FINANCIAL SERVICES INDUSTRY 
LARGEST U.S. FINANCIAL SERVICES FIRMS, 2004 (1)

($ millions)


 

 

 

 

Profits as a percent of

 

 








1General Electric$152,363$16,59311%2%Diversified financial307,000
2Citigroup108,27617,046161Banking290,500
3American Intl. Group98,61011,050111Insurance92,000
4Berkshire Hathaway74,3827,308104Insurance180,176
5Bank of America Corp.63,32414,143221Banking175,742
6State Farm Insurance Cos.58,8195,30994Insurance68,681
7J.P. Morgan Chase & Co.56,9314,46680Banking160,968
8Morgan Stanley39,5494,486111Securities53,284
9MetLife39,5352,75871Insurance53,920
10Allstate33,9363,18192Insurance38,700
11Wells Fargo33,8767,014212Banking145,500
12Merrill Lynch32,4674,436141Securities50,600
13Goldman Sachs Group29,8394,553151Securities20,722
14American Express29,1153,445122Diversified financial77,500
15Prudential Financial28,3482,25681Insurance39,418
16Wachovia Corp.28,0675,214191Banking96,030
17New York Life Insurance27,1761,21351Insurance12,650
18TIAA-CREF23,41154120Insurance5,607
19Mass. Mutual Life Ins.23,15967731Insurance11,334
20St. Paul Travelers Cos.22,93495541Insurance29,700
21Hartford Financial Services22,6932,11591Insurance30,000
22Lehman Brothers Holdings21,2502,369111Securities19,579
23Nationwide20,5581,01051Insurance32,933
24Liberty Mutual Insurance Group19,7541,24562Insurance38,283
25Northwestern Mutual17,80681751Insurance4,572

(1) Ranked by revenues.

Source: Fortune.

There are 131 financial services firms among the Fortune 500. Together they had revenues of $1.6 trillion and profits of $192.0 millions.
LARGEST FINANCIAL SERVICES COMPANIES BY SECTOR, 2004 (1)







Banks     
     Savings4$24,5281.5%$4,8202.5%
     Commercial34432,63226.977,35240.3
Insurance     
     Life and health30268,61016.715,8528.3
     Property/casualty41496,97231.048,25025.1
Diversified financials11234,80314.626,68013.9
Securities11148,1009.219,14910.0
Total131$1,605,645100.0%$192,103100.0%

(1) Based on companies in the Fortune 500.

Source: Fortune; Insurance Information Institute.