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The Financial Services Roundtable Insurance Information Institute 05Fs.cover 12/21/04 1:06 PM Page 1 (2,1) 110 WFilliam StreetINANCIAL New York, NY 10038 (212) 669-9200 http//wwwS.iii.org ERVICES Insurance Information FACT Institute The Financial BOOK Services Roundtable 2 0 0 5 05.fm.fs. 12/20/04 1:58 PM Page i T h e FINAN C IAL SERVI C E S FACT B O O K 2 0 0 5 Insurance Information Institute The Financial Services Roundtable 05.fm.fs. 12/20/04 1:58 PM Page ii TO THE READER The Financial Services Fact Book, a partnership of the Insurance Information Institute and The Financial Services Roundtable, has become an indispensable resource for executives, public officials, researchers and others seeking a better understanding of financial services. In this, our fourth edition, we also identify important trends emerging post Gramm- Leach-Bliley that affect financial services as a whole. We have put these together in a sepa- rate chapter. We now see, for example, that more than 50 percent of bank holding companies a re re p o rting income from sales of insurance, mutual funds and annuities, and from invest- ment banking activities. And the number of financial holding companies involved in insur- ance underwriting more than doubled from 2000 to 2003. Early data for 2004 suggest these t rends will continue upward. In addition to these trends, other features that have been added to this edition include: • Percentage of workers with retirement benefits • Remittances (money transfers from immigrants to their families in other countries) • Information technology spending in the insurance industry • New charts on finance companies and e-commerce and more details on bank loans. This endeavor to integrate information on trends with basic facts on major industry sec- tors could not succeed without the help of many organizations, consultants and others who collect industry data and who have generously given permission to use their data in this book. However, the bulk of the work involved in collecting, integrating and interpreting the material was done by the Insurance Information Institute, which accepts editorial re s p o n s i- bility for the book. The Financial Services Roundtable and the Insurance Information Institute actively seek your advice, comments and suggestions for next year’s edition. With best wishes, Gordon Stewart, Steve Bartlett, President President and Chief Executive Officer Insurance Information Institute The Financial Services Roundtable ©2005 Insurance Information Institute. ISSN 1537-6257 2005 05.fm.fs. 12/20/04 1:58 PM Page iii Contents Financial Services at a Glance .................................................................................V Chapter 1: The Financial Services Industry...............................................................1 Overview ...........................................................................................................................1 Assets.................................................................................................................................2 Mergers .............................................................................................................................3 Employment .....................................................................................................................5 Gross Domestic Product ..................................................................................................6 Leading Companies..........................................................................................................9 Chapter 2: Savings, Investment and Debt Ownership ..............................................11 National Savings ............................................................................................................11 Investments.....................................................................................................................12 Debt.................................................................................................................................15 Household Assets ...........................................................................................................17 Educational Plans and Loans........................................................................................21 Consumer and Business Debt .......................................................................................24 Bankruptcy .....................................................................................................................26 Chapter 3: Asset Management/Retirement Funds ..................................................27 Retirement Assets...........................................................................................................27 Annuities .........................................................................................................................32 Mutual Funds .................................................................................................................35 Chapter 4: Convergence .......................................................................................37 Overview .........................................................................................................................37 Bank Holding/Financial Holding Companies ..............................................................37 Banks...............................................................................................................................44 Insurance Companies ....................................................................................................51 Chapter 5: Insurance ...........................................................................................53 Overview .........................................................................................................................53 All Sectors.......................................................................................................................55 Property/Casualty: Financial .........................................................................................61 Property/Casualty: Premiums By Line..........................................................................66 Property/Casualty: Specialty Lines................................................................................69 Property/Casualty: Reinsurance ....................................................................................74 Property/Casualty: Capital Markets ..............................................................................75 Life/Health: Financial ....................................................................................................78 Life/Health: Premiums By Line.....................................................................................83 Life/Health: Annuity Sales .............................................................................................84 Chapter 6: Banking ..............................................................................................85 Overview .........................................................................................................................85 All Sectors.......................................................................................................................86 Commercial Banks .........................................................................................................92 05.fm.fs. 12/20/04 1:58 PM Page iv Thrift Institutions...........................................................................................................98 Credit Unions ...............................................................................................................105 Industrial Banks...........................................................................................................108 Chapter 7: Securities .........................................................................................109 Overview .......................................................................................................................109 Capital Markets ............................................................................................................117 Asset-backed Securities................................................................................................121 Derivatives ....................................................................................................................123 Exchanges.....................................................................................................................125 Mutual Funds ...............................................................................................................127 Chapter 8: Finance Companies ............................................................................131 Overview .......................................................................................................................131 Assets and Liabilities ...................................................................................................133 Profitability...................................................................................................................134 Receivables ...................................................................................................................135 Concentration...............................................................................................................138 Leading Companies......................................................................................................139
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