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 2010 New York, NY 10038 Suite 500 South www.iii.org Washington, DC 20004 www.fsround.org Services The Financial Services Roundtable Fact Book ISBN 978-0-932387-30-1 www.financialservicesfacts.org The online source for the new, comprehensive Financial Services Fact Book 2010 2010 The Financial Services Fact Book 2010 The Financial Services Roundtable To The ReadeR A familiar Charles Dickens quote seemed to epitomize 2009 for many industry leaders, as we’re sure it resonated with you: “it was the best of times, it was the worst of times.” 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 role has become even more critical in recent year, as the sector has confronted unprecedented economic and financial challenges. The industry continues to re-invent itself on multiple fronts, with customer needs and creativity at its helm. The 2010 edition provides a wealth of tables and charts on the workings of the insurance, banking and securities sectors. Exciting trends like saving for retirement and planning a financially fit future are taking hold. Other trends and statistics highlighted are: • Retirement savings • Banking, insurance and securities industry data • Mergers and acquisitions • Mortgage industry and housing • Global rankings 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 col- lecting, 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 con- tact either of us, [email protected] or [email protected]. We’re optimistic to say that 2009 was “the year that was” and 2010 is “the year that will be.” Robert P. Hartwig Steve Bartlett President President and Chief Executive Officer Insurance Information Institute The Financial Services Roundtable ©2010 Insurance Information Institute. ISBN 978-0-932387-30-1 Contents Financial Services at a Glance ..................................................................................................V Chapter 1: The Financial Services Industry ............................................................................1 2009 in Review ............................................................................................................ 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 Savings .................................................................................................... 33 Retirement Funds ....................................................................................................... 34 Annuities .................................................................................................................... 43 Mutual Funds ............................................................................................................. 46 Chapter 4: Convergence ......................................................................................................... 47 Financial Holding Companies ................................................................................... 47 Bank Holding Companies ......................................................................................... 48 BHCs: Securities Activities ......................................................................................... 48 BHCs: Insurance Activities ........................................................................................ 51 BHCs: Annuities Activities ......................................................................................... 54 Banks: Securities Activities ........................................................................................ 57 Banks: Insurance Activities ........................................................................................ 60 Banks: Annuities Activities ........................................................................................ 65 Insurance Industry: Banking Activities ..................................................................... 67 Industrial Banks ......................................................................................................... 69 Chapter 5: Insurance .............................................................................................................. 71 Overview .................................................................................................................... 71 All Sectors................................................................................................................... 73 Property/Casualty: Financial ..................................................................................... 79 Property/Casualty: Premiums by Line ....................................................................... 83 Property/Casualty: Specialty Lines ............................................................................ 86 Property/Casualty: Reinsurance................................................................................. 92 Property/Casualty: Capital Markets ........................................................................... 93 Life/Health: Financial ................................................................................................ 97 Life/Health: Premiums by Line ............................................................................... 101 Health Insurance...................................................................................................... 104 Chapter 6: Banking ................................................................................................................107 Overview .................................................................................................................. 107 All Sectors................................................................................................................. 109 Commercial Banks ................................................................................................... 115 Thrift Institutions .................................................................................................... 123 Remittances .............................................................................................................. 128 Credit Unions .......................................................................................................... 129 Chapter 7: Securities ............................................................................................................133 Overview .................................................................................................................. 133 Capital Markets 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