.7
2 State Farm Group 60,973 7.2 7.9
3 Amer International Group 30,146 7.6 13.0
4 Citigroup 132,042 8.9 9.5
5 Zurich Ins Group 135,378 7.8 9.4
6 New York Life Group 79,446 6.3 6.6
7 Aegon USA Inc 48,586 8.0 8.7
8 Metropolitan Life & Affiliated 45,517 9.0 8.9
9 GE Fin Assur Group 154,453 4.5 7.6
10 Allstate Fin 96,637 8.1 9.9
11 ING Group 63,719 3.3 6.1
12 Legal & General Amer Inc 111,148 4.9 5.9
13 Business Men's Assur Co 36,820 9.2 10.1
14 Protective Life Corp 81,711 5.8 12.7
15 Lincoln Natl Corp 59,206 15.8 7.6
16 Sammons Fin Group 129,911 5.8 7.2
17 John Hancock Fin Srvcs Group 35,032 4.7 6.9
18 MassMutual Fin Group 98,489 5.0 6.0
19 CNA Ins Group 88,171 18.4 8.1
20 Prudential of Amer Group 30,702 6.8 5.0
21 Torchmark Corp 13,734 15.8 14.7
22 Guardian Life 37,011 6.1 2.6
23 Equitable Group 61,735 6.5 6.7
24 MONY Group 71,997 7.0 8.3
25 Nationwide Group 55,451 2.8 3.4
Total U.S. L/H Stock Cos $46,831 8.9 8.1
Total U.S. L/H Mutual Cos $60,680 5.8 5.6
Total U.S. L/H Legal Reserve Cos $48,979 8.4 7.7
Total U.S. L/H Fraternal Cos $29,042 4.4 5.3
Total U.S. L/H Indemnity Cos $48,261 8.3 7.6
Lapse Ratio Published
Rank Company 1999 1998 1997
1 Northwestern Mutual Group 4.7 4.4 4.9
2 State Farm Group 8.2 7.1 7.9
3 Amer International Group 9.7 9.4 9.8
4 Citigroup 9.5 9.3 9.6
5 Zurich Ins Group 9.3 9.2 9.5
6 New York Life Group 6.4 7.2 6.6
7 Aegon USA Inc 9.0 8.7 9.6
8 Metropolitan Life & Affiliated 9.9 8.3 10.5
9 GE Fin Assur Group 8.5 8.5 8.8
10 Allstate Fin 10.9 8.8 9.1
11 ING Group 3.3 4.6 5.2
12 Legal & General Amer Inc 0.7 10.5 10.1
13 Business Men's Assur Co 11.6 11.2 11.3
14 Protective Life Corp 8.8 8.5 8.5
15 Lincoln Natl Corp 13.0 8.2 8.4
16 Sammons Fin Group 8.1 8.8 11.2
17 John Hancock Fin Srvcs Group 6.1 5.8 7.0
18 MassMutual Fin Group 6.0 6.3 6.0
19 CNA Ins Group 7.5 6.9 3.4
20 Prudential of Amer Group 6.3 7.5 8.4
21 Torchmark Corp 14.5 14.6 14.4
22 Guardian Life 8.2 19.8 5.8
23 Equitable Group 6.7 6.7 6.7
24 MONY Group 8.3 8.4 8.2
25 Nationwide Group 6.3 6.8 7.5
Total U.S. L/H Stock Cos 8.7 7.9 8.5
Total U.S. L/H Mutual Cos 6.9 7.8 6.3
Total U.S. L/H Legal Reserve Cos 8.4 7.9 8.0
Total U.S. L/H Fraternal Cos 5.6 6.0 5.8
Total U.S. L/H Indemnity Cos 8.3 7.9 8.0
Renewal Premium Persistency
Rank Company 2001 2000 1999
1 Northwestern Mutual Group 93.5 94.4 94.8
2 State Farm Group 91.4 89.8 91.9
3 Amer International Group 82.3 85.6 87.4
4 Citigroup 87.7 86.6 88.9
5 Zurich Ins Group 95.3 80.9 88.7
6 New York Life Group 87.2 78.1 69.9
7 Aegon USA Inc 78.0 84.6 82.3
8 Metropolitan Life & Affiliated 96.3 87.3 86.2
9 GE Fin Assur Group 87.0 88.9 87.6
10 Allstate Fin 84.8 87.9 85.8
11 ING Group 76.2 78.3 79.9
12 Legal & General Amer Inc 81.1 101.6 86.6
13 Business Men's Assur Co 90.0 87.6 85.6
14 Protective Life Corp 76.8 76.9 69.1
15 Lincoln Natl Corp 53.5 47.4 68.3
16 Sammons Fin Group 85.3 87.1 85.7
17 John Hancock Fin Srvcs Group 86.1 81.7 85.5
18 MassMutual Fin Group 86.6 88.6 90.7
19 CNA Ins Group 84.1 89.5 83.2
20 Prudential of Amer Group 87.6 88.5 94.6
21 Torchmark Corp 86.7 88.0 88.8
22 Guardian Life 92.4 93.6 94.0
23 Equitable Group 79.8 85.4 84.4
24 MONY Group 86.3 89.8 89.7
25 Nationwide Group 63.4 68.8 67.5
Total U.S. L/H Stock Cos 80.4 82.2 79.9
Total U.S. L/H Mutual Cos 86.4 85.4 84.0
Total U.S. L/H Legal Reserve Cos 81.9 83.0 80.9
Total U.S. L/H Fraternal Cos 90.4 89.2 89.0
Total U.S. L/H Indemnity Cos 82.1 83.2 81.1
Renewal Premium
Persistency
Rank Company 1998 1997
1 Northwestern Mutual Group 95.3 94.9
2 State Farm Group 91.3 90.8
3 Amer International Group 80.3 75.5
4 Citigroup 89.0 88.2
5 Zurich Ins Group 87.5 88.0
6 New York Life Group 87.9 86.4
7 Aegon USA Inc 82.6 86.0
8 Metropolitan Life & Affiliated 85.6 89.6
9 GE Fin Assur Group 85.2 96.0
10 Allstate Fin 85.3 83.6
11 ING Group 80.6 80.9
12 Legal & General Amer Inc 84.1 80.6
13 Business Men's Assur Co 82.4 87.8
14 Protective Life Corp 78.6 71.7
15 Lincoln Natl Corp 66.9 61.0
16 Sammons Fin Group 85.7 84.6
17 John Hancock Fin Srvcs Group 89.2 78.2
18 MassMutual Fin Group 90.5 91.1
19 CNA Ins Group 83.2 80.9
20 Prudential of Amer Group 73.0 87.2
21 Torchmark Corp 89.5 89.4
22 Guardian Life 86.9 92.8
23 Equitable Group 84.1 85.8
24 MONY Group 92.1 91.1
25 Nationwide Group 74.9 77.7
Total U.S. L/H Stock Cos 79.4 79.9
Total U.S. L/H Mutual Cos 89.9 89.6
Total U.S. L/H Legal Reserve Cos 81.9 82.2
Total U.S. L/H Fraternal Cos 88.0 87.9
Total U.S. L/H Indemnity Cos 82.1 82.3
Source: A.M. Best Co. data, as of June 18, 2001.
Fixed Individual Annuities, Top Writers--2001
Rank is based on net premiums written for fixed individual annuities.
($ Thousands)
Fixed Individual
Annuity Net
Rank Group AMB# Premiums Written
1 Hartford Life Inc 70116 $12,506,750
2 Amer International Group 70342 11,894,860
3 Aegon USA Inc 69707 6,623,668
4 Citigroup 70128 6,351,098
5 GE Fin Assur Group 69555 5,672,429
6 TIAA Group 70362 5,396,896
7 Lincoln National Corp 70351 4,673,335
8 Pacific Life Group 69720 4,524,794
9 Nationwide Group 70350 4,456,639
10 Metropolitan Life & Affiliated 70192 4,410,017
11 New York Life Group 69714 4,135,767
12 Amer Express Fin 69689 4,068,495
13 ING Group 70153 3,992,948
14 Jackson National Group 69578 3,879,141
15 Manulife Fin 69542 3,302,266
16 Zurich Ins Group 70130 3,065,779
17 John Hancock Fin Srvcs Group 70170 2,865,133
18 Allmerica Fin Group 70222 2,697,747
19 Sun Life of Canada Group 69740 2,619,033
20 Allstate Fin 70106 2,562,024
21 Amer Equity Investment Group 70406 1,974,508
22 Western & Southern Fin Group 69754 1,843,113
23 Allianz Ins Group 70187 1,727,442
24 MassMutual Fin Group 69702 1,721,692
25 Fidelity Investments Group 70020 1,682,298
Total Top 25 $108,647,876
Total U.S. L/H Indemnity Cos $143,056,786
% of
Rank Group Total NPW Total NPW
1 Hartford Life Inc 51.1 $24,490,945
2 Amer International Group 37.6 31,593,649
3 Aegon USA Inc 33.5 19,793,589
4 Citigroup 70.3 9,031,565
5 GE Fin Assur Group 48.2 11,779,857
6 TIAA Group 75.6 7,136,915
7 Lincoln National Corp 59.7 7,824,828
8 Pacific Life Group 62.3 7,258,600
9 Nationwide Group 31.0 14,389,071
10 Metropolitan Life & Affiliated 18.1 24,325,848
11 New York Life Group 25.9 15,947,740
12 Amer Express Fin 74.2 5,483,917
13 ING Group 18.5 21,621,376
14 Jackson National Group 82.8 4,685,528
15 Manulife Fin 33.1 9,970,413
16 Zurich Ins Group 71.4 4,292,719
17 John Hancock Fin Srvcs Group 35.0 8,190,320
18 Allmerica Fin Group 79.6 3,388,394
19 Sun Life of Canada Group 37.1 7,068,121
20 Allstate Fin 32.5 7,882,094
21 Amer Equity Investment Group 99.3 1,988,103
22 Western & Southern Fin Group 74.8 2,463,627
23 Allianz Ins Group 71.7 2,408,857
24 MassMutual Fin Group 14.1 12,237,345
25 Fidelity Investments Group 99.9 1,684,824
Total Top 25 40.7% $266,938,246
Total U.S. L/H Indemnity Cos 29.9% $478,194,528
Net Operairating Gain
Fixed Individul
Rank Group Annuities Total
1 Hartford Life Inc $26,774 -$227,585
2 Amer International Group 206,746 1,889,005
3 Aegon USA Inc 41,275 766,132
4 Citigroup -45,725 820,712
5 GE Fin Assur Group -70,491 219,855
6 TIAA Group 728,960 777,828
7 Lincoln National Corp 80,646 366,220
8 Pacific Life Group -169,463 49,237
9 Nationwide Group 7,118 118,729
10 Metropolitan Life & Affiliated 29,442 911,783
11 New York Life Group 2,669 1,142,341
12 Amer Express Fin 9,377 70,540
13 ING Group 21,822 -108,075
14 Jackson National Group 29,361 123,701
15 Manulife Fin -115,726 10,870
16 Zurich Ins Group -14,051 149,685
17 John Hancock Fin Srvcs Group 56,838 712,348
18 Allmerica Fin Group -273,923 -128,720
19 Sun Life of Canada Group 42,562 -69,359
20 Allstate Fin 45,824 300,837
21 Amer Equity Investment Group -15,573 -11,810
22 Western & Southern Fin Group 11,628 142,575
23 Allianz Ins Group 38,676 -65,647
24 MassMutual Fin Group -2,429 673,177
25 Fidelity Investments Group 47,369 47,453
Total Top 25 $719,704 $8,681,833
Total U.S. L/H Indemnity Cos $1,244,863 $16,079,051
Adjusted
Capital
Rank Group & Surplus *
1 Hartford Life Inc $3,240,947
2 Amer International Group 14,354,196
3 Aegon USA Inc 6,643,265
4 Citigroup 7,258,531
5 GE Fin Assur Group 4,001,450
6 TIAA Group 11,271,016
7 Lincoln National Corp 3,566,855
8 Pacific Life Group 2,416,836
9 Nationwide Group 2,006,121
10 Metropolitan Life & Affiliated 10,869,044
11 New York Life Group 8,964,121
12 Amer Express Fin 2,213,837
13 ING Group 4,585,841
14 Jackson National Group 1,849,138
15 Manulife Fin 1,672,470
16 Zurich Ins Group 2,139,420
17 John Hancock Fin Srvcs Group 4,713,994
18 Allmerica Fin Group 463,294
19 Sun Life of Canada Group 2,178,275
20 Allstate Fin 3,191,299
21 Amer Equity Investment Group 188,084
22 Western & Southern Fin Group 3,244,660
23 Allianz Ins Group 747,196
24 MassMutual Fin Group 5,857,331
25 Fidelity Investments Group 342,359
Total Top 25 $107,979,579
Total U.S. L/H Indemnity Cos $224,660,483
* Policyholder surplus and conditional or technical reserve funds, such
as the asset valuation reserve, other investment and operating
contingency funds and miscellaneous voluntary reserves reported as
liabilities.
Source: A.M. Best Co. data as of Sept. 11, 2002.
Fixed Group Annuities, Top Writers--2001
Rank is based on net premiums written for fixed group annuities.
($ Thousands)
Fixed Group
Annuity Net
Rank Group AMB# Premiums Written
1 ING Group 70153 $11,765,114
2 Nationwide Group 70350 8,322,894
3 Metropolitan Life & Affiliated 70192 8,242,495
4 Aegon USA Inc 69707 7,443,121
5 Amer International Group 70342 7,395,614
6 Prudential of Amer Group 70189 6,479,474
7 Equitable Group 70194 5,802,948
8 MassMutual Fin Group 69702 5,378,360
9 Manulife Fin 69542 5,151,759
10 Hartford Life Inc 70116 5,022,238
11 New York Life Group 69714 4,909,282
12 GE Fin Assur Group 69555 4,231,358
13 Allstate Fin 70106 3,414,260
14 Great-West Life Group 70366 2,773,894
15 John Hancock Fin Srvcs Group 70170 2,700,505
16 Sun Life of Canada Group 69740 2,643,905
17 Amer Skandia Life Assur 08715 2,521,926
18 Lincoln National Corp 70351 1,668,671
19 TIAA Group 70362 1,205,521
20 Minnesota Mutual Group 69763 1,161,424
21 Sammons Fin Group 69731 1,065,771
22 Guardian Life 69685 1,011,703
23 Amer United Life Group 70399 974,952
24 Principal Life Ins Co 06150 805,483
25 Mutual of Amer Life Ins Co 08851 694,761
Total Top 25 $102,787,433
Total U.S. L/H Indemnity Cos $109,593,590
% of
Rank Group Total NPW Total NPW
1 ING Group 54.4 $21,621,376
2 Nationwide Group 57.8 14,389,071
3 Metropolitan Life & Affiliated 33.9 24,325,848
4 Aegon USA Inc 37.6 19,793,589
5 Amer International Group 23.4 31,593,649
6 Prudential of Amer Group 36.2 17,921,292
7 Equitable Group 59.9 9,692,602
8 MassMutual Fin Group 44.0 12,237,345
9 Manulife Fin 51.7 9,970,413
10 Hartford Life Inc 20.5 24,490,945
11 New York Life Group 30.8 15,947,740
12 GE Fin Assur Group 35.9 11,779,857
13 Allstate Fin 43.3 7,882,094
14 Great-West Life Group 53.4 5,195,797
15 John Hancock Fin Srvcs Group 33.0 8,190,320
16 Sun Life of Canada Group 37.4 7,068,121
17 Amer Skandia Life Assur 75.4 3,346,738
18 Lincoln National Corp 21.3 7,824,828
19 TIAA Group 16.9 7,136,915
20 Minnesota Mutual Group 42.1 2,761,278
21 Sammons Fin Group 47.2 2,260,136
22 Guardian Life 16.8 6,039,625
23 Amer United Life Group 51.5 1,891,703
24 Principal Life Ins Co 17.0 4,743,876
25 Mutual of Amer Life Ins Co 74.2 936,709
Total Top 25 36.8% $279,041,869
Total U.S. L/H Indemnity Cos 22.9% $478,194,528
Net Operating Gain
Fixed Group
Rank Group Annuities Total
1 ING Group -$106,049 -$108,075
2 Nationwide Group -43,356 118,729
3 Metropolitan Life & Affiliated 21,886 911,783
4 Aegon USA Inc 101,564 766,132
5 Amer International Group 514,549 1,889,005
6 Prudential of Amer Group -532,100 -533,471
7 Equitable Group 286,844 590,721
8 MassMutual Fin Group 127,028 673,177
9 Manulife Fin 68,631 10,870
10 Hartford Life Inc 55,386 -227,585
11 New York Life Group 73,134 1,142,341
12 GE Fin Assur Group 152,508 219,855
13 Allstate Fin 64,108 300,837
14 Great-West Life Group 205,127 283,026
15 John Hancock Fin Srvcs Group 283,145 712,348
16 Sun Life of Canada Group -263,132 -69,359
17 Amer Skandia Life Assur -93,464 -129,364
18 Lincoln National Corp 94,816 366,220
19 TIAA Group 62,604 777,828
20 Minnesota Mutual Group 5,106 71,206
21 Sammons Fin Group 1,685 94,605
22 Guardian Life -3,233 -62,565
23 Amer United Life Group 16,425 11,718
24 Principal Life Ins Co 236,237 640,334
25 Mutual of Amer Life Ins Co 38,217 39,768
Total Top 25 $1,367,667 $8,490,086
Total U.S. L/H Indemnity Cos $1,773,650 $16,079,051
Adjusted
Capital
Rank Group & Surplus *
1 ING Group $4,585,841
2 Nationwide Group 2,006,121
3 Metropolitan Life & Affiliated 10,869,044
4 Aegon USA Inc 6,643,265
5 Amer International Group 14,354,196
6 Prudential of Amer Group 8,868,507
7 Equitable Group 6,100,499
8 MassMutual Fin Group 5,857,331
9 Manulife Fin 1,672,470
10 Hartford Life Inc 3,240,947
11 New York Life Group 8,964,121
12 GE Fin Assur Group 4,001,450
13 Allstate Fin 3,191,299
14 Great-West Life Group 1,493,383
15 John Hancock Fin Srvcs Group 4,713,994
16 Sun Life of Canada Group 2,178,275
17 Amer Skandia Life Assur 229,340
18 Lincoln National Corp 3,566,855
19 TIAA Group 11,271,016
20 Minnesota Mutual Group 1,380,843
21 Sammons Fin Group 800,453
22 Guardian Life 2,154,853
23 Amer United Life Group 529,619
24 Principal Life Ins Co 4,251,173
25 Mutual of Amer Life Ins Co 662,336
Total Top 25 $113,587,229
Total U.S. L/H Indemnity Cos $224,660,483
* Policyholder surplus and conditional or technical reserve funds, such
as the asset valuation reserve, other investment and operating
contingency funds and miscellaneous voluntary reserves reported as
liabilities.
Sources: A.M. Best Co. data as Sept. 11, 2002.
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