Border Crossing.There is a growing market for offshore annuities for foreign workers foreign workers Those who work in a foreign country without initially intending to settle there and without the benefits of citizenship in the host country. Some are recruited to supplement the workforce of a host country for a limited term or to provide skills on a in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , but domestic tax laws and terrorism could slow the growth. Nationwide Life Insurance Co. is rapidly building an offshore 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. business through banks, wire houses and broker-dealers that sell to foreign citizens working part of each year in the United States. Such accounts offer privacy and a haven from taxes, but they are a market that insurers based in the United States have barely tapped. "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 pretty unusual, but it will become more usual as they see the benefits," Richard Duke
Birmingham (bûr`mĭnghăm') 1 City (1990 pop. 265,968), seat of Jefferson co., N central Ala., in the Jones Valley near the southern end of the Appalachian system; founded and inc. , Ala-based attorney with expertise in international law and taxes, said about domestic insurers entering the offshore market. "A lot of banks are getting into offshore investing, using a foreign custodian bailee (custodian) n. a person with whom some article is left, usually pursuant to a contract (called a "contract of bailment"), who is responsible for the safe return of the article to the owner when the contract is fulfilled. retained by the trustee or the foreign corporation manager. It allows them to get around complying with the U.S. Securities Act of 1933, which can be expensive." That act, passed during the Depression, sets forth regulation of the securities industry in the United States. Nationwide entered the offshore markets in 1998. Its offshore distribution company, Nationwide 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. Bermuda Bermuda (bûrmy  `də), British dependency (2005 est. pop. 65,400), 21 sq mi (53 sq km), comprising some 150 coral rocks, islets, and islands (of which some 20 are inhabited), in the Ltd., has
about 23 employees. This year, through August, it had $171 million in
premiums through its bank distribution channel, which generates 95% of
the business. "That's a 138% increase over the same period
last year, so it's a very vibrant, growing business for usr said
Matt Reibel, president of Nationwide Financial Institutions Distributors
Agency Inc. "It represents more than 7% of all business we do
through financial institutions." Reibel projects that
Nationwide's total sales this year through financial institutions
will reach $3.8 billion,Nationwide's offshore market share is difficult to estimate. 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 company, about $7 trillion One thousand times one billion, which is 1, followed by 12 zeros, or 10 to the 12th power. See space/time. (mathematics) trillion - In Britain, France, and Germany, 10^18 or a million cubed. In the USA and Canada, 10^12. may be invested in offshore markets, or about one-quarter of all the world's wealth. But as Reibel pointed out, offshore accounts are confidential--generally outside the reach of government tax collectors and regulators--and there is no trade organization that attempts to collect statistics. Reibel said the only U.S.-based providers of annuities to the offshore market are Nationwide and MFS Investment Management MFS Investment Management, formerly Massachusetts Financial Services, is a Boston, Massachusetts-based financial services firm. In its publicity, MFS claims to have invented the mutual fund. The current chair of the company is Robert Pozen. , Boston Boston, town, England Boston, town (1991 pop. 26,495), E central England, on the Witham River. Boston's fame as a port dates from the 13th cent., when it was a Hanseatic port trading wool and wine. Having recovered from a decline in the 18th and 19th cent. , the first company to offer a mutual fund in the United States. Of the $7 trillion, about one-half is believed to be in real estate, one-third in mutual funds, about 5% in insurance products and 12% in bank deposits. Large mutual-fund companies have subsidiaries offshore, as do foreign financial-services providers, such as Deutsche Bank Deutsche Bank AG (IPA: /'dɔɪ.tʃə/[1]) (ISIN: DE0005140008, NYSE: DB) (English: German Bank , 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 Pingleton, vice president of Nationwide Financial Offshore Sales. Some U.S. investors are willing to forgo the investment transparency (1) The quality of being able to see through a material. The terms transparency and translucency are often used synonymously; however, transparent would technically mean "seeing through clear glass," while translucent would mean "seeing through frosted glass." See alpha blending. and protections offered by the Securities Act of 1933. If they meet minimum net worth and/or and/or conj. Used to indicate that either or both of the items connected by it are involved. Usage Note: And/or is widely used in legal and business writing. income requirements, they may invest in private placements, for example, or they may invest in an offshore account. Nationwide's offshore initiative is for people who are not citizens of the United States, Bermuda or certain other countries, including Cuba Cuba (ky `bə, Span. k`bä), officially Republic of Cuba, republic (2005 est. pop. , Iraq Iraq or Irak (both: ēräk`, ĭrăk`), officially Republic of Iraq, republic (2005 est. pop. 26,075,000), 167,924 sq mi (434,924 sq km), SW Asia. and Iran.Nationwide's typical customer is about 50 years old, a professional (doctor, lawyer or business owner, for example) and has a family, Pingleton said. Customers have certain regulatory protections from Bermuda, and they are protected by the name and the good faith of the underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. company, Pingleton said. Nationwide also offers asset protection against political risks and currency devaluation Currency devaluation A deliberate downward adjustment in the official exchange rates established, or pegged, by a government against a specified standard, such as another currency or gold. that they might otherwise face through investments in their home countries. Nationwide provides company-backed fixed annuities Fixed annuities Contracts in which an insurance company or issuing financial institution pays a fixed dollar amount of money per period. and its Best 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. variable annuities Variable annuities Investment contracts whose issuer pays a periodic amount linked to the investment performance of an underlying portfolio. , which offer large and world-renowned world-re·nowned adj. Widely known and acclaimed. money managers as well as the opportunity to annuitize Annuitize To commence a series of payments from the capital that has accumulated in an annuity. The payments may be a fixed amount, for a fixed period of time, or for a lifetime. annuitize To convert a sum of money into a series of payments. . More than 70 countries are represented in Nationwide's client base, with the majority from Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. and Asia, where political and economic instability instability /in·sta·bil·i·ty/ (-stah-bil´i-te) lack of steadiness or stability. detrusor instability is more prevalent, Pingleton said. No Soliciting Nationwide is not involved in any client prospecting because of U.S. laws that limit companies on how they may solicit. Instead, partners at more than 160 firms inside and outside the United States initiate contact with prospects. Key bank partners are Chase Manhattan, SunTrust and Wells Fargo Wells Fargo armored carriers of bullion. [Am. Hist.: Brewer Dictionary, 1147] See : Protectiveness Wells Fargo company that handled express service to western states; often robbed. [Am. Hist. . Typical prospects are existing clients of a bank. "The adviser would then talk to the client about the bank and services it offers, the benefits of offshore investing, and the benefits of variable annuities," Pingleton said. "If there is interest, the bank sends information to clients once they leave the U.S." Clients then would have to sign application papers while they are outside the United States. Pingleton said bank offices in port cities like 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 , Miami, 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). , San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden and Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. are most responsible for initiating sales. Banks in Chicago or other midwestern cities typically do not generate offshore business, he said. Clients buy non-U.S. registered products, primarily because financial institutions are not required to report those accounts to governments and do not withhold with·hold v. with·held , with·hold·ing, with·holds v.tr. 1. To keep in check; restrain. 2. To refrain from giving, granting, or permitting. See Synonyms at keep. 3. tax. The products also provide some protection from estate taxes. Pingleton said that while U.S. citizens are allowed estates of up to $675,000 before any estate tax applies, the exemption for non-U.S. citizens is only $60,000. Banks are the chief distribution outlets for Nationwide's offshore annuities, mainly because the insurer An individual or company who, through a contractual agreement, undertakes to compensate specified losses, liability, or damages incurred by another individual. An insurer is frequently an insurance company and is also known as an underwriter. has "a very solid relationship" with them domestically, Pingleton said. And workers from foreign countries traditionally go first to banks when investing outside their home country. "As time passes and they become more comfortable with financial markets, they may gravitate grav·i·tate intr.v. grav·i·tat·ed, grav·i·tat·ing, grav·i·tates 1. To move in response to the force of gravity. 2. To move downward. 3. to a wire house, and then may go on to the brokerdealer channel," he said. "But banks are the first line of opportunity." Advisers that actually prospect for offshore business make up only a small proportion at the banks. "It's a niche market A niche market also known as a target market is a focused, targetable portion (subset) of a market sector. By definition, then, a business that focuses on a niche market is addressing a need for a product or service that is not being addressed by mainstream providers. ," Reibel said. "They already have international clientele, and they're at branch offices that serve the ethnic population. The producers themselves are ethnic, so that ties them into their clients." The banks, meanwhile, have come to understand that the more different kinds of business they can enact with these clients, the more they retain them. "Many of the banks we worked with to this point didn't even realize they had this opportunity," Reibel said. Offshore Variable Life Duke, who teaches an international tax program at St. Thomas University Schools with the name St. Thomas University:
emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. type of contract," which is more attractive to a purchaser than a U.S. product because it avoids high producer commissions, Duke said. "They're not even close; a policyholder Policyholder An individual who owns an insurance policy. is immediately positive in cash value in Europe," he said. Variable life expenses can be further reduced by basing the operation in a low-tax or no-tax jurisdiction, he added. Nationwide said this summer it would introduce an offshore variable life product, but then it decided to shelve shelve v. shelved, shelv·ing, shelves v.tr. 1. To place or arrange on a shelf. 2. those plans. Those who support offshore products, such as Duke, argue that the products serve as a check against governments raising taxes. But governments around the world in recent years are pressuring offshore havens and institutions to be less secretive se·cre·tive adj. Having or marked by an inclination to secrecy; not open, forthright, or frank. See Synonyms at silent. se about their dealings and to know the source of their depositors' money, said Vernon Jacobs, a certified public accountant Certified Public Accountant (CPA) An accountant who has met certain standards, including experience, age, and licensing, and passed exams in a particular state. , writer and publisher in Prairie Village Prairie Village, city (1990 pop. 23,186), Johnson co., NE Kans.; inc. 1951. It is a residential suburb in the greater Kansas City area. , Kan., who has made a career advising people on taxes and asset protection. He is editor and publisher of two reports, "Offshore Tax Strategies" and "Global Asset Protection." "Four or five years ago, a person could open a bank account with a wire deposit," Jacobs said. "That's almost impossible now. Now a bank wants to see the depositor, wants to ensure this is a valid customer with valid sources of income. There's a great deal of sharing of information between banks and government where there are allegations of criminal activity." Governments are likely to use the recent terrorism in the United States A common definition of terrorism is the systematic use or threatened use of violence to intimidate a population or government and thereby effect political, religious, or ideological change. to buttress buttress, mass of masonry built against a wall to strengthen it. It is especially necessary when a vault or an arch places a heavy load or thrust on one part of a wall. their long-standing efforts to require even more transparency in offshore banking, Jacobs said. Governments have long known they were losing tax revenue to offshore accounts, but Jacobs said that only recently have those losses represented large amounts of money. "The thing has exploded ex·plode v. ex·plod·ed, ex·plod·ing, ex·plodes v.intr. 1. To release mechanical, chemical, or nuclear energy by the sudden production of gases in a confined space: over the last five years," he said. "Before, it wasn't even on the radar screen." IRS An abbreviation for the Internal Revenue Service, a federal agency charged with the responsibility of administering and enforcing internal revenue laws. Applies Pressure In 1996, the United States substantially increased penalties for those who failed to report income from offshore investments, Jacobs said. A key event in the battle occurred last year, when the Internal Revenue Service and other federal agencies assigned as·sign tr.v. as·signed, as·sign·ing, as·signs 1. To set apart for a particular purpose; designate: assigned a day for the inspection. 2. a joint task force to penetrate offshore money havens. The task force tried to bring charges of money laundering The process of taking the proceeds of criminal activity and making them appear legal. Laundering allows criminals to transform illegally obtained gain into seemingly legitimate funds. against a Cayman Islands Cayman Islands (kā`mən), British dependency (2005 est. pop. 44,300), 100 sq mi (259 sq km), comprising three islands in the West Indies. banker, and the banker plea-bargained by agreeing to turn over records of some 1,500 accounts to the government, Jacobs said. "It was a nuclear bomb to the offshore world," he said. "The IRS has been diligently dil·i·gent adj. Marked by persevering, painstaking effort. See Synonyms at busy. [Middle English, from Old French, from Latin d working on those 1,500 accounts, and other agencies are looking for Looking for In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. drug money laundering and other illegalities." Last year, the IRS won an extraterritorial ex·tra·ter·ri·to·ri·al adj. 1. Located outside territorial boundaries: fishing in extraterritorial waters. 2. judgment against foreign banks to gain access to credit-card information, Jacobs added. In addition, the United States, the United Kingdom, Canada and about 30 other countries have formed the Organization for Economic Cooperation and Development Organization for Economic Cooperation and Development (OECD), international organization that came into being in 1961. It superseded the Organization for European Economic Cooperation, which had been founded in 1948 to coordinate the Marshall Plan for European , based in Paris, to promote cooperation in many kinds of ventures among democratic nations in an increasingly interconnected world. A current campaign, Jacobs said, is to increase tax transparency in all countries. "A subset A group of commands or functions that do not include all the capabilities of the original specification. Software or hardware components designed for the subset will also work with the original. of that agenda is to promote or strong-arm countries into a concept called tax harmonization Tax harmonization refers to the process of making taxes identical or at least similar in a region. In practise, it usually means increasing tax in low-tax jurisdictions, rather than reducing tax in high-tax jurisdictions or a combination of both. , which is the solution to what they refer to as tax competition among nations," he said. That, of course, would be bad news for the offshore industry, and it is an initiative Jacobs opposes. "If we didn't have the tax havens Tax Haven A country that offers individuals and businesses little or no tax liability. Notes: There are several countries in the Caribbean that are considered tax havens. , we'd have to invent them," he said. "They provide the level playing fields See net neutrality. between countries...Everyone goes to tax havens for tax harmonization, but the OECD OECD: see Organization for Economic Cooperation and Development. wants tax harmonization at a high level of tax." Clean Money Accounts that offer privacy and confidentiality, of course, are where government investigators expect to find the money that supports terrorism networks. Pingleton said Nationwide has "very strict" requirements of the institutions with which it deals. "The institution is required to do a check on any funds that come in," he said. "You have to know your client and source of funds, and the responsibility lies with the banks, the institution, Bermuda and the company issuing the product. So that's a minimum of two or three checks. "Everyone in the process goes out of the way to make sure it's clean money," Reibel said. Jacobs offered two schools of thought on terrorists using the offshore industry. One is that terrorists' money is not going through traditional offshore channels, and government investigators will find very little or will freeze very little through traditional money-laundering tax-haven channels. Instead, terrorists probably have their own channels. The other school says that the cost in terms of loss of liberty for trying to trace down every dollar of money terrorists have moved through the banking system will be too high vs. the likely gain. Privacy may not be protected by the U.S. Constitution, but it's highly prized by most people, Jacobs said. Duke said that whenever government passes laws that chip away at privacy, even for the sake of tracking terrorists, the new law also will "get at the common man." But the recent terrorism has left him with mixed feelings, Duke said. "I don't like the IRS, but I don't like the illegal offshore promoters PROMOTERS. In the English law, are those who in popular or penal actions prosecute in. their own names and the king's, having part of the fines and penalties. even more," he said. "I'm very much against the power of government, but, a lot of my free-market beliefs of the past are being eradicated. If the government is not able to fight for us, then who will fight for us?" Terrorism and governments' reaction to it will scare away Verb 1. scare away - cause to lose courage; "dashed by the refusal" daunt, frighten away, frighten off, scare off, pall, scare, dash intimidate, restrain - to compel or deter by or as if by threats "the illegitimate ILLEGITIMATE. That which is contrary to law; it is usually applied to children born out of lawful wedlock. A bastard is sometimes called an illegitimate child. people" in the offshore business but may stimulate legitimate activity, particularly offshore life insurance, Duke predicted.
Annuity Reserves, Top Life Groups--2000
Rank is based on total annuity reserves.
($ Thousands)
Total Individual
Annuity Annuity
Rank Company/Group Reserves Reserves
1 TIAA Group $98,582,032 $93,097,785
2 Metropolitan Life & Affiliated 52,149,751 17,516,902
3 Aegon USA Inc 47,279,637 25,037,071
4 American General 46,731,096 32,884,425
5 American International Group 38,240,882 11,213,120
6 ING Group 33,794,566 16,473,566
7 Prudential of America Group 30,625,838 7,640,684
8 GE Financial Assurance Group 30,038,927 22,956,728
9 Principal Life Insurance 28,402,602 2,410,005
10 New York Life 27,963,244 12,042,148
11 Jackson National Group 26,548,755 18,472,484
12 John Hancock Fin Services 25,851,224 4,678,497
13 Allstate Financial Group 25,071,527 15,154,024
14 Citigroup 21,351,738 8,323,562
15 Cigna Group 19,391,183 2,016,851
16 American Express Financial 18,827,335 17,350,813
17 Lincoln National 18,226,921 13,035,974
18 Nationwide 18,102,351 6,020,993
19 Equitable Group 14,905,072 2,662,521
20 Hartford Life 12,073,279 5,558,102
21 Pacific Life Group 11,748,417 3,068,635
22 Liberty Mutual Group 11,370,755 10,642,960
23 Safeco 11,330,066 9,357,687
24 Conseco 11,042,279 10,642,028
25 MassMutual Financial Group 10,007,686 1,967,526
Group
Annuity
Rank Company/Group Reserves
1 TIAA Group $5,484,247
2 Metropolitan Life & Affiliated 34,632,849
3 Aegon USA Inc 22,242,566
4 American General 13,846,671
5 American International Group 27,027,763
6 ING Group 17,321,000
7 Prudential of America Group 22,985,154
8 GE Financial Assurance Group 7,082,198
9 Principal Life Insurance 25,992,596
10 New York Life 15,921,097
11 Jackson National Group 8,076,271
12 John Hancock Fin Services 21,172,727
13 Allstate Financial Group 9,917,503
14 Citigroup 13,028,176
15 Cigna Group 17,374,332
16 American Express Financial 1,476,523
17 Lincoln National 5,190,947
18 Nationwide 12,081,359
19 Equitable Group 12,242,551
20 Hartford Life 6,515,177
21 Pacific Life Group 8,679,782
22 Liberty Mutual Group 727,795
23 Safeco 1,972,379
24 Conseco 400,252
25 MassMutual Financial Group 8,040,160
Source: Best's Aggregates & Averages, Life-Health United States, 2001
Edition
Individual Annuities, Top Writers--2000
Rank is based on individual annuity net premiums written.
($ Thousands)
Individual Annuity
Net Premiums % Change
Rank Company/Group Written From 1999
1 Hartford Life $9,460,064 49.2
2 American General 7,128,183 14.5
3 citigroup 6,655,872 20.5
4 Aegon USA Inc 6,509,327 10.3
5 GE Financial Assurance Group 5,874,936 25.3
6 Metropolitan Life & Affiliated 5,424,212 15.1
7 Nationwide 5,339,569 23.5
8 TIAA Group 5,309,629 12.4
9 ING Group 4,908,378 16.7
10 American Express Financial 4,894,168 48.2
11 Pacific Life Group 4,818,848 4.9
12 Jackson National Group 4,712,150 20.9
13 Lincoln National 4,117,426 -7.1
14 Manulife Financial 3,881,331 28.7
15 Allstate Financial Group 3,862,302 37.7
16 New York Life 3,647,984 22.1
17 American International Group 3,506,937 564.1
18 Allmerica Financial 2,950,300 12.5
19 MassMutual Financial Group 2,604,952 184.2
20 Liberty Mutual Group 2,431,534 39.2
21 Prudential of America Group 2,425,634 -31.7
22 Fidelity Investments Group 2,364,178 29.9
23 Allianz Insurance 2,089,808 66.6
24 Conseco Insurance Group 2,036,683 -2.0
25 American Skandia Life 1,958,933 9.9
Total Total
Net Premiums Admitted
Rank Company/Group Written Assets [*]
1 Hartford Life $18,554,908 $138,333,799
2 American General 13,451,891 98,978,161
3 citigroup 9,606,648 65,284,757
4 Aegon USA Inc 23,044,178 125,461,140
5 GE Financial Assurance Group 11,733,833 60,092,012
6 Metropolitan Life & Affiliated 30,571,775 219,179,504
7 Nationwide 18,191,968 89,196,047
8 TIAA Group 6,973,204 118,974,146
9 ING Group 23,999,344 116,102,092
10 American Express Financial 6,392,361 57,513,720
11 Pacific Life Group 9,269,343 51,912,580
12 Jackson National Group 9,120,295 41,374,576
13 Lincoln National 8,564,582 80,839,685
14 Manulife Financial 10,671,005 47,167,164
15 Allstate Financial Group 12,331,530 55,280,392
16 New York Life 13,538,025 98,247,713
17 American International Group 23,497,214 104,119,447
18 Allmerica Financial 5,225,460 24,007,426
19 MassMutual Financial Group 12,572,620 73,882,735
20 Liberty Mutual Group 3,731,483 24,741,147
21 Prudential of America Group 16,957,113 217,179,635
22 Fidelity Investments Group 2,366,261 14,691,238
23 Allianz Insurance 2,943,436 14,962,392
24 Conseco Insurance Group 6,257,671 28,546,941
25 American Skandia Life 7,182,958 30,149,196
Individual Net
Annuities Gain from
Rank Company/Group Net Gain [*] Operations [*]
1 Hartford Life $91,575 $431,434
2 American General 50,164 863,832
3 citigroup 14,956 940,263
4 Aegon USA Inc 168,304 673,411
5 GE Financial Assurance Group 61,593 30,154
6 Metropolitan Life & Affiliated 71,808 1,211,399
7 Nationwide 100,583 158,594
8 TIAA Group 1,215,052 1,277,055
9 ING Group -5,616 -32,516
10 American Express Financial 161,325 351,822
11 Pacific Life Group -76,858 165,674
12 Jackson National Group 164,995 219,548
13 Lincoln National 234,670 604,078
14 Manulife Financial -35,305 -14,278
15 Allstate Financial Group 19,042 245,433
16 New York Life 24,728 817,874
17 American International Group 64,757 757,387
18 Allmerica Financial -108,410 -15,279
19 MassMutual Financial Group 45,716 649,432
20 Liberty Mutual Group 1,804 4,384
21 Prudential of America Group -156,925 -72,743
22 Fidelity Investments Group 87,370 87,376
23 Allianz Insurance 43,311 -4,373
24 Conseco Insurance Group 63,694 120,842
25 American Skandia Life 4,403 9,506
Capital &
Rank Company/Group Surplus [*]
1 Hartford Life $2,421,286
2 American General 5,976,038
3 citigroup 6,368,473
4 Aegon USA Inc 4,918,753
5 GE Financial Assurance Group 3,144,244
6 Metropolitan Life & Affiliated 7,985,542
7 Nationwide 1,275,078
8 TIAA Group 8,097,405
9 ING Group 3,958,970
10 American Express Financial 1,778,486
11 Pacific Life Group 1,677,873
12 Jackson National Group 1,596,043
13 Lincoln National 2,679,146
14 Manulife Financial 1,568,973
15 Allstate Financial Group 2,736,160
16 New York Life 7,023,982
17 American International Group 8,933,250
18 Allmerica Financial 528,467
19 MassMutual Financial Group 3,835,553
20 Liberty Mutual Group 942,432
21 Prudential of America Group 8,676,824
22 Fidelity Investments Group 289,840
23 Allianz Insurance 808,684
24 Conseco Insurance Group 1,881,770
25 American Skandia Life 342,804
(*)Group totals, as prepared by A.M. Best Co., are presented on a
consolidated basis with eliminations applied for inter-ownership.
Source: Best's Aggregates & Averages, Life-Healh United States, 2001
Edition.
Group Annuities, Top Writers--2000
Rank is based on group annuity net premiums written.
($ Thousands)
Group Annuity
Net Premiums % Change
Rank Company/Group Written From 1999
1 ING Group $13,694,123 15.3
2 Principal Life Insurance 11,460,876 -3.3
3 Metropolitan Life & Affiliated 11,362,506 -27.0
4 Aegon USA Inc 11,014,731 -12.1
5 Nationwide 10,920,840 16.3
6 Cigna Group 9,749,637 4.2
7 American International Group 9,655,425 67.4
8 John Hancock Financial Service 6,626,945 -6.5
9 Equitable Group 6,511,544 -7.2
10 Allstate Financial Group 6,422,051 56.0
11 MassMutual Financial Group 5,395,958 41.4
12 Manulife Financial 5,222,270 42.9
13 American Skandia Life 5,194,454 8.2
14 Prudential of America Group 4,657,663 0.7
15 New york Life 4,648,042 10.9
16 Sun Life Canada Group 4,473,828 132.4
17 Jackson National Group 3,927,676 3.5
18 Hartford Life 3,219,194 23.6
19 Great-West Life Group 2,965,407 21.9
20 American General 2,582,534 7.0
21 Pacific Life Group 2,485,006 -2.1
22 GE Financial Assurance Group 2,136,839 3.6
23 Allmerica Financial 1,841,487 2.4
24 Lincoln National 1,800,362 20.1
25 Aetna Inc Group 1,520,446 2.2
Total Total
Net Premiums Admitted
Rank Company/Group Written Assets [*]
1 ING Group $23,999,344 $116,102,092
2 Principal Life Insurance 15,653,346 75,573,422
3 Metropolitan Life & Affiliated 30,571,775 219,179,504
4 Aegon USA Inc 23,044,178 125,461,140
5 Nationwide 18,191,968 89,196,047
6 Cigna Group 17,467,055 74,859,644
7 American International Group 23,497,214 104,119,447
8 John Hancock Financial Service 10,651,814 72,550,513
9 Equitable Group 10,680,901 90,336,056
10 Allstate Financial Group 12,331,530 55,280,392
11 MassMutual Financial Group 12,572,620 73,882,735
12 Manulife Financial 10,671,005 47,167,164
13 American Skandia Life 7,182,958 30,149,196
14 Prudential of America Group 16,957,113 217,179,635
15 New york Life 13,538,025 98,247,713
16 Sun Life Canada Group 6,886,456 30,637,784
17 Jackson National Group 9,120,295 41,374,576
18 Hartford Life 18,554,908 138,333,799
19 Great-West Life Group 5,693,001 27,794,434
20 American General 13,451,891 98,978,161
21 Pacific Life Group 9,269,343 51,912,580
22 GE Financial Assurance Group 11,733,833 60,092,012
23 Allmerica Financial 5,225,460 24,007,426
24 Lincoln National 8,564,582 80,839,685
25 Aetna Inc Group 7,908,596 32,131,088
Group Net
Annuities Gain From
Rank Company/Group Net Gain [*] Operations [*]
1 ING Group -$6,810 -$32,516
2 Principal Life Insurance 241,647 760,928
3 Metropolitan Life & Affiliated 290,283 1,211,399
4 Aegon USA Inc 206,440 673,411
5 Nationwide 15,689 158,594
6 Cigna Group 244,035 694,050
7 American International Group 294,614 757,387
8 John Hancock Financial Service 242,590 789,278
9 Equitable Group 1,152,449 1,910,204
10 Allstate Financial Group 30,124 245,433
11 MassMutual Financial Group 135,673 649,432
12 Manulife Financial 64,086 -14,278
13 American Skandia Life 11,457 9,506
14 Prudential of America Group -171,672 -72,743
15 New york Life 91,665 817,874
16 Sun Life Canada Group 16,977 179,034
17 Jackson National Group 70,054 219,548
18 Hartford Life -48,548 431,434
19 Great-West Life Group 83,914 266,575
20 American General -5,179 863,832
21 Pacific Life Group 73,237 165,674
22 GE Financial Assurance Group 67,982 30,154
23 Allmerica Financial 7,449 -15,279
24 Lincoln National 116,116 604,078
25 Aetna Inc Group 65,234 546,961
Capital &
Rank Company/Group Surplus [*]
1 ING Group $3,958,970
2 Principal Life Insurance 3,356,387
3 Metropolitan Life & Affiliated 7,985,542
4 Aegon USA Inc 4,918,753
5 Nationwide 1,275,078
6 Cigna Group 2,569,670
7 American International Group 8,933,250
8 John Hancock Financial Service 3,689,855
9 Equitable Group 5,341,925
10 Allstate Financial Group 2,736,160
11 MassMutual Financial Group 3,835,553
12 Manulife Financial 1,568,973
13 American Skandia Life 342,804
14 Prudential of America Group 8,676,824
15 New york Life 7,023,982
16 Sun Life Canada Group 1,353,222
17 Jackson National Group 1,596,043
18 Hartford Life 2,421,286
19 Great-West Life Group 1,180,708
20 American General 5,976,038
21 Pacific Life Group 1,677,873
22 GE Financial Assurance Group 3,144,244
23 Allmerica Financial 528,467
24 Lincoln National 2,679,146
25 Aetna Inc Group 2,283,121
(*)Group totals, as prepared by A.M. Best Co., are presented on a
consolidated basis with eliminations applied for inter-ownership.
Source: Best's Aggregates & Averages, Life-Healh United States, 2001
Edition.
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