CONVERGENCE 
INSURANCE COMPANIES

A number of insurance companies have entered the banking arena by establishing thrifts, which are savings institutions chartered by the Office of Thrift Supervision (OTS). In addition, a small number of insurance companies, including MetLife, have obtained financial holding company status that allows them to engage in banking activities.
INSURANCE COMPANIES THAT OWN OTS-REGULATED THRIFTS BY ASSETS

($000)




State

Thrift assets (1)
Stichting Cumulatief Preferente (2)ING Bank, FSBDE$53,128,800
United Services Automobile Assoc.USAA Federal Savings BankTX19,653,232
American Express CompanyAmerican Express Bank, FSBUT15,544,610
State Farm Mutual Auto Ins.State Farm Bank, FSBIL12,218,679
American International Group AIG Federal Savings BankDE2,037,344
Principal Financial GroupPrincipal BankIO1,265,143
ACACIA Life Insurance CompanyAcacia Federal Savings BankVA1,239,590
The Allstate CorporationAllstate BankIL1,000,266
Alfa CorporationMidCountry BankIL789,014
First American CorporationFirst American Trust, FSBCA662,111
First Command Financial PlanFirst Command BankTX549,313
Prudential Financial Inc.Prudential Bank & Trust, FSBCT546,590
FB BancorpFarm Bureau Bank, FSBNV433,842
Thrivent Financial for LutheransThrivent Financial BankWI416,595
New Jersey Manuf. InsuranceN.J.M. Bank, FSBNJ322,711
Illinois Mutual Life InsuranceBankplus, FSBIL303,756
Grange Mutual Casualty Co.The Grange BankOH275,513
First Bancshares Inc.First Home Savings BankMO237,131
Ohio Farmers Insurance Co.Westfield Bank, FSBOH222,238
American Sterling CorporationAmerican Sterling BankMO195,392
Polish National Alliance of the U.S.Alliance FSBIL189,033
ACUITYAcuity BankWI180,948
Shelter Mutual Insurance CompanyShelter Financial BankMO133,554
Nationwide Mutual InsuranceNationwide Trust Company, FSBOH108,026
WR Berkley CorporationInsurBancCT93,822
Modern Woodmen of AmericaMWABankIL82,552
Donegal Mutual Insurance Co.Province Bank FSBPA76,628
Guard Financial GroupGuard Security BankPA75,667
Kansas City Life Insurance Co.Generations BankMO61,013
Western & Southern Fin. GroupFort Washington Trust CompanyOH48,010
Country Life Insurance CompanyCountry Trust BankIL28,802
Cuna Mutual Insurance SocietyMembers Trust CompanyFL23,469
New York Life Insurance Co.New York Life Trust Company, FSBNJ20,618
Teachers Insurance and AnnuityTIAA-CREF Trust Company, FSBMO16,253
Massachusetts Mutual LifeThe MassMutual Trust CompanyCT14,395
The Northwestern Mutual LifeNorthwestern Mutual Trust CompanyWI12,006
AXA Assurances lard MutuelleFrontier Trust Company, FSBND11,746
The Guardian Life InsuranceGuardian Trust Company, FSBNY7,078
The Auto Club GroupAuto Club Trust, FSBMI4,072
ACE LimitedINATrust, FSBDE3,412
Mennonite Mutual Aid Assoc.MMA Trust CompanyIN3,074

(1) As of December 31, 2005.
(2) Non-U.S. parent.

Source: Office of Thrift Supervision, U.S. Department of the Treasury.

LEADING INSURERS, LIFE INSURANCE SALES THROUGH BANKS, 2005 (1)

($ millions, weighted premiums)


Rank

Company

2004

2005
1Nationwide$22.8$33.1
2Transamerica36.629.3
3Hartford24.829.0
4Liberty Life13.715.1
5AIG/American General13.215.0
6MetLife/Travelers17.813.5
7John Hancock/Manulife16.812.6
8Allstate Financial31.711.9
9Lincoln National6.110.6
10Great West Life11.910.1

(1) Ranked by 2005 weighted premiums, which discount 90 percent of single premium (one-time payment) products to approximate the expected value of premium flows to life insurance companies each year.

Source: Kehrer-LIMRA.

TOP TEN WRITERS OF FIXED ANNUITIES SOLD THROUGH BANKS, 2005 (1)

($ millions)


 

 

Premiums  

Rank

Company

2004

2005
1AIG/American General$8,793 $6,270
2Allstate Financial3,6182,699
3New York Life2,4322,468
4Transamerica1,8601,417
5Genworth1,4431,408
6Jackson National1,5761,215
7Chase Life195682
8John Hancock347662
9Principal742649
10Western-Southern831632

(1) Ranked by 2005 premiums.

Source: Kehrer-LIMRA.

TOP TEN WRITERS OF VARIABLE ANNUITIES SOLD THROUGH BANKS, 2005 (1)

($ millions)


 

 

Premiums   

Rank

Company

2004

2005
1Hartford$5,452 $4,470
2Pacific Life2,3102,800
3AXA1,6291,642
4Nationwide1,2981,065
5John Hancock4461,020
6RiverSource Annuities735797
7ING663772
8AIG/SunAmerica864682
9MetLife Investors742632
10Allstate Financial449616

(1) Ranked by 2005 premiums.

Source: Kehrer-LIMRA.