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The Financial Services Roundtable Insurance Information Institute 04Fs.cover.FINAL 12/15/03 1:12 PM Page 1 (2,1) s and 110 WilliamFINA Street NCIAL New York, NY 10038 (212) 669-9200 http//www.iii.orSERVg ICES Insurance Information FACT Institute The Financial BOOK Services Roundtable 20 0 4 04Fs.frontmatter.FINAL 12/15/03 12:41 PM Page i T he FINA N C IAL SERV I C E S FACT BO O K 20 0 4 Insurance Information Institute The Financial Services Roundtable 04Fs.frontmatter.FINAL 12/15/03 12:41 PM Page ii TO THE READER More people than ever before are benefiting from the products and services of the financial services industry: more people own houses, more people have retirement funds, more people have transaction accounts. The Financial Services Fact Book, a joint venture of the Insurance Information Institute and The Financial Services Roundtable, has become a valu- able resource for those seeking to understand financial services. We hope this edition, which includes a new chapter on mortgage financing and housing, will further understanding of this key sector of our economy. This third edition of the Financial Services Fact Book includes new charts for all segments of the financial services industry. In particular, the chapter on mortgages and housing offers a fascinating glimpse into homeownership demographics in the United States and recent refinancing activity. To make it easier to navigate the book, we have modified the graphics at the top of the page. We have also added, in a separate index, the names of finan- cial services companies listed in the book. This endeavor to integrate information on trends in financial services with basic facts on the major industry sectors could not succeed without the help of many organiza- tions, consultants and others who collect industry data and who have generously given per- mission 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. Your questions, comments and suggestions are most welcome. Please feel free to contact us. Gordon Stewart, Steve Bartlett, President President and Chief Executive Officer Insurance Information Institute The Financial Services Roundtable ©2004 Insurance Information Institute. ISSN 1537-6257 2004 04Fs.frontmatter.FINAL 12/15/03 12:41 PM Page iii Contents Financial Services at a Glance .................................................................................V Chapter 1: The Financial Services Industry...............................................................1 Overview ...........................................................................................................................1 Assets.................................................................................................................................2 Consolidation....................................................................................................................3 Employment .....................................................................................................................5 Gross Domestic Product ..................................................................................................6 Convergence ...................................................................................................................10 Leading Companies........................................................................................................13 Chapter 2: Savings, Investment and Debt Ownership ..............................................15 National Savings ............................................................................................................15 Investments.....................................................................................................................16 Debt.................................................................................................................................19 Household Assets ...........................................................................................................21 Educational Plans and Loans ........................................................................................25 Consumer and Business Debt .......................................................................................28 Bankruptcy .....................................................................................................................30 Chapter 3: Asset Management/Retirement Funds ..................................................31 Retirement Assets...........................................................................................................31 Annuities.........................................................................................................................36 Mutual Funds .................................................................................................................39 Chapter 4: Insurance ...........................................................................................41 Overview .........................................................................................................................41 All Sectors .......................................................................................................................43 Property/Casualty: Financial .........................................................................................49 Property/Casualty: Premiums By Line..........................................................................54 Property/Casualty: Specialty Lines................................................................................57 Property/Casualty: Reinsurance ....................................................................................62 Property/Casualty: Capital Markets ..............................................................................63 Life/Health: Financial ....................................................................................................66 Life/Health: Premiums By Line.....................................................................................71 Life/Health: Banks in Insurance ...................................................................................73 Chapter 5: Banking ..............................................................................................75 Overview .........................................................................................................................75 All Sectors .......................................................................................................................76 Convergence ...................................................................................................................81 Commercial Banks .........................................................................................................86 Thrift Institutions...........................................................................................................92 Credit Unions .................................................................................................................98 Industrial Banks ...........................................................................................................102 04Fs.frontmatter.FINAL 12/15/03 12:41 PM Page iv Chapter 6: Securities .........................................................................................103 Overview .......................................................................................................................103 Capital Markets ............................................................................................................111 Asset-backed Securities................................................................................................115 Derivatives ....................................................................................................................117 Exchanges.....................................................................................................................119 Mutual Funds ...............................................................................................................121 Chapter 7: Finance Companies ............................................................................125 Overview .......................................................................................................................125 Assets and Liabilities ...................................................................................................127 Profitability...................................................................................................................128 Receivables ...................................................................................................................129 Concentration...............................................................................................................132 Leading Companies......................................................................................................133 Chapter 8: Mortgage Finance and Housing...........................................................135 Mortgages .....................................................................................................................135 Home Ownership .........................................................................................................139 Home Equity Loans .....................................................................................................143
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