Bulking up: acquisition-hungry life insurers are fueling an uptick in consolidation, but there is debate over whether the next wave of buyers will want entire companies or selected books of business.Key Points * As life insurers strive to diversify diversify To acquire a variety of assets that do not tend to change in value at the same time. To diversify a securities portfolio is to purchase different types of securities in different companies in unrelated industries. their revenue streams, more mergers are expected. * Some experts say that instead of acquisitions of entire companies, insurers are likely to grow by buying blocks of business. * Another expert predicts that 1,000 of the 1,400 companies today will be swallowed up or forced out of business in the next 10 years. John Hancock was already larger than some 1,400 of its competitors when it announced its $11.06 billion merger with Manulife Financial--and said the merger was needed to give Hancock the scale it lacked. "Not only is consolidation in our industry inevitable, but for companies of our size to compete and grow in the future, it is necessary," David D'Alessandro, Hancock's chairman and chief executive officer, said in the merger announcement. "This transaction gives us the scale, capital base and diversity of product and distribution to grow as a business." That's quite a comment coming from a company of Hancock's size, said John Nigh nigh adv. nigh·er, nigh·est 1. Near in time, place, or relationship: Evening draws nigh. 2. Nearly; almost: talked for nigh onto two hours. , managing principal and mergers, acquisitions and restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). practice leader for the Tillinghast Tillinghast is the world's largest actuarial practice focused on insurance[1] and a unit of Towers Perrin specializing in risk management and actuarial consulting. business of Towers Perrin Towers Perrin is a global professional services firm. It was established 1 March 1934 as Towers, Perrin, Forster & Crosby. The umbrella name of Towers Perrin was adopted in 1987. . Bigger Is Better John Hancock was ranked as the 14th largest U.S. life 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. by admitted assets at 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. 2003, 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. A.M. Best Co. data. Toronto-based Manulife was ranked as the 20th largest, based on U.S. admitted assets. The newly merged Manulife now boasts 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 the fifth-largest life insurance company in the world; the largest life insurance company, largest financial institution and largest public company in Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of ; the second-largest life insurer in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. based on market capitalization Market Capitalization A measure of a public company's size. Market capitalization is the total dollar value of all outstanding shares. It's calculated by multiplying the number of shares times the current market price. This term is often referred to as market cap. ; and the fourth largest based on total assets of $226.6 billion as of year-end 2003. It also says it's the top writer of universal life insurance and the No. 2 writer of variable life 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. . According to A.M. Best data, combined admitted assets of the insurance operations of John Hancock and Manulife in the United States and Canada at year-end 2003 equaled approximately $194.6 billion. The Manulife/Hancock transaction is just one of several major mergers to impact the life insurance industry recently. Other mergers include Great-West Lifeco The Great-West Life Assurance Company (known more commonly as Great-West Life) is a life and health insurance company. Its headquarters is located in Winnipeg, Manitoba, Canada and its CEO is Raymond L. McFeetors. Inc. buying Canada Life Financial Canada Life Financial Corporation TSX: CL is a Canadian company that offers life, health, and disability insurance for groups and individuals. Founded in 1847, it was acquired by The Great-West Life Assurance Company in 2003, after rejecting a hostile takeover bid by Corp.; Sun Life Financial buying Clarica Clarica can refer to:
Combined admitted assets of the insurance operations of Axa Financial and MONY at year-end 2003 equaled approximately $113.8 billion, according to A.M. Best data. "I don't know Don't know (DK, DKed) "Don't know the trade." A Street expression used whenever one party lacks knowledge of a trade or receives conflicting instructions from the other party. if any of [those four mergers] will drive a significant amount of change in the industry, per se," said Saul Saul, first king of the ancient Hebrews. He was a Benjamite and anointed king by Samuel. Saul's territory was probably limited to the hill country of Judah and the region to the north, and his proximity to the Philistines brought him into constant conflict with them. Martinez Martinez (märtē`nəs), city (1990 pop. 31,808), seat of Contra Costa co., W Calif., on Carquinez Strait between San Pablo and Suisun bays, in a farm area; inc. 1884. Its major industry is petroleum refining. , equity analyst with Bear Stearns The Bear Stearns Companies, Inc. (NYSE: BSC) is the parent company of Bear, Stearns & Co. Inc., one of the largest global investment banks and securities trading and brokerage firms in the world. . "It will create stronger, more diverse competitors in certain lines of business. But I 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. think it will change the landscape dramatically or drive more M&A activity." While those individual transactions may not directly spark spark, in electricity: see arc. (language) SPARK - An annotated subset of Ada supported by tools supplied by Praxis Critical Systems (originally by PVL). http://sparkada.com. additional mergers, consolidation among the 1,462 life/health insurers should remain a major force shaping the industry, Martinez argues in a report on the U.S. life insurance industry titled "Size Matters in Life." The publicly traded life insurers that will perform the best are likely to be the larger companies with profitable international operations Internal Operations (I.O., IO or I/O) is a fictional American Intelligence Agency in Wildstorm comics. It was originally called International Operations. I.O. first appeared in WildC.A.T.S. volume 1 #1 (August, 1992) and was created by Brandon Choi and Jim Lee. and diversified diversified (di·verˑ·s products, Martinez said. While some companies' profitability is tied closely to the performance of U.S. equity markets, more diversified companies--whose profitability is tied to other factors, such as international business and a diversified product mix--are more likely to succeed, Martinez said. Companies need to diversify, Nigh said, by both offering more products and broadening their geographic footprints. "Manulife has a goal of creating a U.S. operation of significant size. If you want to truly be a global player, you have to be a player in the U.S. life market," Nigh said. Bigger companies can reap savings, which puts pressure on smaller companies to keep up or be acquired. "I think [M&A activity] is going to make the industry more efficient over time. The implications for smaller companies is that you can't be behind the curve on the technological front and then expect to be able to compete with companies that have more cost-efficiency going forward," Nigh said. The purchase of Clarica establishes a strong foundation for Sun Life Financial in Canada, one from which the company can leverage a larger presence internationally and in the United States, said Nick Thomas Nick Thomas (b.1968) is a Welsh politician and member of Plaid Cymru. Nick Thomas is standing for the Bridgend constituency in the National Assembly for Wales election, 2007. Nick Thomas was born in Bridgend and now lives in Porthcawl. , director of media and public relations public relations, activities and policies used to create public interest in a person, idea, product, institution, or business establishment. By its nature, public relations is devoted to serving particular interests by presenting them to the public in the most for Sun Life Financial. "In order to be a player in the global marketplace, you need to be a player in the U.S. Critical mass is essential to compete in the U.S.," Thomas (language) Thomas - A language compatible with the language Dylan(TM). Thomas is NOT Dylan(TM). The first public release of a translator to Scheme by Matt Birkholz, Jim Miller, and Ron Weiss, written at Digital Equipment Corporation's Cambridge Research Laboratory runs said. "We bulked up with the Clarica acquisition, which has given us a real solid platform to broaden our presence in the U.S," he said. Sun Life Financial has not satiated sa·ti·ate tr.v. sa·ti·at·ed, sa·ti·at·ing, sa·ti·ates 1. To satisfy (an appetite or desire) fully. 2. To satisfy to excess. adj. Filled to satisfaction. its appetite for growth. Thomas said the company is actively seeking acquisitions in the United States and has said it's 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. purchases in the U.S. $350 million range. "We're we're Contraction of we are. we're we are looking for acquisitions that would compliment Not to be confused with Complement. Compliment may be
Big Bites Big Bite was an Australian sketch comedy broadcast on the Seven Network in an evening timeslot. The show starred Chris Lilley of We Can Be Heroes and Andrew O'Keefe, who would go on to fame as host of the Seven Network's Deal or No Deal, Dragons' Den, The Rich List , Little Bites Industry experts are divided on whether the industry will be consolidated by bigger companies swallowing swallowing or deglutition Act that moves food from the mouth to the stomach. The tongue pushes liquid or chewed food mixed with saliva into the pharynx. smaller companies whole, or whether insurers will grow by taking only selected bites of other companies. Nigh of Tillinghast sees a day when the number of competitors in the market will have dwindled. "You can argue the life insurance market has 1,400 companies," Nigh said. "That number will shrink shrink Vox populi noun A psychiatrist dramatically. Looking into my crystal ball, the number of companies will shrink by 1,000 in the next 10 years, and the market share of the top 10 will go from roughly 45% right now to up to 75% in the next 10 years." Nigh said that growth would mirror what's already happening in the banking market, where the top 10 banks have grown through consolidation to having a market share of more than 60% today, up from less than 40% eight years ago. "I don't think I'm I'm Contraction of I am. Our Living Language Speakers of some scattered varieties of American English sometimes use I'm instead of I've or I have in present perfect constructions, as in being overly aggressive in that prediction," Nigh said. Others, however, said mergers of the magnitude of the Hancock/Manulife transaction would continue to happen but wouldn't would·n't Contraction of would not. wouldn't would not wouldn't would be common. Companies are more likely to buy specific lines or blocks of business from insurers seeking to exit certain lines, rather than acquire an entire public company, Martinez said. Examples of this type of transaction include Prudential Prudential is the name of two different companies and buildings named after them: Companies:
Robert Robert, Henry Martyn 1837-1923. American army engineer and parliamentary authority. He designed the defenses for Washington, D.C., during the Civil War and later wrote Robert's Rules of Order (1876). Noun 1. Stein Stein , William Howard 1911-1980. American biochemist. He shared a 1972 Nobel Prize for pioneering studies of ribonuclease. , chairman of global 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. for Ernst & Young, said there just aren't aren't Contraction of are not. See Usage Note at ain't. aren't are not aren't be a lot of large companies looking for wholesale acquisitions today. "The difficulty of merging and assimilating as·sim·i·late v. as·sim·i·lat·ed, as·sim·i·lat·ing, as·sim·i·lates v.tr. 1. Physiology a. To consume and incorporate (nutrients) into the body after digestion. b. these companies has become apparent," Stein said. Simply gaining size doesn't does·n't Contraction of does not. necessarily mean gaining efficiency. "Everyone always says bigger is better, but I'm not sure that's always the case," said Fran Semaya, an attorney with Cozen coz·en v. coz·ened, coz·en·ing, coz·ens v.tr. 1. To mislead by means of a petty trick or fraud; deceive. 2. To persuade or induce to do something by cajoling or wheedling. 3. O'Connor O'Con·nor , Flannery 1925-1964. American writer whose novels Wise Blood (1952) and The Violent Bear It Away (1960) and short stories, collected in such works as A Good Man Is Hard to Find . She said buyers aren't always fully aware of what they've they've Contraction of they have. they've have bought. "So many companies acquire another company, only to find a lot of problems came with it that no one ever anticipated." Also, new regulations, such as the Sarbanes-Oxley Act See SOX. , make buyers more responsible. "The regulatory environment has made M&A activity more sluggish. Buying a big company is one more regulatory headache headache Pain in the upper portion of the head. Episodic tension headaches are the most common, usually causing mild to moderate pain on both sides. They result from sustained contraction of face and neck muscles, often due to fatigue, stress, or frustration. ," said Peter Porrino, director of insurance industry services for Ernst & Young. The Best of Both Worlds As long as being bigger means being stronger, mergers and acquisitions in the life insurance industry are likely to continue, said Dana Dāna almsgiving to poor, giftgiving to priests. [Hindu Rel.: Parrinder, 72] See : Generosity Mikstay, managing director in the insurance services division at Chicago Chicago, city, United States Chicago (shĭkä`gō, shĭkô`gō), city (1990 pop. 2,783,726), seat of Cook co., NE Ill., on Lake Michigan; inc. 1837. brokerage Mesirow Financial Mesirow Financial is a diversified financial services firm headquartered in Chicago. Founded in 1937, Mesirow Financial is an independent employee-owned firm with more than $22 billion in assets under management and more than 1,100 employees in locations across the United States . With the recent turmoil in the stock markets, some life insurers have struggled to maintain their financial strength ratings, Mikstay said. Some companies will be looking to sell off their less profitable or problematic divisions to other carriers to boost their financial strength ratings, she said. But it's not enough for insurers to be financially solid. Branding and distribution are equally important, as evidenced by the John Hancock/Manulife transaction, she said. "Both John Hancock and Manulife are financially strong carriers. Hancock has name branding that Manulife doesn't have, even though it's a quality company," said Mikstay, who was a Manulife sales manager sales manager n → gerente m/f de ventas sales manager n → directeur commercial sales manager sale n → 18 years ago. Manulife traditionally has been a brokerage company, wholesaling to brokers, while Hancock historically has had a large retail sales force. Manulife has catered to the affluent market--it was among the first to develop the second-to-die policy--where Hancock seems to have broader clientele. Hancock also has products, including long-term care long-term care (LTC), n the provision of medical, social, and personal care services on a recurring or continuing basis to persons with chronic physical or mental disorders. , that Manulife doesn't, Mikstay said. "The Manulife/Hancock union will be tough to beat--a known brandname carrier combined with Manulife's excellent product experience" Mikstay said. The consolidation among life insurers could be beneficial to the industry, she said. "It makes a lot of sense, as long as it's good for the consumer," Mikstay said. And it should be, she said. "Often there are too many choices for consumers. For those of us who are knowledgeable in the market, we know where to go. But for consumers, they are relying on us to give them that information," she said. While scale is important to the business, it wasn't was·n't Contraction of was not. wasn't was not wasn't be the primary reason for John Hancock and Manulife to merge, said Craig Craig , Edward Gordon 1872-1966. British theatrical producer, director, and designer whose innovative productions and simplified stage designs influenced modern theater. Bromley Bromley (brŏm`lē), outer borough (1991 pop. 281,700) of Greater London, SE England. It is the largest of the 32 Greater London boroughs with an area of 59 sq mi (153 sq km). Bromley is mainly residential. , senior vice president of business development for Manulife. "If you look at our competitors--AIG, Citigroup/Travelers, GE--we are still gaining scale, still trying to catch up," Bromley said. "Scale transactions give a sense of being expense driven. This transaction was fairly complementary. We had a bunch of business in various geographic territories with various distribution strategies. There was some overlap o·ver·lap n. 1. A part or portion of a structure that extends or projects over another. 2. The suturing of one layer of tissue above or under another layer to provide additional strength, often used in dental surgery. v. , but a lot of businesses that Hancock brought to the table are new to Manulife, and the distribution channels are new as well." Manulife's brand name in the United States is not nearly as well known as Hancock's, Bromley said. "All in all, the transaction makes us a bigger company, which has capital advantages, diversification Diversification A risk management technique that mixes a wide variety of investments within a portfolio. It is designed to minimize the impact of any one security on overall portfolio performance. Notes: Diversification is possibly the greatest way to reduce the risk. , strength. We are more recognizable, particularly with the Hancock brand being married to the bigger organization," Bromley said. Bromley said more mergers in the industry are likely. "There's still a lot of life insurers out there; I would expect more to merge. But I don't know when the next mega-merger is coming. People were anticipating our merger with Hancock would stimulate a bunch of really big deals, and investment bankers Investment Banker A person representing a financial institution that is in the business of raising capital for corporations and municipalities. Notes: An investment banker may not accept deposits or make commercial loans. were salivating. But that hasn't has·n't Contraction of has not. hasn't has not hasn't have really happened yet," Bromley said.
Big Bites
Major acquisitions of publicly traded life insurers
are heating up again.
Acquirer Acquired
American General Corp. USLIFE Corp.
Reliastar Security-Connecticut Corp.
ING Groep NV Equitable of Iowa Cos.
American General Corp. Western National Corp.
AmerUS Life Holdings AmVestors Financial Corp.
Conseco Washington National Corp.
American International Group SunAmerica Inc.
Unum Corp. Provident Cos.
Aegon NV TransAmerica Corp.
Allstate Corp. American Heritage Life
ING Groep NV ReliaStar Financial Corp.
Axa Axa Financial Inc.
American International Group American General Corp.
Axa Financial Inc. MONY Group Inc.
Manulife Financial Corp. John Hancock Financial Services
Purchase
Date Date Price
Acquirer Announced Completed ($ Millions)
American General Corp. 2/13/1997 6/17/1997 $1,774
Reliastar 2/24/1997 7/1/1997 470
ING Groep NV 7/8/1997 10/24/1997 2,226
American General Corp. 9/12/1997 2/25/1998 2,193
AmerUS Life Holdings 9/22/1997 12/19/1997 330
Conseco 9/22/1997 12/4/1997 435
American International Group 8/20/1998 1/1/1999 18,117
Unum Corp. 11/23/1998 6/30/1999 4,866
Aegon NV 2/18/1999 7/21/1999 9,691
Allstate Corp. 7/8/1999 11/2/1999 914
ING Groep NV 4/28/2000 9/2/2000 4,974
Axa 8/30/2000 1/3/2001 25,394
American International Group 4/3/2001 8/30/2001 23,398
Axa Financial Inc. 9/17/2003 Pending 1,476
Manulife Financial Corp. 9/28/2003 4/28/2004 11,063
Source: Securities Data Corp.; company reports;
Bear, Stearns & Co. Inc. estimates
Little Bites
Some experts said consolidation in the life industry is more
likely to occur as companies move to acquire bits and pieces
of others, as opposed to a wholesale acquisition.
Public or
Acquired Acquirer Private
Provident Mutual Life Nationwide Private
Aseguaradora Hidalgo MetLife Private
American Skandia Prudential Financial Private
Hyundai Investments
& Securities Co. Ltd. Prudential Financial Private
Allianz Life Reinsurance Group
of America Private
ERC Life Reinsurance Corp. Scottish Re Private
Cigna Corp.
Retirement Business Prudential Financial Private
CNA Group Benefits Hartford Private
Canada Life's
group business Jefferson-Pilot Private
Safeco-Life and White Mountains and
Investment Operations Berkshire Hathaway Private
Purchase
Date Date Price
Acquired Announced Completed ($ Millions)
Provident Mutual Life 8/1/2001 10/12/2002 $1,120
Aseguaradora Hidalgo 5/24/2002 6/20/2002 962
American Skandia 12/20/2002 5/1/2003 1,161
Hyundai Investments
& Securities Co. Ltd. 3/26/2003 2/26/2004 300
Allianz Life
9/22/2003 12/4/2003 310
ERC Life Reinsurance Corp. 10/24/2003 12/22/2003 151
Cigna Corp.
Retirement Business 11/17/2003 4/1/2004 2,100
CNA Group Benefits 12/1/2003 1/5/2004 500
Canada Life's
group business 1/14/2004 Pending 200
Safeco-Life and
Investment Operations 3/15/2004 Pending 1,350
Source: Securities Data Corp.; company
reports; Bear, Stearns & Co. estimates
Top Life Writers by Admitted Assets, United States--2003
Rank is based on admitted assets for 2003.
($ Thousands)
%
Rank Group Name AMB# Assets Change
1 Metropolitan Life & Affiliated Cos 70192 $285,145,990 16.4
2 AIG Life Group 70342 277,820,086 18.9
3 Prudential of America Group 70189 244,060,730 7.0
4 Hartford Life Group 70116 168,486,769 20.5
5 Aegon USA Inc 69707 160,246,841 10.9
6 TIAA Group 70362 154,116,307 6.7
7 ING Group 70153 145,435,189 15.5
8 NY Life Group 69714 136,757,372 12.2
9 Northwestern Mutual Group 69515 113,822,072 10.6
10 Nationwide Life Group 70350 101,868,492 16.5
11 MassMutual Finl Group 69702 96,827,435 15.0
12 Equitable Group 70194 96,312,186 22.4
13 Principal Life Ins Co 06150 90,550,089 16.1
14 John Hancock Finl Svcs Group 70170 86,202,987 8.7
15 Citigroup 70128 84,765,796 12.9
16 Lincoln Natl Corp 70351 82,378,227 16.1
17 Cigna Group 70173 75,529,506 4.5
18 GE Finl Assur Group 69555 75,355,707 7.5
19 Allstate Finl 70106 73,192,521 14.7
20 Manulife Finl 69542 62,284,008 27.9
21 Amer Express Finl Corp 69689 60,803,185 10.3
22 Pacific Life Group 69720 60,550,505 16.5
23 Sun Life Finl Group 69740 51,406,759 11.0
24 Jackson Natl Group 69578 51,058,128 9.2
25 Thrivent Finl for Lutherans 06008 45,297,041 9.9
26 Aflac Inc Group 69824 41,875,776 15.2
27 Great-West Life Group 70366 38,048,136 8.4
28 State Farm Group 70126 36,096,798 8.7
29 Guardian Life 69685 33,524,431 11.5
30 Allianz Ins Group 70187 31,385,357 36.0
31 UnumProvident Group 69743 29,275,611 7.2
32 Aetna Inc 70202 27,512,916 3.3
33 Jefferson-Pilot Corp 70156 27,398,973 6.2
34 Zurich Ins Group 70130 24,439,143 -5.5
35 Conseco Ins Group 69862 24,272,378 1.7
36 Western & Southern Life Group 69754 23,722,494 7.8
37 Phoenix Life Group 70171 23,435,237 12.1
38 Swiss Reins Group 70176 22,721,994 6.6
39 Safeco Life Group 70123 19,556,493 7.5
40 MN Mutual Group 69763 19,141,020 18.8
41 Protective Life Corp 69728 18,707,724 9.1
42 AmerUs Group 69601 18,537,569 5.2
43 Sammons Finl Group 69731 18,069,837 14.8
44 Mony Group 70198 17,494,187 7.9
45 Allmerica Finl Group 70222 16,798,823 -8.1
46 Mutual of Omaha Group 70203 16,120,169 6.4
47 Merrill Lynch Ins Group, Inc 69908 15,446,387 12.1
48 Assurant 70135 12,875,724 7.3
49 Fidelity Investments Group 70020 12,238,583 15.2
50 Amer Natl Group 70166 11,967,101 29.3
51 OH Natl Life Group 69717 11,322,018 20.0
52 Amer United Life Group 70399 11,145,004 16.4
53 Mutual of America Life Ins Co 08851 10,998,023 10.8
54 Torchmark Corp 70265 10,969,903 8.0
55 Knights of Columbus 06616 10,946,593 9.9
56 Natl Life Group 69953 10,638,433 14.3
57 Cuna Mutual Group 70262 10,412,920 18.3
58 Old Mutual US Life Hldgs, Inc 70403 10,036,307 24.3
59 CNA Ins Group 70110 9,900,702 5.5
60 USAA Life Group 70364 9,665,991 7.7
61 Security Benefit Group 69882 9,362,811 34.5
62 Amer Finl Group 70220 9,117,466 8.8
63 Penn Mutual Group 69722 8,954,430 10.6
64 Standard Ins Group 70398 8,528,630 15.9
65 UnitedHealth Group 69973 8,272,374 19.1
66 Southern Farm Bureau Group 70169 8,141,779 12.3
67 Liberty Life Assur Co of Boston 06627 7,376,860 9.7
68 Farm Bureau Life Group 70209 7,060,796 17.9
69 Banc One Ins Group 70396 6,711,468 117.5
70 Ameritas Acacia Group 69790 6,523,546 11.6
71 Woodmen of World Life Ins Soc 07259 6,436,348 8.9
72 Modern Woodmen of America 06737 6,333,252 13.5
73 Amer Equity Investment Group 70406 6,320,058 16.2
74 Country Ins & Finl Svcs 70142 6,219,321 7.7
75 Health Care Service Corp 69584 6,215,259 19.2
76 Union Central Life Ins Co 07150 6,147,081 6.0
77 Employers Reassurance Corp 06976 5,844,201 3.4
78 Berkshire Hathaway Group 70158 5,385,134 27.5
79 Aviva Group 70108 4,972,956 24.7
80 Natl Western Life Ins Co 06811 4,658,880 26.2
81 Presidential Life Corp 70392 4,123,750 -0.1
82 Horace Mann Group 69919 3,849,911 12.7
83 Kansas City Life Group 69692 3,842,870 4.9
84 Thrivent Life Ins Co 09342 3,804,110 11.8
85 Aurora Natl Life Assur Co 06139 3,697,915 -3.9
86 Americo Life Group 69676 3,503,433 11.3
87 RBC Ins Group 70415 3,435,509 -14.8
88 Forethought Group 70375 3,243,760 4.7
89 Amer Family Life Ins Co 06052 2,996,479 8.2
90 Unitrin, Inc 70340 2,867,827 -2.4
91 Munich Amer Reassurance Co 06746 2,835,911 18.9
92 BCBS of FL 70007 2,818,844 22.8
93 Combined A&H Group 70178 2,817,575 9.2
94 Ullico Inc 70003 2,811,542 -8.4
95 WellPoint Health Networks Inc 70064 2,802,365 7.5
96 Independent Order of Foresters USB 06551 2,769,901 3.9
97 Beneficial Life Ins Co 06162 2,616,259 13.1
98 Scor Life US Group 70253 2,512,683 27.7
99 Amer Fidelity Group 69640 2,506,208 15.1
100 Sentry Ins Group 70125 2,347,546 15.2
101 Reliance Standard Life Group 69825 2,334,231 7.0
102 Metropolitan Mortgage Group 69982 2,321,674 12.2
103 Physicians Mutual Group 69724 2,318,736 9.4
104 Household Ins Group 69620 2,314,547 -5.6
105 Anthem, Inc 69906 2,019,290 10.7
106 Cincinnati Life Ins Co 06568 1,994,255 6.9
107 Legal & Gen America, Inc 69539 1,981,003 4.5
108 Scottish Re Group 70418 1,895,550 -8.5
109 Inviva Group 70411 1,802,072 -9.3
110 Security Mutual Life Ins Co of NY 07034 1,764,360 7.8
111 Trustmark Group, Inc 69845 1,739,508 2.4
112 Standard Mgmt Group 70004 1,733,471 18.4
113 UICI 69860 1,625,416 26.3
114 Lafayette Life Ins Co 06617 1,597,101 7.7
115 Pan-Amer Life Group 69617 1,587,431 -30.8
116 Savings Bank Life Ins Co of MA 06696 1,576,174 9.6
117 IN Farm Bureau Group 70368 1,522,913 5.1
118 NGL Ins Group 70358 1,503,137 5.7
119 SBLI USA Group 60345 1,465,751 5.7
120 Erie Family Life Ins Co 07276 1,437,311 17.3
121 Farm Bureau Life Ins Co of MI 06363 1,386,548 11.9
122 United Life Ins Co 07178 1,337,344 7.1
123 Auto-Owners Life Ins Co 06140 1,330,110 14.8
124 Shenandoah Life Group 69570 1,248,500 16.1
125 CBD Hldgs, Ltd 70391 1,245,019 79.6
126 Wellmark, Inc 70049 1,234,324 25.2
127 FIC Ins Group 69616 1,229,412 1.6
128 Lincoln Ins Group 70066 1,215,815 11.1
129 Natl Health Corp 70390 1,167,106 -9.2
130 Hannover Life Reassur of America 68031 1,159,265 7.0
131 First Investors Life Ins Co 06413 1,138,740 17.7
132 MTL Ins Co 06756 1,125,814 8.7
133 Universal Amer Finl Corp 70021 1,101,240 11.6
134 IL Mutual Life Ins Co 06542 1,057,116 9.0
135 Regal Reins Group 70345 1,044,402 1.6
136 Gleaner Life Ins Society 06459 1,039,770 15.0
137 Centurion Life Ins Co 06276 1,016,764 4.3
138 TN Farmers Ins Group 69777 992,272 10.4
139 Humana Inc 69866 976,037 5.0
140 Homesteaders Life Co 06534 940,531 14.7
141 AAA Life Group 70388 938,728 27.1
142 Alfa Life Ins Corp 06293 834,387 9.4
143 AmerCo 70367 824,886 -6.2
144 Shelter Life Ins Co 06675 821,932 3.9
145 Baltimore Life Ins Co 06143 793,745 2.5
146 Gerber Life Ins Co 07299 788,509 14.7
147 BCBS of KS 70031 757,852 30.1
148 Amica Life Ins Co 07464 744,700 11.4
149 Boston Mutual Group 69993 732,778 2.2
150 Security Finl Life Ins Co 07033 722,495 7.9
151 Federated Life Ins Co 06381 714,784 -13.3
152 Independence Hldg Group 69756 714,006 23.1
153 Pekin Ins Group 70155 679,558 14.2
154 Govt Personnel Mutual Life Ins Co 06470 668,400 3.9
155 Catholic Knights 08188 656,525 9.0
156 Manhattan Ins Group 70357 646,585 0.3
157 VantisLife Ins Co 07021 646,022 20.6
158 XL Life Ins & Annuity Co 60395 643,798 0.0
159 Vesta Ins Group 70354 637,550 2.1
160 Axa Corporate Solutions Life Reins 09083 628,575 5.2
161 Generali USA Life Reassurance Co 09189 621,983 999.9
162 BankAmerica Group 70380 620,324 -8.2
163 Royal Neighbors of America 07010 618,598 3.5
164 Highmark Inc 70359 596,987 0.8
165 EMC Natl Life Co 06339 561,031 22.6
166 Amer Amicable Group 70394 555,426 -2.6
167 Catholic Life Ins 08827 546,684 12.1
168 Greek Catholic Union of the USA 09807 532,994 9.2
169 Ceres Group, Inc 70381 525,700 12.9
170 Columbian Finl Group 69961 522,255 3.6
171 Catholic Order of Foresters 06191 504,353 9.5
172 Kanawha Ins Co 06604 492,580 -0.4
173 Farmers & Traders Life Ins Co 06375 480,607 5.6
174 Lincoln Heritage Life Ins Co 06694 467,553 11.3
175 Ozark Natl Life Ins Co 06877 460,834 5.9
176 AL Reassurance Co 09055 460,711 -2.3
177 Amer Republic Ins Co 06096 457,993 0.4
178 Alderwoods Life Ins Group 70037 444,894 10.9
179 Amer Fidelity Life Ins Co 06055 436,730 6.7
180 Pacific Guardian Life Ins Co Ltd 06883 434,646 3.4
181 BCBS of MS 70378 426,892 21.7
182 Mutual Savings Life Ins Co 06753 424,284 1.7
183 Fidelity Security Group 69925 422,574 4.9
184 State Life Ins Co 07082 401,899 5.9
185 Unity Mutual Life Ins Co 07196 396,085 -4.1
186 WEA Ins Corp 09506 395,695 28.6
187 Guar Income Life Ins Co 06504 385,551 21.0
188 United Heritage Life Ins Co 06472 376,243 8.0
189 Mutual Protective Group 20142 361,190 7.2
190 1st Catholic
Slovak Ladies Assn USA 09869 351,741 6.9
191 Funeral Directors Group 70016 350,932 9.1
192 Central States H & L Group 70363 344,554 -2.1
193 Lifetime Healthcare, Inc 70054 342,447 15.0
194 Harleysville Life Ins Co 06517 331,539 18.4
195 Amer Medical Security Group, Inc 70019 328,776 2.0
196 State Mutual Ins Co 07085 328,322 1.3
197 Greater Beneficial
Union Pittsburgh 08161 324,151 21.0
198 Investors Heritage Life Ins Co 06580 323,679 3.5
199 Health Net Inc 70015 308,281 34.2
200 Citizens, Inc Group 69688 303,470 18.3
Top 200 Study Total $3,859,446,787 12.8
Total Life Industry $3,876,703,743 12.7
Source: A.M. Best Co., as of June 4, 2004
Learn More 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. A.M. Best Company # 06688 Distribution: Independent agents and brokers, plus Hancock's former career agency, which has been spun into a separate subsidiary called Signator. SunLife A.M. Best Company # 07101 Distribution: Career agents in Canada, independent agents in India India, officially Republic of India, republic (2005 est pop. 1,080,264,000), 1,261,810 sq mi (3,268,090 sq km), S Asia. The second most populous country in the world, it is also sometimes called Bharat, its ancient name. India's land frontier (c. , and a mix of independent agents, brokers and third parties, such as banks, elsewhere, including in the United States. Axa Financial A.M. Best Company # 06341 (Equitable equitable adj. 1) just, based on fairness and not legal technicalities. 2) refers to positive remedies (orders to do something, not money damages) employed by the courts to solve disputes or give relief. (See: equity) EQUITABLE. Group) Distribution: Financial professionals who work for Axa Advisors LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , and wholesalers who work for Axa Distributors LLC. MONY A.M. Best Company # 06751 Distribution: Independent agents and brokers. Great-West Life Group A.M. Best Company # 06493 Distribution: Financial security advisers, independent advisers associated with managing general agents, independent brokers and benefit consultants, and group representatives. For ratings and other financial strength information about these companies, visit www.ambest.com |
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