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The FINANCIAL SERVICES Fact Book 2007

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The FINANCIAL SERVICES Fact Book 2007 The FINANCIAL SERVICES FACT BOOK 2007 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 sectors. This year’s book highlights a host of new trends, from baby boomer demographics to the general mobility of the U.S. population. Among the new charts in this our sixth edition: • State migration flows • Top baby boomer destination states • Income by region and age group • Investments in separately managed accounts • (401)k rollover rates • Health care financing • Health savings accounts, characteristics of owners • Top global asset managers • Asset manager mergers and acquisitions • Online auto insurance purchases • Insurance direct marketing 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. Gordon Stewart Steve Bartlett President President and Chief Executive Officer Insurance Information Institute The Financial Services Roundtable ©2007 Insurance Information Institute. ISSN 1537-6257 2007 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 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: Asset Management/Retirement Funds .................................................. 33 Asset Management ......................................................................................................... 33 Retirement Assets .......................................................................................................... 34 Annuities ........................................................................................................................ 42 Mutual Funds ................................................................................................................. 44 Chapter 4: Convergence ....................................................................................... 45 Financial Holding Companies ...................................................................................... 45 Bank Holding Companies ............................................................................................. 46 Banks .............................................................................................................................. 49 Insurance Companies .................................................................................................... 58 Chapter 5: Insurance ........................................................................................... 61 Overview ......................................................................................................................... 61 All Sectors ...................................................................................................................... 62 Property/Casualty: Financial ......................................................................................... 69 Property/Casualty: Premiums by Line.......................................................................... 73 Property/Casualty: Specialty Lines ............................................................................... 76 Property/Casualty: Reinsurance.................................................................................... 81 Property/Casualty: Capital Markets .............................................................................. 82 Life/Health: Financial .................................................................................................... 85 Life/Health: Premiums by Line..................................................................................... 89 Health Insurance ........................................................................................................... 91 Chapter 6: Banking ............................................................................................. 95 Overview ......................................................................................................................... 95 All Sectors ...................................................................................................................... 96 Commercial Banks ...................................................................................................... 102 Thrift Institutions ........................................................................................................ 110 Remittances ................................................................................................................. 115 Credit Unions ............................................................................................................... 116 Industrial Banks .......................................................................................................... 120 Chapter 7: Securities ........................................................................................ 121 Overview ....................................................................................................................... 121 Capital Markets ............................................................................................................ 129 Asset-backed Securities ............................................................................................... 133 Derivatives .................................................................................................................... 135 Exchanges .................................................................................................................... 137 Mutual Funds ............................................................................................................... 139 Hedge Funds ................................................................................................................ 142 Separately Managed Accounts .................................................................................... 142 Chapter 8: Finance Companies ............................................................................ 143 Overview ....................................................................................................................... 143 Assets and Liabilities ................................................................................................... 145 Profitability .................................................................................................................. 146 Receivables ................................................................................................................... 147 Concentration .............................................................................................................. 150 Leading Companies ..................................................................................................... 151 Chapter 9: Mortgage Finance and Housing .......................................................... 153 Mortgages ....................................................................................................................
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