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Financial Services Roundtable The Financial Services Roundtable The Financial Services Fact Book THE • Unique and comprehensive guide with more than 350 graphs FI and charts on insurance, banking, securities, finance companies, nanc mortgage financing and on financial services as a whole. I • Key to understanding how the financial services sectors both al work together and compete with each other. SER • Valuable tool for the media, corporate executives and The v researchers. I c Published Jointly By: ES Fac Insurance Information Institute The Financial Services Roundtable T Financial 110 William Street 1001 Pennsylvania Avenue, NW Book Book 2012 New York, NY 10038 Suite 500 South www.iii.org Washington, DC 20004 www.fsround.org Services The Financial Services Roundtable Fact Book ISBN 978-0-932387-57-8 www.financialservicesfacts.org The online source for the new, comprehensive Financial Services Fact Book 2012 2012 2012Fs.coverfinal.indd 1 11/4/11 3:20 PM The Financial Services Fact Book 2012 The Financial Services Roundtable To The ReadeR: The financial services industry’s role as a catalyst for economic growth and a provider of essential products and services were especially crucial in 2011, as the nation confronted continued fiscal and economic challenges and an exceptional string of natural disasters impacting millions of American families and businesses. Since its inception in 2002, the Financial Services Fact Book, a partnership between The Financial Services Roundtable and the Insurance Information Institute, has provided information to help reporters, businesses and researchers understand the trends and statistics shaping the financial services industry. This year, we present you with new material such as: • An update on the Dodd Frank Wall Street Reform and Consumer Protection Act enacted in 2010 • A new section on cyber security • A glossary of financial services designations • Expanded data on loans to businesses • Expanded information on Government Supported Enterprises • The Financial Services Roundtable and I.I.I. resources As always, this year’s book provides a wealth of tables and charts on the workings of the insurance, banking and securities sectors, including data on mergers, employment, financial results and leading companies, as well as data on national savings and debt, the U.S. housing market, and banks’ insurance activities and other examples of convergence. Many organizations, consultants and others who collect industry data 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. We actively seek your advice, comments and suggestions for next year’s edition. Please contact either of us, [email protected] or [email protected]. Robert P. Hartwig Steve Bartlett President President and Chief Executive Officer Insurance Information Institute The Financial Services Roundtable ©2012 Insurance Information Institute. ISBN 978-0-932387-57-8 Contents Financial Services at a Glance ..................................................................................................V Chapter 1: The Financial Services Industry ............................................................................1 2011 in Review ............................................................................................................ 1 Assets ............................................................................................................................ 2 Mergers ......................................................................................................................... 3 Employment and Compensation ................................................................................ 5 Gross Domestic Product .............................................................................................. 8 Leading Companies ................................................................................................... 11 Financial Literacy…………………………………… ...................................................... 11 Corporate Social Responsibility ................................................................................. 12 Chapter 2: Savings, Investment and debt ownership ....................................................... 13 National Savings ........................................................................................................ 13 Investments ................................................................................................................ 14 Household Assets ....................................................................................................... 19 529 Educational Savings Plans and Student Loans ................................................... 23 Consumer and Business Loans and Debt .................................................................. 26 Bankruptcy ................................................................................................................. 38 Chapter 3: Retirement assets............................................................................................... 39 Retirement Funds, IRAs and 401(k)s ......................................................................... 39 Annuities .................................................................................................................... 50 Mutual Funds ............................................................................................................. 53 Chapter 4: Convergence ......................................................................................................... 55 Financial Holding Companies ................................................................................... 55 Bank Holding Companies ......................................................................................... 56 BHCs: Securities Activities ......................................................................................... 56 BHCs: Insurance Activities ........................................................................................ 59 BHCs: Annuities Activities ......................................................................................... 62 Banks: Securities Activities ........................................................................................ 65 Banks: Insurance Activities ........................................................................................ 68 Banks: Annuities Activities ........................................................................................ 72 Insurance Industry: Banking Activities ..................................................................... 74 Industrial Banks ......................................................................................................... 76 Chapter 5: Insurance .............................................................................................................. 79 Overview/Regulation/Accounting ............................................................................. 79 All Sectors................................................................................................................... 80 Property/Casualty: Financial ..................................................................................... 86 Property/Casualty: Premiums by Line ....................................................................... 91 Property/Casualty: Specialty Lines ............................................................................ 94 Property/Casualty: Reinsurance................................................................................. 99 Property/Casualty: Capital Markets ......................................................................... 101 Life/Health: Financial .............................................................................................. 103 Life/Health: Premiums by Line ............................................................................... 107 Health Insurance...................................................................................................... 110 Chapter 6: Banking ................................................................................................................113 Overview/Regulation ............................................................................................... 113 All Sectors................................................................................................................. 116 Commercial Banks ................................................................................................... 121 Thrift Institutions .................................................................................................... 128 Remittances .............................................................................................................. 133 Credit Unions .......................................................................................................... 135 Chapter 7: Securities ............................................................................................................139 Overview .................................................................................................................. 139 Capital Markets ........................................................................................................ 147 Asset-Backed Securities ...........................................................................................
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