Insurance Industry: Banking Activities

A number of insurance companies are engaged in the business of banking, either through the establishment of thrifts, by obtaining financial holding company status or through the purchase of industrial banks.

The 2010 Dodd-Frank Act transferred the regulation of thrift institutions from the Office of Thrift Supervision (OTS) to other federal agencies, including the Federal Reserve, which became responsible for thrift holding companies. While a number of U.S. insurers remain committed to banking, several have exited the business in recent years, including Allstate, Hartford Financial and Pacific Mutual. In December 2011 MetLife announced plans to sell most of its retail deposit business in the United States to GE Capital Financial Inc.

TEN LARGEST BANKS AND THRIFTS CONTROLLED BY INSURANCE COMPANIES, BY DEPOSITS, 2012 (1)

($ millions)

Rank Parent company Bank Bank assests Bank deposits
1 USAA USAA FSB (2) $55,451 $49,718
2 MetLife MetLife Bank NA 25,667 10,478
3 State Farm State Farm Bank FSB 14,455 9,667
4 Ameriprise Ameriprise Bank FSB 5,333 4,899
5 Mutual of Omaha Mutual of Omaha Bank 5,867 4,864
6 Nationwide Mutual Nationwide Bank 4,703 3,569
7 Principal Financial Principal Bank 2,401 2,178
8 Prudential Financial Prudential Bank & Trust FSB (3) 1,993 1,687
9 UnitedHealth OptumHealth Bank Inc. 2,127 1,588
10 First American Corp. First American Trust FSB 1,487 1,344

(1) As of March 31, 2012.
(2) Includes USAA Savings Bank and USAA FSB.
(3) TCF Bank assumed approximately $778 million of deposits from Prudential Bank & Trust FSB as of June 2, 2012.

Source: SNL Financial LC.

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TOP TEN WRITERS OF ANNUITIES SOLD THROUGH BANKS, 2011

($ millions)

Fixed Variable
Rank Company Premiums Rank Company Premiums
1 Western National Life $6,438 1 MetLife $3,406
2 Symetra Financial 1,633 2 Prudential Annuities 3,366
3 New York Life 1,345 3 Jackson National Life 2,687
4 Great American Financial Resources, Inc. 969 4 Nationwide Financial 2,071
5 Lincoln Financial 946 5 Pacific Life 1,397
6 Genworth Financial 833 6 AEGON/Transamerica 1,155
7 Protective Life 748 7 Lincoln Financial 900
8 Jackson National Life 739 8 AXA 590
9 Western-Southern Financial 734 9 Sun Life Financial 581
10 American National 525 10 SunAmerica 572

Source: Bank Insurance and Securities Research Associates (BISRA).

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TOP TEN UNDERWRITERS OF BANK LIFE INSURANCE PREMIUMS, BY TOTAL NEW PREMIUMS, 2013

($ millions)

Rank Company Premiums
1 Liberty Life of Boston $400.9
2 Great West L & A 270.4
3 OneAmerica 119.4
4 Western & Southern Group 61.8
5 American General 35.4
6 Protective 26.5
7 CUNA 22.7
8 Vantis Life 4.0
9 Symetra 0.9
10 Ohio National 0.3

Source: Bank Insurance and Securities Research Associates (BISRA).

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