Financial Services: The Variety of Finance Activities

Contributions to the Economies Ohio’s Finance Industry: 2017 GDP (in millions) • Ohio's finance industry (NAICS 521-3, 5) provided ser- 525: Total: $32,015 Funds,Trusts, vices valued at $32 billion in 2017. This was 5.0 percent 523: etc., $209, 1% of Ohio’s total Gross Domestic Product (GDP) and close Securities, to 3.5 percent of the U.S. industry total. By comparison, etc., $4,042, Ohio’s total GDP was 3.3 percent of U.S. GDP, indi- 12% cating the finance industry is concentrated here.

• 86.7 percent of finance services – close to $27.8 billion – were provided by the Federal Reserve Bank (521) and two types of credit organizations: depository ones (5221) – commercial banks, saving-and-loans and credit unions (the last are non-profit cooperatives), and non-depository 521-2: Banking, etc., ones (5222) providing only credit and financing; others $27,764, 87% (5223) provide support services. These were 4.3 per- cent of Ohio’s total GDP and 4.5 percent of the two U.S. subsectors’ combined total – and specify the source of the finance industry’s concentration here.

• $4.25 billion in services – 0.7 percent of Ohio’s total Source: U.S. Bureau of Economic Analysis, 2019 GDP – were provided by firms in the securities and funds subsectors (523 and 525, gray and blue). Ohio Finance Industry Employment (in thousands)

521: The Distribution of Industry Employment in Ohio 523, 5: Cleveland Securities, FRB, 1.0, 1% • 139,600 people worked in Ohio’s finance industry in 5223: etc., 17.7, 13% 2017 according to the Census Bureau. About 91,400, or Processing, etc., 12.0, 65.5 percent, worked for depository institutions such as 9% commercial banks (52211, 76,100), savings-and-loans or credit unions (5221R, close to 15,300). An additional 17,400, or 12.5 percent, worked for non-depository in- 5222: stitutions (5222) providing credit and financing, while Financing 12,000 – 8.6 percent – worked in processing, clearing, & Credit, 52211: 17.4, 12% Banks, 76.1, loan brokerage, etc. (5223). Altogether, 120,800 – 86.6 54% percent – worked in private sector credit intermediation (green slices). 5221R: S&Ls, CUs, • 17,700, or 12.7 percent, worked in the securities sub- 15.3, 11% sectors (523, 5, gray). 6,300-plus of these were at Finance Total: 139.6 brokerages (52312); 9,100-plus worked at establish- ments providing portfolio management or investment advice but no brokerage services (52392-3). 1,100-plus Source: U.S. Census Bureau, 2019 worked in investment banking (52311); i.e., for establish- ments raising capital, underwriting new securities, or Ohio’s Share of U.S. Employment in Selected providing advice regarding such purchases. Financial Industries Share Ohio’s Shares of the Industry Employment NAICS Code: Title of U.S.

Private sector total (except farms & railroads) 3.7% • Parts of the finance industry are concentrated in Ohio, 521-3, 5: Finance industry total 3.7% judging by employment. The general concentration of credit intermediation (522, 4.2 percent of the U.S.) re- 521: Cleveland Federal Reserve Bank 5.2% flects the concentration of employment in specific con- stituent industries: commercial banks, savings-and- 522: Credit intermediation & related activities 4.2% loans, credit card issuing, and transaction processing, 52211: Commercial banks 4.9% which ranged from 4.7 to 11.3 percent of the U.S. 52212: Savings-and-loans 6.5% 52221: Credit card issuing 11.3% 52232: Financial transactions processing, etc. 4.7% • Also noteworthy are the 1,000 workers at three Cleve- land Federal Reserve Bank establishments (521), which, 523: Securities, etc. 2.0% in addition to finance industry regulation, provide ser- 525: Funds, trusts, etc. 0.4% vices to regional depository institutions; they comprised Source: U.S. Census Bureau, 2019 5.2 percent of the System in 2017.

Financial Services: Finance Trends & Projections

GDP Trends in Ohio

Ohio GDP Trends (in billions, standardized on 2012) • Industry services in Ohio contracted 2 percent, drifting $35.0 4.8% 4.5% 4.5% 4.5% 5.0% from $25.8 to $22.7 billion after adjusting for inflation 4.4% 4.4% 4.0% (NAICS 521-3, 5, green and gray column figures sum- $30.0 4.3% med) according to the latest GDP figures from the U.S. Bureau of Economic Analysis (BEA). $25.0 $2.7 3.6% $3.4 $3.6 $3.1 $2.8 $3.1 $3.2 • The chart at right shows the industry trend is due to the $20.0 2.9% contraction in the banking, etc. subsector (521-2, green columns), which decreased 15.2 percent from $23.0 to GDP $15.0 2.1% $19.5 billion. However, the portion of U.S. subsector $23.0 $21.7 activity in Ohio (green dots) remained nearly constant $10.0 $20.6 $21.0 $20.9 $20.0 $19.5 1.4% after 2012, suggesting changes seen here were part of Banking Percent as U.S. of nationwide changes. $5.0 0.7%

• Services provided by the securities-and-funds subsector $0.0 0.0% (523 and 525 combined, gray) have fluctuated around $3 2011 2012 2013 2014 2015 2016 2017 billion, with the portion of such from Ohio holding steady 521, 2: Banking, etc. 523, 5: Securities, etc. at 1.4 percent of the national total. Banking as Percent of U.S.

Source: U.S. BEA Employment Trends in Ohio Ohio Employment Trends (in thousands)^ • Total industry employment has fluctuated between 160.0 128,700 and 143,300, a range of 14,600. The changing 143.3 139.6 140.0 137.1 136.4 137.7 levels are reflected in the percentage U.S. employment 132.8 16.5 128.7 17.3 16.4 18.8 17.7 here, which ranged from 3.8 in 2013 to 3.5 in 2015. 18.8 120.0 8.9 18.1 9.5 9.4 11.1 12.0 9.2 24.7 9.5 • The bulk of variation was seen in the coinciding expan- 100.0 20.1 21.9 17.4 17.6 18.4 sions and contractions of two groups: banks-savings- 18.1 and-loans-credit unions (5221), with a range of 9,800, 80.0 and financing and credit (5222), varying by 7,100. 60.0

89.2 92.3 88.3 91.4 • Smaller variations not coinciding with the largest two 40.0 86.1 87.7 81.6 groups were seen in the processing group (5223, olive green) and the securities-and-funds subsector. Cleve- 20.0 land Federal Reserve Bank employment levels (521, not 0.0 shown) fluctuated around 1,000. 2011 2012 2013 2014 2015 2016 2017 5221: Banks, S&Ls, CUs 5222: Financing & Credit • Current data from the U.S. Bureau of Labor Statistics 5223: Processing, etc. 523, 5: Securities, Funds, etc.^ show banking and securities employment increasing 1.1 and 3.6 percent, respectively, from 2017 to 2018. Note: ^ - all employment figures are estimates. Source: U.S. Census Bureau

Ohio Employment Projections Employment Projections for Selected Industries 140,000 • Collective employment for the largest industry subsec- 117,970 tors (522-3) is projected grow 6.5 percent from 110,810 120,000 110,810 to 117,970 during the 2016-2026 decade according to 22,550 the Ohio Dept. of Job and Family Services’ Labor Market 100,000 18,210 Information division (ODJFS-LMI).* 13,760 16,620 80,000 • These summary figures mask divergent predictions for 20,150 22,160 60,000 the constituent groups. The greatest number of new jobs and the fastest growth – 23.8 percent – are forecast 40,000 for the securities subsector, followed by processing, etc. 58,690 56,640 – 20.8 percent, and non-depository financing and credit 20,000 – 10.0 percent. These contrast with an expected in 3.5 percent decrease in banking, etc. No projections were 0 made for the Cleveland Fed or the funds subsector. 2016 2026 5221: Banks, S&Ls, CUs 5222: Financing & Credit 5223: Processing, etc. 523: Securities, etc. Note: * – 2016 Census Bureau and ODJFS-LMI figures differ due to different methodologies and site classifications. Source: ODJFS-LMI, 2018

Financial Services: Finance Companies and Projects

The Biggest Companies in Ohio

Industry Employers in Ohio’s 100 Largest* • 220 depository organizations (NAICS 5221, banks, sav- ings-and-loans, credit unions, etc.) had 3,573 active of- JP Morgan Chase 21,000 fices in Ohio according to the latest data from the Feder- al Deposit Insurance Corp. (FDIC); however, the vast Huntington 10,600 majority are branches with less than 20 employees ac- cording to the latest Census Bureau data. Fifth/Third 8,800

• Despite these big numbers, the industry is dominated by PNC 7,000 a few very large organizations. The chart at top-right KeyCorp 6,400 shows the total state employment of the seven largest employers, all of whom are on Fortune’s U.S.-1,000 list. US Bancorp 5,300 JP Morgan Chase is the largest of the six depository Alliance Data th rd 4,800 companies (dark green), while 5 /3 , Huntington and Systems KeyCorp have their world headquarters here. The six also have the largest number of offices, combining for 0 5,000 10,000 15,000 20,000 25,000 50.7 percent of the total according to the FDIC. Ohio-based Financial Companies on Fortune’s • Other companies on Fortune’s U.S.-1,000 or Global-500 U.S.-1,000 List (2018 revenues in billions)* list employing at least 500 here in the industry (but not shown at right) include BMW1 Financial Services, Dis- Fifth/Third $7.97 cover Financial Services, Fidelity National Information 1 Services (fka World Pay or Vantiv), Macy’s Credit, Na- Alliance Data $7.79 tionwide1, Synchrony, and Union Bank of Switzerland. At least 13 more Fortune-listed companies have smaller KeyCorp $7.39 operations. At least six non-Fortune banks may may employ 500 or more here: Citizens Financial, First Fi- Huntington $5.27 nancial, Park National, Peoples, WesBanco and Wood- forest National.2 $0.00 $2.00 $4.00 $6.00 $8.00 $10.00

Major Projects in Ohio Notes: dark green – depository; light green – non-depository; * - most revenues and jobs are in credit intermediation (522), • 24 companies announced 30 major projects with inten- but may include some outside the industry. Sources: For- tions to invest $333.6 million beginning in 2015. 3,220 tune, 2019; Ohio Development Services Agency, 2019 new jobs were anticipated at announcement. 2016 was the peak year for project values – $283.1 million – and Announced Investments and Anticipated New Jobs anticipated new jobs – 2,260-plus.3 $300.0 3,000 $283.1 • Of the $333.6 million, $294.5 million was intended for $250.0 2,500 depository banking (5221) with 2,170-plus new jobs; $7 2,268 million was for non-depository financing (5222) with 310 $200.0 2,000 jobs; $2.7 million was for support and related activities (5223) with 195 jobs; and $29.9 million was planned by $150.0 1,500

securities and funds companies (523 and 525) with 530- (millions)

plus jobs. $100.0 1,000 Jobs Anticipated 540 383 • JP Morgan Chase announced the largest aggregate Announced Investments $50.0 500 investments – $205 million. EF Hutton and Huntington $12.6 29 $5.9 $32.0 National Bank also announced projects totaling at least $0.0 0 $20 million. Huntington also planned to add the greatest 2015 2016 2017 2018 Announced Investments Jobs Anticipated number of jobs – nearly 1,200; it was followed by U.S. Bancorp with 560, Morgan-Stanley with 375, and Quick- Source: Ohio Development Services Agency en Loans and Synchrony Financial with at least 250. The Largest 2018 Announcements Notes: 1 – finance (522, 3, 5) is not the principal activity of Dollars Jobs the company; conversely, a few credit intermediation com- Company (millions) Anticipated panies (522) have smaller operations elsewhere in the sector U.S. Bancorp $14.5 400 (52); 2 – exact counts are impossible due to data source limi- Kemba Credit Union $9.3 40 tations; 3 – a major project involves an investment of at least Lendkey Technologies n.a. 60 $1 million, an addition of at least 20,000 square feet, or 20 new jobs; projects often extend for more than one year, and Note: n.a. – not available. Source: Ohio Development Ser- jobs may be phased-in or realized at completion. vices Agency, 2019

Finance Industry Employment by County Statewide: 137,653

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F! r! a! n! ! k! l!in! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! 585 Montgomery ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! Fifth Third Bank ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! Madison! ! ! ! ! ! ! ! 2! 8! ,! 1! 0! !7! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !! ! ! !! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! 6! ,5! 0!8 ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! Noble Preble ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! 9! 9 ! !! ! ! ! ! ! !! ! ! ! ! ! ! ! ! ! ! ! !! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! Fairfield ! ! ! ! ! ! ! ! ! ! ! ! ! Pe! rry! ! ! ! ! ! Monroe ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! 57 181 ! ! ! ! ! ! ! ! !Gr! e!en! e! ! ! ! ! ! ! ! ! 6! 25! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! 109 79 ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! Synchrony 1,172 ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! Pickaway ! ! ! ! ! ! Mor! ga!n ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! Fayette 235 87 ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! 118 ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !! ! ! ! !! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! W! as! hin! gto! n ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! Hocking

! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! Butler Warren ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! 105 628 ! ! Cli! nto! n ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! 1! ,7! 4!2 ! ! ! ! ! 2,!49! 7! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! 409 ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! Ross ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! Athens ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! M! a! cy! 's! C! redit ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !! ! ! ! ! ! ! ! 348 ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! 314 ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! Vinton ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! H! a! !m! ! i!lt! o! n! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! F! !! ide! lit! y N! at! ion! al! ! ! ! ! 77 ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! 2! !1! ,!8!1! 7! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! Information Highland ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! 521 Meigs ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !! ! ! ! ! ! ! ! ! ! ! ! Pike ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! C! !lermont 110 ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! 191 ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! Jackson U.S. ! 7!50 ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! 215 Bank ! ! ! ! ! ! ! ! ! ! ! !

! ! ! ! Brown ! ! ! ! ! ! ! ! ! Fifth Third ! ! ! ! 123 Adams Scioto Gallia ! ! ! ! 74 ! ! ! ! ! ! 2! 75 ! Bank* ! ! ! ! 369

! ! ! ! ! ! ! ! ! ! ! ! ! Finance Industry ! ! ! ! ! ! ! !

! ! ! ! ! ! ! ! ! Employment Lawrence ! ! ! ! ! ! ! ! in County** 214 ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! 10,001 - 28,107 ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !

! ! ! ! Finance Industry Establishment* ! ! ! ! ! ! ! ! ! ! ! 1,001 - 10,000 ! ! ! ! ! ! ! ! Believed to Employ 500 or More ! ! ! ! 401 - 1,000

! !

! 201 - 400 ! ! 43 - 200 Source: 2016 County Business Patterns, U.S. *An asterisk (*) indicates Census Bureau; Hoover's Online; FDIC 2019; corporate headquarters and Fortune Magazine 2019 **County figures are estimates and do not sum to statewide total Prepared by: Ohio Development Services Agency, Office of Research (December 2019) R112719A

Financial Services: The Variety of Insurance Activities

Contributions to the Economies Ohio Insurance Industry Wages (in millions) • Ohio's insurance industry (NAICS 524) provided ser- 52429: 3rd Party Fund vices valued at $26.6 billion in 2017. This was 4.1 per- Admin., Claims cent of Ohio’s total Gross Domestic Product (GDP) and Adjstng., etc., $596, 7% 4.9 percent of the U.S. industry total. By comparison, 52421: Ohio’s total GDP was 3.3 percent of U.S. GDP, indi- Agencies- 52411: Life- cating the insurance industry’s concentration here. Brokerages, Health- $1,513, 17% Medical Carriers, • In the absence of more detailed GDP data, the chart at $2,306, 27% right uses aggregate wages as proxies to illustrate the relative value-contributions of specific industries to the subsector total. It suggests: 52412: 1. 75.6 percent originated with insurance carriers Property- Casualty- (5241, gold, yellow and black) and Title 2. 24.4 percent may be credited to agencies, broker- Carriers, ages, claims adjusters, third-party administrators, $4,236, 49% etc. (5242, green slices).* 52413: Reinsurance, Total: $8,662 The Distribution of Industry Employment in Ohio $10, 0% Source: U.S. Census Bureau, 2019 • 70.9 percent of the 118,100 industry jobs in Ohio in 2017 were with carriers (5241) – the businesses writing the Insurance Industry Employment (in thousands)

policies and the assuming risks. Of this group, close to 52429: 3rd 31,300, or 26.5 percent, worked at establishments on Party Fund the life-health-medical side (52411), while 52,300-plus, Admin., or 44.3 percent, worked on property-casualty-title side Claims (52412). About 50 worked for reinsurance carriers Adjstng., 52411: Life- etc., 9.3, 8% (52413). Health- 52421: Medical Agencies- Carriers, • Agencies and brokerages (52421) comprise most in- Brokerages, 31.3, 27% dustry establishments: 4,891 of 7,125, or 68.6 percent. 25.1, 21% They usually are small operations, employing an aver- age of about five people per establishment, but collec- tively provided 25,100 jobs – 21.3 percent of the industry total. 52412: Property- Casualty- • Close to 9,300 people – 7.9 percent of industry employ- Title ment – worked in other insurance-related establishments 52413: Carriers, (52429). Of these, 6,400-plus worked in the 3rd-party Reinsurance, 0.1, 52.3, 44% 0% Total: 118.0 administration of insurance and pension funds (524292).

Source: U.S. Census Bureau, 2019 Ohio’s Shares of U.S. Industry Employment Ohio’s Share of U.S. Insurance Employment, 2017 • Overall insurance industry employment (524) is some- Share what concentrated in Ohio: 4.5 percent of the industry NAICS Code: Title of U.S. jobs are located here, compared with 3.7 percent of al- most all private sector employment in the U.S. Private sector total (except farms & railroads) 3.7%

524: Insurance industry total 4.5% • The overall industry concentration is principally driven by the large property-and-casualty industry (524116) with 524113: Life insurance carriers 3.9% 8.8 percent of the corresponding national industry total. 524114: Health insurance carriers 3.3% 524126: Property & casualty carriers 8.8% • Other industries moderately concentrated here are 524127: Title carriers 2.3% claims adjusting services (524291) and life insurance 524128: Other direct carriers 1.5% carriers (524113) with 4.3 and 3.9 percent of corre- 52413: Reinsurance carriers 0.4%

sponding U.S. totals. 52421: Agencies & brokerages 3.5% 524291: Claims adjusting 4.3% 524292: 3rd-party fund administration 2.6% Note: * - Carriers underwrite the policies sold by agencies 524298: All other activities 3.0% and brokerages. Source: U.S. Census Bureau, 2019

Financial Services: Insurance Trends and Projections

GDP Trends in Ohio Ohio GDP Trends (in billions, standardized on 2012) $30.0 6.0% • Industry services (NAICS 524) in Ohio rose almost 4.9% without interruption from $16.4 to $26.4 billion after 4.7% 4.7% 4.8% $25.0 5.0% adjusting for inflation, a 54.9 percent growth rate that 4.2% 4.3% 4.2% helped drive Ohio’s overall 9.7 percent rate. Conse- quently, the industry’s contribution to Ohio’s total GDP $20.0 4.0% rose from 3.0 to 4.3 percent.

$15.0 3.0% GDP • The 54.9 percent growth rate also outpaced the indus- $24.2 $25.2 $25.4 $21.9

try’s national average of 31.9. Consequently, the portion $10.0 2.0% Percent Percent of U.S. of U.S. industry services originating in Ohio rose from $16.4 $17.2 $15.9 4.2 to 4.9 percent. $5.0 1.0%

$0.0 0.0% Employment Trends in Ohio 2011 2012 2013 2014 2015 2016 2017 GDP Percent of U.S.

• Total industry employment increased 10.1 percent, a Source: U.S. BEA steady gain from less than 107,200 to 118,000. How- ever, the growth rate was slightly less than the national industry average. Consequently, the percentage of U.S. Employment Trends in Ohio (in thousands) 140.0 industry employment in Ohio slipped from 4.8 to 4.5 per- 117.5 118.0 cent. 120.0 108.0 109.6 111.9 113.1 107.2 10.8 9.3 9.3 10.3 10.4 • Nearly all the employment growth was seen in the pro- 100.0 9.7 8.8 24.4 25.1 perty and casualty carrier subgroup (52412, yellow), 23.9 24.2 24.7 24.2 24.5 which rose 23.8 percent from close to 42,300 to 52,300. 80.0 (The reinsurance carrier subgroup – 52413 – usually had 60.0 47.3 52.4 less than 100 jobs.) Employment in other subgroups 43.9 45.4 45.5 47.5 fluctuated, with net additions of about 900 in life-health- 42.3 medical (52411, gold, 2.8 percent) and about 400 at 40.0

agencies and brokerages (52421, dark green, 1.6 per- 20.0 cent). 30.4 31.0 30.5 32.2 31.0 35.0 31.3 0.0 • Current data from the U.S. Bureau of Labor Statistics 2011 2012 2013 2014 2015 2016 2017 show industry employment increased 2.5 percent from 52429: Claims Adjstng., 3rd Party Fund Admin., etc. 2017 to 2018, with the carrier group growing faster than 52421: Agencies-Brokerages the agencies-brokerage-third-party group – 3.2 vs. 1.3 52412-3: Property-Casualty, etc. Carriers percent. 52411: Life-Health, etc. Carriers

Source: U.S. Census Bureau

Ohio Employment Projections Ohio Employment Projections by Group 140,000 131,360 • Industry employment is forecast to grow 5.7 percent 124,250 from 124,250 in 2016 to 131,360 in 2026 according to 120,000 the Ohio Dept. of Job and Family Services’ Labor Market Information division (ODJFS-LMI). 51,030 100,000 45,060

• Most of the predicted new jobs – 5,970 of the 7,110 – are expected at agencies, brokerages, etc., an increase 80,000 of 13.2 percent. This contrasts with 1,150 jobs antici- pated in the larger carriers group, an increase of 1.5 per- 60,000 cent.* 40,000 79,180 80,330

20,000 Notes: * – 2016 employment figures from the Census Bureau and ODJFS-LMI are not the same due to differences in es- 0 tablishment classifications and data collection methods; fig- 2016 2026 ures may not sum to totals due to rounding. 5241: Insurance Carriers 5242: Agencies, Brokerages, etc.

Source: ODJFS-LMI, 2018

Financial Services: Insurance Companies and Projects

The Biggest Companies in Ohio

Ohio-based Insurance Companies on Fortune’s • Seven insurance carriers (NAICS 5241) on Fortune’s U.S.-1,000 List (2018 revenues in billions)* U.S.-1,000 list have their world headquarters in Ohio, ranking the state second in the nation. Medical Mutual of Ohio, Ohio National Mutual, and Western & Southern Nationwide $43.27 focus on life-health-medical policies (52411, gold), while Progressive $31.98 the other four focus on property-casualty-title policies (52412, yellow). Western & Southern $7.21

American Financial Group $7.15 • The very largest industry employers appear in the sec- ond chart at right. Additional Fortune U.S.-1,000 or Glo- Cincinnati Financial $5.41 bal-500 companies thought to employ at least 500 here either directly or through subsidiaries include Allstate, Medical Mutual of Ohio $3.26 Anthem, Assurant, Cigna, CVS’s Aetna, Liberty Mutual, Ohio National Mutual $2.39 MetLife, Molina Healthcare, Munich Re, National Gener- 1 al, State Farm, UnitedHealth and the Zurich Insurance $0.00 $10.00 $20.00 $30.00 $40.00 $50.00 Group. At least 29 more Fortune-listed firms appear to have smaller operations here.2 Industry Employers in Ohio’s 100 Largest* Nationwide 14,000 • Non-Fortune companies thought to employ at least 500 here include Ameritas, CareSource, Central Mutual, Progressive 11,000 Grange, Motorists, Westfield’s Ohio Farmers, Sedgwick Anthem 3,700 Claims Management Services and State Auto.2 UnitedHealth 3,500 Major Projects in Ohio Cincinnati Financial 3,350

• 27 companies announced 29 major projects with inten- 0 4,000 8,000 12,000 16,000

tions to invest $486.8 million and create 4,020-plus new Notes: gold – life/health; yellow – property/casualty; * - most jobs beginning in 2015. 2018 was the peak year for revenues and jobs are in insurance (524), but may include planned investments while the largest number of new 3 some from securities (523); Fortune’s managed care com- jobs were anticipated in 2017. panies are excluded. Sources: Fortune, 2019; Ohio Develop- ment Services Agency, 2019. • $471.9 million – 96.9 percent of the total – was intended for carrier services (5241) and anticipated 3,515 new jobs – 87.4 percent of that total. The remaining $14.9 Announced Investments and Anticipated New Jobs $240.0 1,800 million was intended for agency, brokerage and related 1,600 $238.9 services (5242), but anticipated adding 500-plus jobs – $200.0 $213.0 1,500 12.6 percent of the 4,020-plus total. 1,423 $160.0 1,200 • Nationwide and Progressive announced investments each totaling at least $130 million. Ohio Farmers (aka $120.0 900 Westfield) announced an investment of $90 million, while (millions) 576 Medical Mutual and National Interstate each announced $80.0 600

425 Jobs Anticipated investments in the $20 to $25 million range. All are car- riers. Announced Investments $40.0 300 $20.9 $34.0 $0.0 0 • Seven companies anticipated at least new 200 jobs at 2015 2016 2017 2018 the times of announcement: Progressive (two announce- Announced Investments Jobs Anticipated ments) – 915, UnitedHealth – 700, Aetna – 650, Root – 463, CareSource – 300, CareWorks – 259, and Ameri- Source: Ohio Development Services Agency can Financial’s National Interstate – 217. All but Care- Works are carriers. The Largest 2018 Announcements Dollars Jobs Notes: 1 - the principal business is not strictly limited to insur- Company (millions) Anticipated ance; 2 – exact counts are impossible due to data source li- Progressive $100.0 15 mitations, including the inability to distinguish between agen- Westfield $90.0 30 cies that are subsidiaries of carriers vs. those that are inde- Medical Mutual of Ohio $23.0 50 pendent companies offering policies underwritten by carriers; Root $1.0 463 3 – a major project involves an investment of at least $1 mil- Sedgwick Claims Mgt. $0.4 109 lion, an addition of at least 20,000 square feet, or 20 new Matic $0.4 50 jobs; projects often extend for more than one year, and jobs may be phased-in or realized at completion. Source: Ohio Development Services Agency, 2019

Insurance Industry Employment by County Statewide 117,478

! ! ! !

! ! !

! ! ! ! ! !

! ! ! ! ! ! ! ! !

Medical Mutual ! ! ! ! ! !

! ! ! ! ! ! o!f O! h! io! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! Lake Ashtabula ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! Medical Mutual  ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! of Ohio ! ! !773! ! ! 178 ! ! ! ! ! ! ! ! ! ! ! ! ! ! Lucas ! ! ! ! ! ! Fulton ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !! ! ! ! !! ! ! ! ! ! ! ! ! ! ! ! Williams ! 3! ,3! 32! ! ! ! ! ! ! ! ! ! National ! ! ! ! ! ! ! ! ! ! ! ! 63 ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !  ! ! ! ! ! ! ! ! ! ! ! ! ! ! O!tta! w! a General 60 ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !  Progressive ! ! ! ! !! ! ! ! ! ! ! ! ! ! ! ! 6! 8 ! ! ! ! ! ! ! ! ! ! ! k ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! Geauga! ! ! ! ! ! ! ! ! ! !! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! Cuyahoga ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! W! o! o! d ! ! ! ! ! ! ! ! 279 ! Eri!e ! Defiance ! ! ! ! ! ! Sandusky ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! Henry 21,938 Trumbull ! ! !314! ! ! 146 ! ! Lo! rai! n ! ! ! ! ! ! ! ! ! ! ! ! 89 54 96 ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! 43! 1 ! ! ! ! ! ! ! ! ! ! 39! 0 ! ! ! ! ! ! ! ! ! ! ! ! ! ! Allstate ! ! ! ! ! ! ! ! ! ! ! ! ! k ! ! ! ! ! ! ! ! ! ! ! ! ! A! m!erican  ! ! ! ! ! ! ! ! ! ! ! !! ! ! ! ! ! ! ! Hur! on ! ! ! ! ! ! Fi! nancial ! ! ! ! ! ! ! ! ! Paulding ! ! ! ! ! ! Seneca ! ! ! ! ! ! ! Summit Portag! e ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! Me! dina ! ! ! ! ! ! ! ! ! 39 104 6,180 178 114 ! ! ! ! ! !1,8!34 ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! Hancock ! ! ! ! ! ! ! ! M! ah! on! ing! ! Putnam Westfield ! ! ! ! ! ! # ! ! ! ! ! ! ! ! 76 ! 18! 0 ! ! ! ! ! ! ! ! ! ! ! 797 Van Wert ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! 646 ! ! ! ! ! ! ! ! ! ! A! shland ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! # ! ! ! Wyandot Crawford Richlan! d ! ! Wayne ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! 144 Central 75 Stark Columbiana ! ! ! ! ! ! ! ! ! ! ! ! ! !3!19! ! ! ! ! ! ! ! ! ! Mutual Allen 313 581 ! ! ! ! ! ! ! ! ! ! ! 2,215 195 335 ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! Hardin ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! 39 ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! Mar! ion ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! Carroll Mercer Auglaize Holmes 124 ! ! ! ! ! 309! ! ! 109 ! ! ! ! ! ! M! orrow ! ! ! ! ! ! ! 34! ! ! ! ! ! ! ! ! ! 89

! ! ! ! ! ! ! ! 9 ! ! ! Jefferson ! ! ! ! ! Logan ! ! ! ! ! Knox ! Tus! caraw! as 82

! ! ! ! Shel! by ! 85 94 ! 14! 8 ! Union Coshocton Harrison ! ! ! ! ! 80 ! ! Delaware ! ! ! 99 2,532 65 12 ! ! ! ! ! ! Molina UnitedHealth ! ! Dark!e ! ! ! Champaign Zurich Licking! ! ! ! ! ! 134 Insurance k 2,205 ! ! ! M! iam!i 49 k k k CVS ! ! ! k Guernsey ! ! ! ! ! ! k ! ! ! ! 244 Nationwide  State 62 Belmont ! # 469 ! ! ! ! ! Clark # Farm ! Mus! kingu! m Assurant Grange # 177 ! ! ! ! ! ! 2,002 ! S!tate A! utom! obile! ! ! ! Montgomery k Franklin Motorists ! ! ! ! ! ! 29,508 ! ! ! ! ! ! Preble 4,424 Madison ! ! ! ! ! ! ! ! ! ! ! ! ! ! Noble 63 # Caresource 49 Fairfield Perry Monroe ! ! ! ! ! !213 ! ! ! ! 32 Greene 28 81 MetLife ! ! 1!72 ! Pickaway! ! ! ! ! ! M! organ! ! ! ! ! k Fayette 67 ! ! ! ! ! ! ! 5! ! ! ! ! 41 Butler ! ! ! ! ! ! ! ! ! ! ! ! ! ! Warren Hocking Washington 6,350 ! ! ! ! ! ! ! ! ! 1,928 24 148 Liberty Clinton Cincinnati 45 ! ! ! ! ! ! ! ! ! ! ! Financial Mutual Ross !k ! ! 101! ! Athens ! ! ! ! ! Ameritas # k Anthem 84 ! ! ! ! ! ! Vinton ! ! ! ! ! ! Hamilton 10 Ohio National Highland ! ! ! ! ! ! ! ! ! 11,612 52 !! Clermont ! ! ! ! ! Meigs ! ! ! ! ! ! American 1,691 Pike 20 Financial # 32 ! ! ! ! ! Jackson Western American 54 & Southern Modern ! ! ! ! ! Brown ! ! ! ! ! 61 Adams Scioto Gallia County Employment* 30 ! ! ! ! ! 70 133 Predominantly Insurance ! ! ! ! !

! ! ! ! ! Carriers

! ! ! ! ! Lawrence 7,501 - 29,508 ! ! ! ! ! 66 2,001 - 7,500

! ! ! ! ! Insurance Industry Establishment 309 - 2,000 ! Fortune 1000 company headquarters County Employment*  Fortune 1000 company with Ohio headquarters Predominantly Insurance k Fortune 1000 company, headquarters not in Ohio Brokerages/Agencies # Non-Fortune 1000 company ! ! ! ! *County figures are estimates and ! ! ! ! ! ! ! ! 1,001 - 3,332 ! ! ! ! represent total industry employment ! ! ! ! ! ! ! including carriers and agencies and ! ! ! 251 - 1,000 Source: 2016 County Business Patterns, US Census ! ! ! brokerages. Nearly 8,500 employees ! ! !

! 101 - 250 Bureau; Hoover's Online; and Fortune Magazine 2019 could not be assigned to particular counties. ! ! 5 - 100 Prepared by: Ohio Development Services Agency, Office of Research (December 2019) R112719A