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Financial Services Fact Book E N A THE FI THE FINANCIAL SERVICES FACT BOOK e N A • Unique and comprehensive guide with more than 350 graphs and charts on N CIAL Th insurance, banking, securities, finance companies, mortgage financing and SE 110 William Street New York, NY 10038 on financial services as a whole. RVIC FINANCIAL • Key to understanding how the financial services sectors both work together (212) 669-9200 ES http//www.iii.org and compete with each other. F A C T • Valuable tool for the media, corporate executives and researchers. BO SERVICES O K 2008 Insurance PUBLISHED JOINTLY BY: Information • Insurance Information Institute • The Financial Services Roundtable Institute FACT 110 William Street 1001 Pennsylvania Avenue, NW New York, NY 10038 Suite 500 South www.iii.org Washington, DC 20004 The Financial www.fsround.org Services BOOK Insurance The Financial Information Services Institute Roundtable Roundtable ISBN 978-0-932387-52-3 ISBN 978-0-932387-52-3 www.financialservicesfacts.org The online source for the new, comprehensive 9 780932 387523 Financial Services Fact Book 2008 2008 The FINANCIAL SERVICES FACT BOOK 2008 Insurance Information Institute The Financial Services Roundtable TO THE READER Each year the Financial Services Fact Book, a partnership between the Insurance Information Institute and The Financial Services Roundtable, expands to reflect developments shaping the financial services sector. This year’s book highlights a host of new trends, from the growth of retirement assets to developments in the mortgage and housing markets. In this our seventh edition we have expanded a number of charts to provide historical data and have added a number of tables showing state-by-state data. Among the new charts added this year: • Charitable contributions by industry • Value and number of subprime mortgages • Top subprime mortgage lenders • Top ten global private equity firms • Median home values by state • Household income by state • Home ownership by state • Top ten states by remittances overseas • Percentage of residents without health insurance by state This endeavor 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 responsibility for the book. The Financial Services Roundtable and the Insurance Information Institute actively seek your advice, comments and suggestions for next year’s edition. Robert Hartwig Steve Bartlett President President and Chief Executive Officer Insurance Information Institute The Financial Services Roundtable ©2008 Insurance Information Institute. ISBN 978-0-932387-52-3 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 Corporate Social Responsibility ................................................................................... 10 Chapter 2: Savings, Investment and Debt Ownership ...............................................11 National Savings ............................................................................................................ 11 Investments .................................................................................................................... 12 Household Assets ........................................................................................................... 17 Educational Plans and Loans ....................................................................................... 21 Consumer and Business Debt ....................................................................................... 24 Consumer Debt .............................................................................................................. 25 Bankruptcy ..................................................................................................................... 30 Consumer Fraud and Identity Theft ............................................................................ 31 Chapter 3: Retirement Assets ...............................................................................33 Retirement Funds .......................................................................................................... 33 Annuities ........................................................................................................................ 42 Mutual Funds ................................................................................................................. 44 Chapter 4: Convergence ........................................................................................45 Financial Holding Companies ...................................................................................... 45 Bank Holding Companies ............................................................................................. 46 Leading Bank Holding Companies ............................................................................. 48 Banks .............................................................................................................................. 51 Leading Banks ............................................................................................................... 57 Insurance Companies .................................................................................................... 60 Leading Insurance Companies ..................................................................................... 61 Chapter 5: Insurance ............................................................................................63 Overview ......................................................................................................................... 63 All Sectors ...................................................................................................................... 64 Property/Casualty: Financial ......................................................................................... 71 Property/Casualty: Premiums By Line ......................................................................... 75 Property/Casualty: Specialty Lines ............................................................................... 78 Property/Casualty: Reinsurance.................................................................................... 83 Property/Casualty: Capital Markets .............................................................................. 84 Life/Health: Financial .................................................................................................... 87 Life/Health: Premiums By Line .................................................................................... 91 Health Insurance ........................................................................................................... 93 Chapter 6: Banking ...............................................................................................97 Overview ......................................................................................................................... 97 All Sectors ...................................................................................................................... 98 Commercial Banks ...................................................................................................... 104 Thrift Institutions ........................................................................................................ 112 Remittances ................................................................................................................. 117 Credit Unions ............................................................................................................... 118 Industrial Banks .......................................................................................................... 122 Chapter 7: Securities ..........................................................................................123 Overview ....................................................................................................................... 123 Capital Markets ............................................................................................................ 131 Asset-backed Securities ............................................................................................... 135 Derivatives .................................................................................................................... 137 Exchanges ...................................................................................................................
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