The Life Insurers Fact Book, the annual statistical report of the American Council of Life Insurers (ACLI), provides information on trends and statistics about the life insurance industry.

ACLI represents 353 life insurers operating in the United States, of which 345 are legal reserve life insurance companies and 8 are fraternal benefit societies. ACLI’s 353 member companies account for 93 percent of total industry assets, 93 percent of the industry’s life insurance premiums, and 94 percent of annuity considerations in the United States.

ACLI advocates the interests of life insurers and their millions of policyholders before federal and state
legislators, state insurance departments, administration officials, federal regulatory agencies, and the courts. ACLI expands awareness of how the products offered by life insurers—life insurance, pensions, annuities, disability income insurance, and long-term care insurance—help Americans plan for and achieve financial and retirement security. ...

OVERVIEW
U.S. life insurance companies sell the vast majority of life insurance and annuities purchased in the United States. Fraternal organizations and federal government agencies are also in the marketplace, and certain Canadian life insurers with U.S. legal reserves are allowed to sell insurance directly from their Canadian offices to U.S. purchasers. Data from Canadian companies are not included in this chapter.

At the end of 2007, 1,009 life insurance companies were in business in the United States (Table 1.1). The number of active companies peaked in 1988 (Table 1.7), and has since fallen steadily, mostly due to company mergers and consolidations. This streamlining has helped to reduce operating costs and general overhead, and has significantly increased efficiency. ...

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© 2008 American Council of Life Insurers

Contents
Preface ix
Methodology xi
Key Statistics xiii
1 Overview 1
Organizational Structure 1
Stock and Mutual Life Insurers 1
Other Life Insurance Providers 1
Employment 2
Foreign Ownership 2
2 Assets 7
Bond Holdings and Acquisitions 7
Types of Bonds 8
Characteristics of Bonds 8
Stock Holdings and Acquisitions 9
Mortgages 9
Real Estate 10
Policy Loans 10
Miscellaneous Assets 10
Foreign-Controlled Assets 10
3 Liabilities 23
Policy Reserves 23
Deposit-Type Contracts 24
Asset Fluctuation Reserves 24
Other Liabilities 24
Surplus Funds and Capital Stock 24
Capital Ratios 25
4 Income 33
Premium Income 33
Investment Income and Rate of Return 34
Net Gain From Operations 34
5 Expenditures 45
Benefit Payments 45
From Life Insurance Policies 45
From Annuity Contracts 46
From Health Insurance Policies 46
Operating Expenses 46
Taxes 46
Investment Expenses 47
6 Reinsurance 55
Allocating Risk 55
Managing Risk 56
Underwriting Strength 56
Product Flexibility 56
Financial Positioning 56
Types of Reinsurance 57
Proportional Reinsurance 57
Non-Proportional Reinsurance 58
7 Life Insurance 61
Individual Life Insurance 61
Types of Policies 62
Characteristics of Individual Policies 62
Group Life Insurance 63
Credit Life Insurance 63
Policy Claims Resisted or Compromised 64
8 Annuities 73
Group and Individual Annuities 73
Supplementary Contracts, Annuities
Certain, and Other Annuities 74
9 Disability Income
and Long-Term Care Insurance 79
Disability Income Insurance 79
Individual Disability Income Insurance 79
Group Disability Income Insurance 80
Long-Term Care Insurance 81
Individual Long-Term Care Insurance 81
Group Long-Term Care Coverage 82
Accelerated Benefits 82
10 In the States 83
11 Industry Rankings 95
12 Mortality and Life Expectancy 121
APPENDIX 131
A Glossary of Insurance Related Terms 135
Historic Dates 151
C Life Insurance Related Organizations 161
D State Insurance Officials 169

Visit The American Council of Life Insurers (ACLI) Website

The American Council of Life Insurers (ACLI) is a Washington D.C.-based trade association backed by an industry with more than 200 years of experience protecting American families, workers, and businesses. ACLI represents 353 life insurance companies operating in the United States before federal and state legislators, regulators, and courts.

ACLI member companies are the leading providers of financial and retirement security products covering individual and group markets. They provide life insurance, long-term care insurance, disability income insurance, annuities, pensions such as 401(k), 403(b), and 457 plans, IRAs, and reinsurance.

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