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In Its judgement, fulfillment of the order would Involve violation of the copyright law. Author: Betterment of Life Insurance Service Title: Some statistical reflections on the state Place: New York Date: 1921 ^6^'m7i^~\ MASTER NEGATIVE # COLUMBIA UNIVERSITY LIBRARIES PRESERVATION DIVISION BIBLIOGRAPHIC MICROFORM TARGET ORIGINAL MATERIAL AS FILMED - EXISTING BIBLIOGRAPHIC RECORD "fW^W^. Assooiation of life insiiranoe presidents. Sono statistical reflections on the state of the nation in 1921, Life insurance as a mirror; Hew York, Association of life insurance presidents, 1921. 63 p# charts, forms, 23 cm. At head of title: Betterment of life insurance service. Delivered at the fifteenth annual meeting. ^^■MMaMM^ RESTRICTIONS ON USE: TECHNICAL MICROFORM DATA FILM SIZE: ^''AWN REDUCTION RATIO: \"^^ IMAGE PLACEMENT: lA r IIA IB IIB DATE FILMED: ^-7)?>-^ INITIALS : 9ft TRACKING # : Al5iV O^^S'3 FILMED BY PRESERVATION RESOURCES. BETHLEHEM. PA. BIBLIOGRAPHIC IRREGULARITIES MAIN ENTRY: Betterment of Life Insurance Service Some statistical reflections on the state- Bibliographic Irregularities in the Original Document: List all volumes and pages affected; include name of institution if filming borrowed text, Page(s) missing/not available: .Volume(s) missing/not available:. Illegible and/or damaged page(s):_ .Page(s) or volume(s) misnumbered: Bound out of sequence: X Page(s) or volume(s) filmed from copy borrowed from: Fondren Library. Southern Methodist University: pages 15-18 Other: TRACKiNG#: MSH03953 FILMED IN WHOLE OR PART FROM COPY BORROWED FROM: FONDREN LIBRARY SOUTHERN METHODIST UNIVERSITY en 3 3 cr o > g-g qo. a If '-'—I Co!:;: en OOM o Ln 3 3 > CD 0-0 o m CD O oil) ^ ^ o o CO X < N X M A^ ^. A^' a? «. ^, >,7^ ^* 10 o o 3 3 en O 3 3 ^i > % .^^ ,^^ ^A ^ ^.> o o 3 3 O I! -■Sis ro bo O^ 00 o to en 1.0 mm 1.5 mm 2.0 mm ABCOEFGHIJKLMNOPQRSTUVWXYZ abcdefghi|klmtx)pqrstuvw«yzl234667890 ABCDEFGHIJKLMNOPQRSTUVWXYZ a bcdef gh i j kl mnopq rstu vwxyz 1 234567890 ABCDEFGHIJKLMNOPQRSTUVWXYZ abcdefghijklmnopqrstuvwxyz 1234567890 ^o 2.5 mm ABCDEFGHIJKLMNOPQRSTUVWXYZ abcdefghijklmnopqrstuvwxyz 1234567890 V .<^ ^ & V ^o ^fcP fp ^^ ■A /^ ^'^ /^ 4^ ■^ ^^ <-<' i«^ .«' V ^"^ r^ 4p ?* ^fp 'f^ m O -o m -o OL,"0 > C CO X TJ ^ 0(/) ; m 3D m />•. ^iH /^>< ^ ..**t\. V * ^ <^ 1= ^ ■^ !-• 10 (Jl 3 3 3 3 If If 8 "5" Z^ i^ r ^^^* a .i ^•joci^uo^a o V'\ e \-n^oTaT»ce ^~ res \ devct. s >\?S^D. ^^7 Cohunina .■ ".*!:' ASSOCIATION OF LIFE INSURANCE PRESIDENTS 165 Broadway, New York, N. Y. OFFICERS, 1922 GEORGE T. WIGHT, SECRKTARY ANM) MANAGER JOB E. HEDGES, general counsel FREDERIC G. DUNHAM, attorney GEORGE VV. SMITH, actuary ORLOW H. BOIES, statistician MOTT A. BROOKS, assistant secretary EXECUTIVE COMMITTEE GEORGE T. WIGHT. Chairman LOUIS F. BUTLER GEORGE I. COCHRAN W. A. DAY FORREST F. DRYDEN HALEY FISKE ALFRED D. FOSTER FRED'K FRELINGHUVSEN FRED A. HOWLAND DARWIN P. KINGSLEY CHARLES A. PEABODY JOHN D. SAGE COMPANIES REPRESENTED IN THE ASSOCIATION ^TNA LIFE INSURANCE COMPANY Hartford. Conn, AMERICAN CENTRAL LIFE INSURANCE CO Indianapolis, Ind. BANKERS LIFE INSURANCE CO. OF NEBRASKA Lincoln. Neb. BERKSHIRE LIFE INSURANCE COMPANY Pittsficld. Mass. CANADA LIFE ASSURANCE COMPANY Toronto. Ont., Canada THE COLONIAL LIFE INS. CO. OF AMERICA Jersey City, N. J. THE COLUMBIAN NATIONAL LIFE INSURANCE CO... Boston, Mass. CONFEDERATION LIFE ASSOCIATION Toronto. Ont., Canada CONNECTICUT GENERAL LIFE INSURANCE CO Hartford, Conn. THE CONNECTICUT MUTUAL LIFE INS. CO Hartford, Conn. THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES Now York, N. Y. EQUITABLE LIFE INSURANCE CO. OF IOWA Des Moines, la. THE FRANKLIN LIFE INSURANCE COMPANY Springfield, 111. THE GUARDIAN LIFE INSURANCE COMPANY New York, N. Y. HOME LIFE INSURANCE COMPANY New York. N. Y. ILLINOIS LIFE INSURANCE COMPANY ChicaRo. 111. THE IMPERIAL LIFE ASSUR. CO. OF CAN ADA. Toronto. Ont.. Canada JOHN HANCOCK MUTUAL LIFE INSURANCE CO Boston. Mass. LIFE INSURANCE COMPANY OF VIRGINIA Richmond, Va. LINCOLN NATIONAL LIFE INSURANCE CO Fort Wayne, Ind. LONDON LIFE INSURANCE CO London. Ont. MANHATTAN LIFE INSURANCE COMPANY New York. N. Y. MANUFACTURERS LIFE INSURANCE CO Toronto. Ont.. Canada MASSACHUSETTS MUTUAL LIFE INS. CO Springfield, Mass. METROPOLITAN LIFE INSURANCE COMPANY. .. .New York,/N. Y. THE MICHIGAN MUTUAL LIFE INSURANCE CO Detroit, Mich. THE MUTUAL BENEFIT LIFE INSURANCE CO Newark, N. J. THE MUTUAL LIFE ASSURANCE COMPANY OF CANADA Waterloo. Ont.. Canada THE MUTUAL LIFE INSURANCE CO. OF N. Y New York, N. Y. NATIONAL LIFE AND ACCIDENT INSURANCE CO.. .Nashville. Tenn. NATIONAL LIFE INSURANCE COMPANY Montpclier, Vt. NATIONAL LIFE INSURANCE COMPANY OF THE UNITED STATES OF AMERICA Chicago. 111. NEW ENGLAND MUTUAL LIFE INSURANCE CO Boston, Mass. (Ciiitinticd in 3d Curwr page) CONTENTS Preface PAGE 3 "National Health in the Life Insurance Mirror". •Hon. Robert Lynn Cox, Third Vice-President, Metropolitan Life Insurance Co., New York. "New Life Insurance Business of 1921; What It Means" 19 Mr. John M. Holcombe, President, Phoenix Mutual Life In- surance Co., Hartford, Conn. 'Recent Fluctuations in Policy Loans". Mr. Henry S. Nollen, President, Equitable Life Insurance Co. of Iowa, Des Moines, la. 23 'A Decade of Life Insurance Investments" 46 Mr. Asa S. Wing, President, Provident Life & Trust Co.. Phil- adelphia, Pa. i * ; I; . o.^AL.hK.'iii.\<.^- ■■ ..J^/ii^ i,*^''^* PREFACE ■ I I ! f Statistics from current records of American life insurance com- panies, reveahng important trends of the business a* 7921 wer- presented at the Fifteenth Annual Convention of the Association of Life Insurance Presidents, held in New York, December 8th and 9th. These aggregate figures disclose the actual situation to Novem- ber first m most of the fields of activity under discussion. Re- flected m this mirror of statistics, the year's developments in bulk were clearly indicated, furnishing to the attending executives knowl- edge of conditions necessarily of great value in planning for the new year While compiled primarily to afford opportunity for ap- p led study of the life insurance business as a whole throughout the Umted States in a year of changing economic conditions, the com- bined statistics are such an encouraging reflection of both the physi- cal and the economic situation of the American people, that it seems the duty of the Association to convey this information beyond im- mediate life insurance circles. Hence this modest volume These statistics with their adequate background, properly inter- preted, bring to the knowledge of professional man and lay reader alike the favorable mortality experienced among life insurance policyholders, the enormous amount of new life insurance pur- chased, the degree of restraint exercised by policyholders in borrow- ing on their insurance and the changing trends in the investment of the assets constituting the reserves back of the 45 billion dollars of insurance on American lives in legal reserve companies. Whether viewed singly or collectively, these four statistical groups furnish an optimistic background for the life insurance business of 1922 and constitute a favorable prophecy for wholesome business onditions generally during the ensuing year. The first group treated in the following pages demonstrates that the people of the heakh as in 1921-there being an appreciable reduction from all previous records m the number of deaths among insured lives The TsTL'T "''. "" '°"^"' ''°"' 9.58 per thousand in x^ to 8.24 per thousand in 1921-a saving of one and one-third lives #!J <■'! per thousand. Applying these statistics to the general population of the two countries, a probable saving of i53»ooo l^^es in 192 1 over 1920 is indicated. With no desire to play upon words, the physical health of the nation indicates a sound mental and moral condition, as evidenced by the amount of new business issued. The old adage of a sane mind in a sound body finds new justification in life insurance. It is satisfying to note that in 192 1 the American people bought approxi- mately 13,150,000 new life insurance policies— only three-quarters of one per cent, less than in 1920, with its remarkable life insurance expansion. While the $8,535,000,000 of insurance represented by these new policies is about 15 per cent, less than the amount issued in 1920, the new business for 1921 is 2.6 per cent, greater than that of 1919, which at the time registered the greatest production of new business in the history of life insurance. Although the yearly in- crease for the last 20 years has averaged 10 per cent., the record of 1919 showed an increase of 62 per cent, over that of 1918. In conjunction with the new business issued, it is reassuring to note that while there has been an increase in the amount borrowed by policyholders upon their life insurance in 1921, the proportion of loans made to reserves is well below the high level reached in 1914; in the latter year the accumulated borrowing of policyholders repre- sented 17.95 per cent, of the reserves, whereas, for the first nine months of 192 1 it was t)nly 14.68. These two groups of statistics show adherence to thrift by the American people during a period of widespread readjustment. The fact that in the face of decreased income and slackened business activity, our people have continued to make provision for the pro- tection of their families on a scale almost equal to the highest point ever reached and far in advance of the average of the last 10 years, indicates the stability of the American character and the emphasis given to home life and to protection of the rising generation. The fourth and final grouping of statistics covers and analyzes the subject of investments. For the protection of policyholders— insuring their insurance— the life insurance companies of the United States held, at the beginning of 191 1, assets of $3,875,000,000. Ten years later, on January i, 192 1, we see these assets nearly doubled, the amount being $7,300,000,000. This vast trust fund is invested chiefly in mortgage loans on real estate. United States Government Bonds, railroad securities, policy loans. State, County and Municipal bonds and real estate. Readjustments of the different classes of in- vestments from year to year meet developing national economic and geographical requirements, as is singularly illustrated by the net increase of 261 million dollars loaned by the companies on city and farm mortgages during the first ten months of 1921. These in- vestments weld the 40 million life insurance policyholders— more than a third of our population— into a great economic class, effectively though unconsciously serving in the maintenance of na- tional stability and social confidence. The reduced mortality experience indicates a people well fitted physically to cope with the new problems of 1922, while the other groups of figures demonstrate a continuity of thrift and stability of purpose under trying conditions. These satisfying and stimulating statistics, coming in the closing weeks of the year 1921, and this resume of the Convention's thought issued in fact as well as in form during the holiday season may well be termed a New Year's greeting to the American people from the life insurance policyholders of the United States. George T. Wight, Secretary and Manager, Association of Life Insurance Presidents. New York. December 31, 1921. NATIONAL HEALTH IN THE LIFE INSURANCE MIRROR By Hon. Robert Lynn Cox Third Vice-President, Metropolitan Life Insurance Co., New York The business of Life Insurance has grown within recent years to most impressive size. This is attributable directly to the abihty of its exponents to make men think of Hfe and death in economic terms. Life Insurance has taught the world that in one sense it pays to raise men and women just as it pays to raise horses and cattle. It pays in dollars. Men understand now pretty generally that what human beings can earn beyond their board and keep" can be measured-that is to say this can be done with reference to that imaginary being known as "Mr Average Man." What he is worth toward increasing the capital of the world can be definitely foretold and calculated We know within a few days or weeks of how long he will live and just about what he would bring if he could be put upon the auction block Uncertainty as to the span of life relates only to the individual life. Death holds no terror of uncertainty for Mr Average Man. Statistics based upon the actual experience of Life Insurance companies have proven absolutely the number of his years. He neither fears less nor hopes for more He knows. .f.fr- *^*'"^'"«^^°f Life Insurance, speaking from the cold standpoint of figures, is merely a plan for converting the fearsome individual of unforeseeable years of life, and therefore of un- known economic worth, into an average man with a certain num- ber of years to live and therefore of well known and very defi- nite worth. In fact, there is more certainty today of what a fully It insured man is worth dead than what he is worth ahve. Dead he is worth as much as the average man or more. Ahve, through sickness or accident or dissipation, he may be converted at any moment into a liability. . r -. It is fortunate that this scheme for guaranteemg a definite number of economic years, or we might say for capitalizmg the economic worth of each individual life, can be done on ^^^ install- ment plan, with comparatively small annual outlay. This has brought Life Insurance within the reach of all, and carried it into most homes in this country. We as Life Insurance men, see the problem of "National Health in our Life Insurance Mirror" as an economic problem of wide interest and great importance. We see it through the eyes of forty million people with whom we have contracts directly related to the length of time they are expected to live. Of necessity we approach this question, as we do all others, from the standpoint of Mr. Average Man, the man who determines what kinds of policies we shall issue and whose life expectancy fixes our premium rates therefor. We would inquire concerning what is being done to improve Health for him. We know that if our business were a lodge or society which had power to endow each member with a definite number of years of life, such as we know are guaranteed to the Average Man-say 35 years for a man 30 years old, 28 years for a man 0. 40 20 years for a man of 50, and so on-initiation fees and annual dues in such an organization might be fixed high enough to com- pare with admission fees and dues in an up-to-date golf club. We know, but have a hard time convincing men outside of our busi- ness that men who take out and maintain an adequate amount of life insurance receive an absolute guaranteee of the length of their economic lives, a guarantee that as to their net earning power each shall live his full measure of life expectancy. Seeing, as we must and clearly do, the dollar and cent worth of years of living, let us turn now to some recent figures which show how closely we are in touch with the losses caused by deaths among the creators of the wealth of the world. The death claims paid by the Life Insurance companies of the United States for the year 1920 amounted in round numbers to $350,000,000. Most of this was paid on insured men, women and children who died prematurely. In fact, life conservation work as it has been developed in the last two decades has demon- 8 strated to the point of reasonable certainty that not less than one-third and perhaps even one-half of all deaths which occur in any one year might be postponed to subsequent years varying in number somewhat according to geographical location, nation- ality, occupation, working conditions, etc. It has been shown, for example, in the experience of one life insurance company that within a period of ten years, the lowering of the death rate that has actually been achieved is equivalent to having added four years to the average life expectancy of its male policyholders. If America could remove Tuberculosis from among the causes of mortality, which has long been the ambition of those engaged in public health work, it would be equivalent to adding at least three years to the average life span of the entire population. Similar estimates made for other preventable diseases indi- cate that life expectancy can very reasonably be extended to an average maximum of seventy years instead of a maximum of fifty- one years, as shown by the Life Tables of 1910. In terms of the whole nation, such life extension makes for such enormous in- crease of national values that the effort would be fully justified. Carefully prepared estimates based on government census figures show that the net gain in economic wealth of this country s at the rate of about $100 per person per annum. As this rate s reached by including in the calculations not only minor chil- dren but also the sick, disabled and aged, it is not difficult to realize the far greater economic worth of the really productive people of the country, upon whom falls the burden of doing the world's work. Assuming, as I think we fairly may, that on the average pro- ductive male members of the race are worth "net" to the world at least $500 a year each, (that is, each is worth $500 over food, clothing, shelter and other costs of his personal maintenance) we get a new view of what life prolongation means in money's worth. Nine million men are said to have been killed in the great world war — nine million men whose average life expectancy was about thirty-five years. This means that 315,000,000 years of productive human activity, worth $500 a year net, was thus lost to the world. Expressed in dollars it means that one hundred and fifty-eight billion dollars worth of human lives were de- stroyed by this war. Added to this, perhaps as much more was lost by the disablement of those who still live but who have been converted into human liabilities— not only worthless as pro- ducers but who from now on must consume wealth that is being produced by others. Men are accustomed to calculate the economic cost of the war only in value of material things destroyed and supplies wasted, but in the Life Insurance Mirror we see this larger loss of human economic value that likewise was destroyed and is now gone forever. But this view is retrospective, resting upon that which is irreparably lost. It is a sorry picture. Let us face forward, using our lessons of the past to prevent if possible a repetition of such colossal mistakes in the future. For the avoidance of wholesale slaughter hereafter, we, in common with other citizens with neither power nor responsi- bility, must rely upon those great statesmen and world leaders assembled at Washington, to find ways of preventing future wars. But, as patriotic citizens of the United States and Canada en- gaged in the business of Life Insurance, may there not be some- thing worth while we can do to prolong the lives of those who still live and of those who are to be born hereafter and thus make up in part at least for our great war loss of human assets? In order that we may see both our problems and our oppor- tunities, the Association of Life Insurance Presidents has ob- tained from leading American Life Insurance companies, and this enabled me to present in connection herewith in tabular form, certain statistics relating to deaths and causes of deaths for the first ten months of 1921 and for the corresponding period of 1920. The striking thing shown by these figures, covering 27,000,000 human lives, which of necessity reflect general health conditions throughout the country, is the extraordinarly favorable mortal- ity of the current year in comparison with the year 1920 — a year which up to that time was one of the best which life insurance companies had ever experienced. These figures for ten months of 1921, supplemented by what we know of our mortality ex- perience as it has been running since October 31st, show that the United States and Canada, as a whole, will close the year 1921 with a lower death rate than has ever been experienced by these countries in any calendar year of their history. Let us translate this fact into number of lives saved in 192 1. The thirty-seven life insurance companies contributing these figures transact zo about 80% of the life insurance business of the coun- try and the figures actually submitted for the first ten months of this year in comparison with the first ten months of last year are from a group of policies representing in point of number 55% of all now outstanding in the United States. Combining both Ordinary and Industrial life insurance business, these thirty-seven companies report that while they experienced in the first ten months of 1920, deaths numbering 205,941, for the same period this year only 184,860 deaths have occurred. This shows a reduction of 21,081 in the actual number of their death losses this year. But this large number does not tell with entire accuracy the whole story of the life saving of the year because it covers only ten months and the deaths of 192 1 occurred among a greater number of lives at risk. By using these facts to correct our calculations it may be said that the net saving for this group of life insurance companies will amount to at least 26,402 lives. Stated in the usual mortality ratios, it means that the death rate of this year for these companies will be 8.24 per thousand instead of 9.58 per thousand, as it was in 1920. This mortality gain translated into money saved in the pay- ment of death claims by all life insurance companies of the United States for 1921, measured by outstanding insurance, will amount in round numbers to at least $51,000,000. This vast sum, with the gains made in 1920, will go far toward making up the excess losses of 1918 and 1919 occasioned by Influenza, estimated conservatively at more than $170,000,000. Using the United States Census Bureau's figures for 1920 for the registration area of the United States, representing eighty- two per cent of the population, we find the total officially re- corded deaths for last year were 1,142,578. Taking the same rate of mortality for 18% not covered by the registration area, we reach an estimated total of 1,389,998 deaths in the United States for 1920. Applying the saving of one and one-third lives per thousand experienced by life insurance com- panies for the first ten months of this year to the population of the United States and Canada, we find there will be in these two countries a probable saving of 153,000 lives in 1921 over 1920. Let us look now at the various causes of death as they are shown in the tables submitted herewith, covering 184,860 cases occurring during the first ten months of 1921 : II mfif^m .issssssaa :SS3Sm Causes of Death Showing Decreases in Rate for the First Ten Months of 1921 in Comparison with the Corresponding Period of 1920. 1st 10 mos. ist 10 mos. 1920 1921 Influenza • H,94i i^730 Pneumonia (all forms) 22,243 I3708 Tuberculosis (all forms) 25,288 22^43 Other respiratory diseases 34^9 ^>/^ Bright's disease ^,652 i4,359 Puerperal state 3429 3,i25 Measles : ^^}£ f^^ Whooping cough »95 W Meningitis (all forms) J^ 7»2 Diarrhoea and enteritis 2,392 ^,^^/ Typhoid fever i>328 i,379 Cerebral hemorrhage 12,732 12,838* Organic diseases of heart 23,738 244*5 External causes (excluding suicides, homicides and automobile acci- dents) ^0'48i 10,084 Miscellaneous 45,035 47,403 182,672 158,364 Causes of Death Showing an Increase in the Death Rate Cancer ^4,^ ^5,865 Suicides 2'^ ^'^^ Homfdde's-:: ........... 1,052 1,322 Automobile accidents and injuries.. 2,311 2,024 Scarlet fever 651 942 Diphtheria ^>555 ^>^^ 23,269 26,496 Grand Total, All Causes 205,941 184,860 We note first that fifteen out of the twenty-one classified causes of death show a lower rate than they had for the year 1920. In some instances the reduction is very striking. Only six out of the twenty-one show increases. It may be of interest to consider some of the more important ones in relation to the problem of improving average mortality. We see at the outset that about 28% of deaths ♦ Thoueh certain causes of death show increases in actual number of deaths for 1921 over 1920, the rate per thousand is in fact lower because of the increased number of lives at risk m 1921. xa during this year have been caused by diseases which under our present habits of life are pretty sure to continue at high ratios among the various causes of death. These diseases are cerebral hemorrhage, organic diseases of the heart and Bright's disease. In the main they are ailments of the more ad- vanced years of life. To a very great extent they mark organic and functional break-downs. Therefore we turn for hope to the other causes of death constituting 72% per cent of the total. It is among them that we must seek large results in the prolonga- tion of the average human life. Though we learn that tuberculosis has caused the enormous total of 22,443 deaths, that is to say about one in eight of all deaths that have occurred in 1921, we have in mind for purposes of comparison the fact that no longer than ten years ago its ratio stood at causing nearly one death among every four. This re- markable drop in the tuberculosis death rate is one of the most conclusive proofs of how much can be accomplished when cause and cure of a disease become matters of common knowledge and of community concern. Within very recent years typhoid fever has been relegated to a place of minor importance, though in former years it played sad havoc with the lives of our people. This in large part is true of diphtheria — that dread destroyer of child life for centuries past, which in recent years has been largely brought under medical control and thereby put in a comparatively minor place among the causes of death. But a comparison of deaths in 1921, with 1920 and earlier years, shows such an alarming increase in the mortality caused by these two diseases as to teach us that eternal vigilance and constant application of medical knowledge is the price we must pay for escape from death-dealing micro-organisms. There is really no longer a good reason why typhoid fever or smallpox or diphtheria should be epidemic in this country and yet we find them rising too frequently to that proportion in certain localities because people either fail or refuse to employ the means through which they had been brought almost to the vanishing point as causes of death. Deaths from pneumonia, as reported in these tables, were only 13,708 in 192 1 as compared with 22,243 ^^ 1920, an actual reduction from this cause alone of 8,535 deaths, or nearly 40%. If we take into consideration the greater number of 13 ■HHnp ) lives at risk in 1921, we might say that pneumonia is only about one-half as serious a cause of death this year as it was last year. Such a large and important variation as this certainly calls loudly for more intensive study of its causation and methods of pre- vention in order that we may be sure of holding the gain achieved in 1921. The most amazing factor in the health situation of the year is the almost complete disappearance of influenza as a cause of death. Only 1,730 deaths are reported for ten months of 1921, as against 14,941 for the corresponding period of 1920 which was not regarded as an epidemic year. In fact the rate has been lower in 1921 than for any other year within the last ten, and there is no indication of any upward tendency as the year is drawing to an end. But there are always some exceptions to be noted and men- fion must now be made of certain causes of death that are show- ing increases over those of last year. Suicides and homicides amounting to 4,174, have increased by the number of 1,026 or about four times what the increase would have been had the rate per thousand of 1920 remained constant for 1921. This doubtless is a direct result of war reactions, business depression, unemployment and other phases of economic disturbance, and will largely cure itself as times improve. A matter of no small concern among the increasing causes of death is the steadily mounting mortality caused by automobiles and other motor-driven vehicles. The number of deaths in 1921 reported by the life insurance companies that furnished their figures for the compilation on which this paper is based, was 2,624, which is an increase of nearly 159^ over 1920. We are rightfully concerned over untimely deaths caused by micro-organisms of the vegetable and animal kingdoms and are willing to spend time and money freely in trying to isolate, study and catalogue them, to the end that their ravages may be held in check. We talk learnedly of bacteria and bacilli but overlook the "Bacillus Automobilis" whose presence behind the wheel of his juggernaut can be discovered without aid from the micro- scope and whose homicides might be largely prevented by more effective policing of our congested highways. Our experience for ten months shows that ten thousand human lives will be brought to premature deaths in 192 1 by motor-driven vehicles, at an economic loss to the world of at least $25,000,000, Cid yet we are in the habit of counting automobiling cost in terms only of cars, gasoline, tires and accessories. As members of the human race, we sense as other men do, the agonies of the heart that result from family separations and we sympathize fully with our fellow men in the mental suffering occasioned by the deaths of the loved ones. But as life insurance men we are compelled to go further and count other costs as well. In some respects we are like the Red Cross workers behind the battle line. We count the dead and succor the wounded. We are back of every sector on which the enemy is making an attack. We know each day how many have fallen and from what causes. We record and tabulate our information months and almost years ahead of the reports that are given out from headquarters in Washington. Does it not seem that in some way we should arrange for more direct communication and greater co-operation with the forces that are fighting the battle for better health and longer average life? From the nature of our business and its wide spread over the entire country and in all kinds of homes we know better and sooner than any other organization or agency the trend of public health and just what is causing deaths among the people from week to week. Why, therefore, should we not resolve here and now to make the Association of Life Insurance Presidents a statistical clearing house to which we shall hence- forth report deaths and causes of death every month, to the end that the Association may in turn tabulate them and make reports in aggregate to such Government and State Departments as need such information and will use it in fighting the battle for better National Health and longer life for Mr. Average Man— for him who is the composite of us all. Treatment and cure of disease will always be in demand, of course, but we must look to preventive medicine for large results in the prolongation of human life. Great progress has been made within very recent years and it may possibly be that the lowered death rate of 192 1 is the beginning of a fulfillment of prophecies made a few years ago, that the average span of life would some day be lengthened by several years. However that may be, let us form as many alliances as possible and consolidate our forces with a view to holding the very substantial gains we have made. To revive a war phrase, "Let us dig in, on the line of our advance." We see in the Life Insurance Mirror more clearly than anything else that many diseases make disastrous headway more because 15 \ i^ ^tttS.^-it'-'^.r-'^- Of belated interest and tardiness of action on the part of Health Officers than from any lack of knowledge of what to do m the face of danger fully realized. T et us therefore be more alert to sound alarms. i :s furSsh. as we can very easily, the advance informat.0^^^ on which intelligent action may be taken to prevent the ravages o? those preventable diseases which are shortemng so much the ^^r/ usTvVlinest and stimulative support to the agencies that are working to stamp out these unnecessary and mexcusable ""St'thus help toward improving average longe^^^y and therebv eain for our policyholders not only a correspondmg re- duct on fn the cost o'f their life insurance, but also what they tani most-additional years of life and happiness on this earth. TABLE A. C.n,p.H.on .» C.u... .t D..th ,.r Flr,t Ten Month, of 1M0 .nd 1«1. ordinary Bu.ln... of Thlrty-ev.n LIf. In.ur.ne. Comp.nl... Number of De.th. .nd D..th R.te. p.r 100,000 Expo,^. Causes of Death Ordinary Business 1st 10 Months 1920 1st 10 Months 1921 No. Deaths D.R.per lOOM No. Deaths 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. '' IS, Typhoid fever Influenza •'",;•• y "' \ Tuberculosis (all forms) Cancer • Cerebral hemorrhage Organic diseases of heart Pneumonia (all forms) Other respiratory diseases . . . . Bright's disease Puerperal state Suicides Homicides .• • • • • • • • * j* •;* ' Automobile acadenU and m juries •• Other external causes AH other causes 16. ToUl All Causes. Years of life exposed to risk. 503 5,964 5.163 4.828 4.117 6.871 6.201 752 4.097 347 1,240 302 873 3.497 16,128 6.7 542 79.0 555 68.4 4,744 64.0 5,194 54.6 4.131 91.1 6,944 82.2 3.741 10.0 700 54.3 4,053 4.6 378 16.4 1.722 4.0 468 D.R. per lOOM 60.883 11.6 46.3 213.7 806.8 7,546,231 953 3,351 18.113 55.589 7,811,171 6.9 7.1 60.7 66.5 52.9 88.9 47.9 9.0 51.9 4.8 22.0 6.0 12.2 42.9 231.9 Percentage 1921 o Deaths 920 Death rate 711.7 107.8 9.3 91.9 107.6 100.3 101.1 60.3 93.1 98.9 108.9 138.9 155.0 109.2 95.8 112.3 103.0 9.0 88.7 103.9 96.9 97.6 58.3 90.0 95.6 104.3 134.1 150.0 105.2 92.7 108.5 91.3 88.2 ; . ,, .^^ :„ the above tabulation is based upon 68.64% of the toUl The mortality «P<"«."<=^'"l'LirDJ^ember 31, 1920. in all American companies, ntunber of Ordinary PO^^'" |" *^!f^ ThTfirstten months of 1921. Ordinary, is 91.30% of the The total 2"™^*' °*itr2f 1920 Decrease 8.70%. deaths for the first ten months oi ly*"- TABLE B. Comparison of Cause, of Death for First Ten Months of 1920 and 1»21. Industrial Business of Four Life Insurance Companies. Number of Deaths and Death Rates per 100.000 Exposed. Causes of Death Industrial Business 1st 10 Months 1920 | 1st 10 Months 1921 Percentage, 1921 of 1920 No. Deaths 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. Typhoid fever Measles Scarlet fever Whooping cough Diphtheria Influenza Tuberculosis (all forms) .... Cancer Meningitis (all forms) Cerebral hemorrhage Organic diseases of heart. . Pneumonia (all forms) . . • • Other respiratory diseases.. Diarrhoea and enteritis Bright's disease Puerperal state Suicides Homicides •••.•* Automobile accidents and in- juries OlluT external causes.. All other causes D.R. per lOOM • ••••• 825 1,148 651 895 2,555 8.977 20.125 9.776 881 8,615 16;867 16,042 2,737 2.392 10,555 3,082 856 750 1.438 6.984 28,907 22. Total All Causes Years of life exposed to risk. 145.058 13.947.865 5.9 8.2 4.7 6.4 18.3 64.4 144.3 70.1 6.3 61.8 120.9 115.0 19.6 17.1 75.7 22.1 6.1 5.4 10.3 50.1 207.3 No. Deaths D.R. per lOOM 1040.0 837 492 942 547 2,891 1,175 17,699 10,671 782 8,707 17,471 9,967 2.032 2,327 10.306 2.747 1,130 854 1.671 6.733 29.290 5.7 3.4 6.4 3.7 19.8 8.0 121.0 72.9 5.3 59.5 119.4 68.1 13.9 15.9 70.5 18.8 7.7 5.8 11.4 46.0 200.2 Deaths Death rate 129.271 14,628,245 101.5 42.9 144.7 61.1 113.2 13.1 88.0 109.2 88.8 101.1 103.6 62.1 74.2 97.3 97.6 89.1 132.0 113.9 116.2 96.4 101.3 883.7 89.1 96.6 41.5 136.2 57.8 108.2 12.4 83.9 104.0 84.1 96.3 98.8 59.2 70.9 93.0 93.1 85.1 126.2 107.4 109.8 91.8 96.6 85.0 The Industrial business of the four companies included above represent 51.38% of the total deaths for the first ten months of 1920. Decrease iu.»o A>. 17 \ ■ i «ttd^MilMidiMkitfa« TABLE C. Comparison of Causes of Death for First Ten Months of 1920 and 1921. Ordinary Business of Thlrty-seven Life Insurance Companies and Industrial Business ' of Four Life Insurance Companies. Number of Deaths and Death Rates per 100,000 Exposed. Causes of Death 1st 10 Months 1920 1. Typhoid fever 2. Influenza 3. Tuberculosis (all forms) 4. Cancer 5. Cerebral hemorrhage 6. Organic diseases of heart.... 7. Pneumonia (all forms) 8. Other respiratory diseases... 9. Bright's disease 10. Puerperal state 11. Suicides 12. Homicides • • •; • 13. Automobile accidents and in juries 14. Other external causes 15. All other causes, excluding children's diseases on Ind'l business No. Deaths 16. Sub- total— (lines 1 to 15) 1,328 14,941 25,288 14,604 12,732 23,738 22,243 3,489 14,652 3,429 2,096 1.052 2,311 10,481 45,035 D.R.p< lOOM er 197,419 6.2 69.5 117.7 67.9 59.2 110.4 103.5 16.2 68.2 16.0 9.8 4.9 10.8 48.8 209.5 1st 10 Months 1921 No. Deaths 918.5 1,379 1,730 22.443 15,865 12.838 24,415 13,708 2,732 14,359 3,125 2,852 1.322 2,624 10.084 47,403 D.R. per lOOM 176,879 CHILDREN'S DISEASES* 1 7. Measles 18. Scarlet fever 19. Whoouinjf cough 20. Diphtheria 21. Meningitis (.ill forms).. 22. Diarrhoea and enteritis. 23. Sub-total — Children's diseases' 24. Grand Total All Causes Years of life exposed to risk**... 1,148 651 895 2,555 881 2,392 8,522 205,941 21,494,096 61.1 958.1 6.1 7.7 100.0 70.7 57.2 108.8 61.1 12.2 64.0 13.9 12.7 5.9 11.7 44.9 211.2 Percentage, 1921 of 1920 Deaths Death rate 788.3 8.2 492 4.7 942 6.4 547 18.3 2,891 6.3 782 17.1 2,327 7,981 184,860 22,439,416 103.8 11.6 88.8 108.6 100.8 102.9 61.6 78.3 98.0 91.1 136.1 125.7 113.5 96.2 105.3 89.6 98.4 11.1 85.0 104.1 96.6 98.6 59.0 75.3 93.8 86.9 129.6 120.4 108.3 92.0 100.8 85.8 3.4 6.4 3.7 19.8 5.3 15.9 54.6 823.8 42.9 144.7 61.1 113.2 88.8 97.3 93.7 89.8 41.5 136.2 57.8 108.2 84.1 93.0 89.4 86.0 •For Industrial Companies only. Death rates in lines 17 to 23 based upon Industrial exposure *° '*The mortality experience included in the above tabulation is based upon 68.64% of the total number orOrdin'^rypok^ in force December 31, 1920, and 51 38%. of the total number of Industri^ policies in force December 31, 1920. as reported for all American companies, while the io^hfo^H exnerience represents 55.72% of all policies both Ordinary and Industrial . '°" The toraT'rmberTf de"aths for the first ^ten months of 1921, Ordinary and Industrial, is 89 76% of the deaths for the first ten months of 1920, a decrease oi\O.U%. ^ ••For computing death rates in lines 1 to 15. and 24, combined Ordinary and Industrial business. NEW LIFE INSURANCE BUSINESS OF 1921 ; WHAT IT MEANS By John M. Holcombe President, Phoenix Mutual Life Insurance Co., Hartford, Conn, I bring for your cogitation and reflection the latest figures disclosing the new life insurance business in 1921 and ask you to consider with me the significance of these figures. By so doing, we will be stimulated from the volume indicated, and by compari- son and analysis can proceed more intelligently to the work of the succeeding year. Returns have been furnished by 148 of the 272 life insurance companies doing business in the United States. These 148 companies wrote 97% of the new business of 1920. Their 1921 returns are based on the actual amount of new business paid for up to November ist of this year, plus an esti- mate for the remaining two months. From these returns it is estimated that the new busi- ness record for 192 1 will show the issue of 13,150,000 policies, representing insurance to the amount of $8,535,ooo, S 3 Ji a I ! 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Is Isle 00 c> 00 b to N3 2.0 mm ABCOtFGHIJKLMNOPORSTUVWXYZ abcdetghi|klmnopar5tuvwiiyzl234 567890 ABCDEFGHIJKLMNOPQRSTUVWXYZ abcdefghijklmnopqrstuvwxyz 1234567890 ABCDEFGHIJKLMNOPQRSTUVWXYZ abcdefghijklmnopqrstuvwxyz 1234567890 i? H? O O "o m -o Smr > C CA I TJ ^ m 3D O 2.5 mm ABCDEFGHIJKLMNOPQRSTUVWXYZ abcdefghijklmnopqrstuvwxyz 1234567890 '^4 ^^%. s^ <^^ t^^ .^"^^ ^^ ''^ ■^ |8 r ^o ^ * « -i- 1— • M rs> Ul O on 3 3 3 3 3 3 a- fS ii ^2 00 INI A. ^> '^ /^ • o ^ — «-^ t OCX 13 < -« ^5 < ^^ X -c ISI DEC. 31, 1911 COMPARISON OF POLICY LOANS AND PREMIUM NOTES WITH TOTALj POLICY RESERVES FOR THE YEARS 1911, 1914, 1919, 1920 AND SEPT. 30, 1921 DEC. 31, 1914 DEC. 31, 1917 DEC. 31, 1919 DEC. 31, 1920 SEPT. 30, 1921 STATES TOTAL RESERVES POLICY LOANS AND PREMIUM NOTES RATIO OF LOANS AND NOTES TO RESERVES New England : Maine New Hampshire Vermont Massachusetts Rhode Island Connecticut Group I, Total $23,427,489.97 14,038.361.39 15,340,712.91 167,059,196.80 22,208,692.76 48,693,870.00 $290,768,323.83 $2,854,397.68 1,676.770.89 2,100,877.99 25,515,944.15 2,721,534.43 6,389,611.29 Middle Atlantic: New York New Jersey Pennsylvania Delaware Maryland Dist. of Columbia Group II, Total $522,648,080.24 114,202,307.92 318,844,837.55 7.099,511.36 49,021.983.12 22,649.927.63 $87,464,555.81 14.018.679.50 48.946,258.85 890,563.65 6.583,725.07 3,157,711.70 Central Northern: Ohio Michigan Indiana Illinois Wisconsin Gkoup III, Total $167,074,894.99 69.477.478.81 61.018.570.56 228,577.350.67 60,558,258.64 $586,706,553.67 $21,513,759.08 10,022,288.14 7.712,118.39 31,977,225.40 7,969,377.67 South Atlantic: Virginia West Virginia North Carolina South Carolina Georgia Florida Group IV, Total $41,464,534.71 20,058,394.46 26,317.837.50 23,362.792.39 50.583,524.00 17,064.029.00 $6,768,228.44 2.498,309.05 4.934.570.04 4,328.061.24 11.567.651.46 3,457,385.90 Gulf and Mississippi Valley: Alabama Mississippi Tennessee Kentucky Louisiana Group V, Total $33,828,303.97 26,178,210.40 40,727,887.78 50,307,917.33 41,552.998.00 $192,595,317.48 $6,749,528.43 5.005.701.20 8,434.623.55 8,787.841.72 7,836,180.42 Southwestern: Missouri Arkansas Texas Kansas Colorado New Mexico Oklahoma Group VI, Total $97,092.9^3.04 20,180,887.80 48.639.144.40 26.710,453.55 28,831,583.29 4,845.186.00 16,068.805.72 $242,369,013.80 $13,940,823.60 3.955.609.19 12,423.082.87 4.484.297.37 6,144.681.18 995.619.76 3.455,781.69 Northwestern: Iowa Minnesota Nebraska North Dakota South Dakota Wyoming Montana Group VII, Total $49,253,898.95 54,031,851.66 21,373.956.28 11,242,468.78 10,419,346.68 3,640,970.97 12,892,609.84 $162,855,103.16 $6,564,476.19 9,146,325.24 3,341,708.43 2,402,762.10 1.726.925.44 699.080.36 2.210,580.76 Pacific: Washington Oregon California Nevada Idaho Arizona Utah Group VIII, Total $26,793,972.71 16.222,322.94 92,741,734.54 3,477,577.24 5,513,203.91 5,379,699.00 9,378,185.38 $159,506,695.72 $6,083,702.36 3,210.221.43 18.356,913.87 497,304.19 1,110.907.57 1,032.956.02 1,762,117.81 Total United States Territories: Alaska . $1,107,017.00 Hawaii, Philippines and Porto Rico '4,696,858.00 Group IX, Total $5,803,875.00 $143,359.40 644,642.09 Total United States and Territories 12.18% 11.94% 13.69% 15.27% 12.25% 13.12% $41,259,136.43 14.19% 16.73% 12.27% 15.35% 12.54% 13.43% 13.94% $1,034,466,647.82 $161,061,494.58 15.57% 12.87% 14.42% 12.64% 13.99% 13.16% $79,194,768.68 13.49% 16.32% 12.45% 18.75% 18.52% 22.87% 20.26% $178,851,111.86 $33,554,206.13 18.76% 19.95% 19.12% 20.71% 17.46% 18.85% $36,813,875.32 19.11% 14.35% 19.60% 25.54% 16.78% 21.31% 20.54% 21.50% $45,399,895.66 18.73% 13.32% 16.92% 15.63% 21.37% 16.57% 19.20% 17.14% $26,091,858.52 16.02% 22.70% 19.78% 19.79% 14.30% 20.14% 19.207o 18.79% $32,054,123.25 20.09% $2,848,118,767.34 $455,429,358.57 15.99% 12.95% 13.72% $788,001.49 13.57% $2,853.922,642.34 $456,217,360.06 15.96% POLICY RATIO OF LOANS AND LOANS AND TOTAL PREMIUM NOTES TO RESERVES NOTES RESERVES $27,790,443.43 16,905,985.61 17,495.179.16 196,124.483.90 25.774.807.25 58,264.768.07 $342,355,667.42 $3,589,653.82 2.004.073.61 2,429,331.94 31,338.715.60 3,684,797.32 8,587,571.65 $614,580,716.47 140.241,326.93 365.0.'i7.097.08 8,236,469.43 58,141,690.20 26,293.548.49 $109,863,839.47 19,310.836.70 60,040,810.41 1.176,268.96 8,542,127.75 4,427,445.32 $197,266,518.72 87.708.877.46 71.988.877.28 274.551.855.70 73,545,247.18 $26,497,196.36 13,318,806.55 9,960,691.84 44.490,897.01 10,283,502.60 $51,224,960.26 26,179.744.35 35,050,557.16 27,197,263.11 61,241.918.00 19,832,218.00 $220,726,660.88 $9,406,909.73 3.484,049.18 7.830,836.04 7,813,085.14 18.287.988.90 5.515,433.06 $37,740,171.00 28,329,736.00 50.258.315.71 58,061,625.45 45,992,927.00 $220,382,775.16 $10,690,040.65 7,530.457.75 12,164,500.96 11,110,307.35 11.387,315.31 $120,091,254.98 24,388,472.00 54.807,042.38 31.932.609.02 32,762.666.00 5,594,933.00 22,084,218.36 $291,661,195.74 $20.162,581. 03 6,354,002.83 18.278,556.19 5,779,283.53 7,852,659.72 1,413,985.51 5,310,370.58 $61,893,344.21 69,941,315.41 26,454.819.43 13.114,635.63 12.934,727.73 4.061,824.00 15,190,903.53 $203,591,569.94 $8,589,180.69 10.782.169.72 4,616.190.86 2.815,421.60 2,329,879.26 1,023,649.86 3,255,787.58 $35,690,675.37 20.834,782.75 117.629.714.45 3.953,861.60 6.873,264.12 7,251,731.00 12,294,459.16 $204,528,488.45 $8,554,382.22 5,024,595.78 27,760.172.83 804,557.12 1,724,418.33 1.516.332.60 2,585.237.67 $1,265,248.00 5.481.575.00 $6,746,823.00 12.91% 11.85% 13.88% 15.99% 14.29% 14.74% $51,634,143.94 15.08% 17.87% 13.76% 16.44% 14.28% 14.69% 16.83% $1,212,550,848.60 $203,361,328.61 16.77% 13.43% 15.18% 13.83% 16.20% 13.98% $705,061,376.34 $104,551,094.36 14.83% 18.36% 13.31% 22.34% 28.72% 29.86% 27.81% $52,338,302.05 23.71% 28.32% 26.58% 24.19% 19.1.3% 24.75% $52,882,622.02 23.99% 16.78% 26.05% 33.35% 18.08% 23.96% 25.27% 24.04% $65,151,439.39 22.34% 13.87% 15.41% 17.44% 21.46% 18.01% 25.20% 21.43% $33,412,279.57 16.41% 23.96% 24.11% 23.59% 20.34% 25.09% 20.90% 21.02% $47,969,696.55 23.45% $3,400,858,582.53 $611,300,906.49 17.97% $31,430.67 2.48% 334,610.23 6.10% $366,040.90 5.43% $3,407,605,405.53 $611,666,917.39 17.95% TOTAL RESERVES POLICY RATIO OP I LOANS AND LOANS AND^ PREMIUM NOTES TC NOTES RESERVES POLICY RATIO OF LOANS AND LOANS AND TOTAL PREMIUM NOTES TO RESERVES NOTES RESERVE^S $32,830,398.10 19,996,891.30 18,772,781.06 233,140,312.94 31.919.367.48 74,440.858.61 $411,100,609.49 $4,012,283.46 2,130,470.21 2.534,370.66 33,360.787.91 3.991.964.42 8,960,304.09 12.22% 10.65% 13.50% 14.30% 12.50% 12.03% $54,990,180.75 13.37% $39,268,268.13 23,454.098.11 20,859.154.52 301.168,711.00 43.232.222.05 92.953.961.92 $520,936,415.73 $4,404,850.38 2,274,741.98 2,557,243.84 35,035,321.81 4,325,081.13 9,066,993.06 $761,527,473.48 178.744,572.98 432.771,903.72 10,585.669.23 72,208,155.86 30,511,677.51 $117,794,966.34 22,322.727.34 61.708.381.04 1,595,525.67 9,692,642.57 5,070,136.00 15.46% 12.48% 14.25% 15.07% 13.42% 16.61% $1,486,349,452.78 $218,184,378.96 14.67% $941,468,700.96 218.014,237.60 504,206.865.37 13,952,763.18 85.897.930.54 35,334,427.08 $120,406,555.22 23,390,361.40 61.640,364.23 1,909,070.06 9,613,122.92 5,393.094.11 $247,033,821.42 107,686,121.50 87.006.278.58 325.539.661.59 87,596.319.16 $28,801,086.82 14,641,732.39 11,816.137 64 48.102,364.60 10,756,956.79 11.65% 13.59% 13.58% 14.77% 12.28% $854,862,202.25 $114,118,278.24 13.35% $59,141,128.83 32,660.333 08 41,046.358.24 33.155,002.24 fi4,.^98,401.26 21,817,646.37 $252,218,870.02 $10,630,242.12 4.187,562.82 9.063,406.45 8.694,443.24 19,916.464.71 6,199,182.82 17.97% 12.82% 22.08% 26.22% 30.9:?% 28.41% $58,691,302.16 23.26% $41,687,086.70 29,890.341.39 58,673.173.67 64.293.936.71 51.321.167.37 $245,865,705.84 $12,399,981.75 7,922,220.84 14,074,355.99 12,094,615.38 11.311.470.89 29.74% 26.53% 23.98% .8.81% 22.04% $57,802,644.85 23.51% M $138,693 27.317 56,657 37.417 37,602 6,555 29,500 064.23 ,011.70 ,749.29 ,336.00 .839.68 ,022.29 ,518.89 $21,813,865.82 6,854,978.87 21,521.755.33 6.416,801.39 8,326,742.82 1,842,851.15 6.285.764.17 15.73% 25. .09% 37.99% 17.15% 22.14% 28.11% 21.31% $333,743,542.08 $73,062,759.55 21.89% $76,050,5.39.07 83.280,160,22 33,691,178.58 15,118,190.07 16.322.694.54 4,747,382.98 19,373,842.90 $248,583,988.36 $9,411,283.96 12,699,467.17 4.793.603.46 3.194,061.51 2,713.397.82 888,111.25 3.591,671.93 12.38% 15.25% 14.23% 21.13% 16.62% 18.71% 18.54% $37,291,597.10 15.00% $43,577,246.97 24,413,118.32 143,790.919.87 4,484,567.54 9,017,234.43 9,441.247.53 15.256,141.49 $249,980,476.15 $10,082,792.93 5.646,805,34 30.757,076.96 677.659.00 1.718.747.71 1.781.405.12 3.043,462.69 23.14% 23.13% 21.39% 15.11% 19.06% 18.87% 19.95% $53,707,949.75 21.48% $4,082,704,846.97 $667,849,091.36 16.36% $1,571,529.85 6,418.199.36 $7,989,729.21 $204,081.69 1.152.901.89 12.99% 17.96% $1,356,983.58 16.98% $4.090.694,576.18 $669.206,074.94 16.36% $312,799,152.31 133,307,502.94 108,482,372.39 398.813,356.69 99,713,255.37 $31,348,922.90 15,303,619.85 11,679,507.14 50,612,147.74 10,128,229.79 $69,903,717.74 41,400,736.95 55.132,000.75 40,416.405.62 83,844,480.88 23,746.781.00 $314,444,122.94 $10,677,653.65 4.610.461.68 10,204.747.29 8,435.661.11 19.600.730.67 6.032,611.87 $47,780,449.80 34,630,779.00 67.728,167.17 74,884,546.74 . 56,574,990.00 $281,598,932.71 $12,050,088.29 7,58.'5, 389.93 13,808,000.63 11,398,150.57 10.799,603.27 $171,808,814.46 31,654.821.00 57.899,228.59 46,087.729.09 43,498,954.00 7,039,143.00 37,901.910.82 $395,890,600.96 $22,401,447.27 6.634.869.67 17,766,611.73 6,066,894.59 8,188,456.07 1.665.951.87 6.315,284.36 $91,612,544.12 101.077,989.88 42.237.077.56 16,322.174.24 20,781,988.59 5.777.310.66 21.045,746.56 $298,854,831.61 $9,493,678.29 12,941,981.81 4.758,402.17 3.047.211.80 2,593,071.28 960,470.99 3,720.424.05 $37,515,240.39 $54,780,213.15 29,434.455.73 171.184,889.95 4.188.573.11 11.890,966.86 11.127,461.00 18.455.341.11 $301,061,900.91 $9,896,611.12 5.177.167.52 30,418,322.99 683.146,76 1,630.030.03 1,628,933.48 3,195,453.36 $1,478,740.00 6,639,525.00 $8,118,265.00 $243,853.35 1,040,061.41 11.21% 9.70% 12.25% 11.63% 10.00% 9.75% $57,664,232.20 11.07% 12.79% 10.73% 12.22% 13.68% 11.19% 15.26% $1,798,874,924.73 $222,352,567.94 12.33% 10.02% 11.48% 10.77% 12.69% 10.16% $1,053,115,639.70 $119,072,427.42 11.31% 15.27% 11.13% 18.51% 20.87% 23.37% 25.40% $59,561,866.27 18.94% 25.22% 21.90% 20.39% 15.22% 19.09% $55,641,232.69 19.76% 13.04% 20.96% 30.69% 13.16% 18.82% 23.67% 16.66% $69,039,515.56 17.44% 10.36% 12.80% 1 1 .27% 18.67% 12.47% 16.62% 17.68% 18.06% 17.59% 17.78% 15.12% 13.70% 14.64% 17.31% $52,579,665.26 17.46% $4,964,777,369.29 $673,426,747.73 13.56% 16.49% 15.66% $1,283,914.76 15.81% POLICY RATIO OF LOANS AND LOANS AND TOTAL PREMIUM NOTES TO RESERVES NOTES RESERVES $42,163,283.90 24,518,138.58 22,136,499.97 324,490,290.80 47,210.687.39 102,498.682.13 $563,017,582.77 $4,563,690.19 2.337.052.95 2,692,746.99 39.207,497.07 4.800,181.59 10,879,489.52 $1,042,617,869.29 240.945,080.79 554.346,783.93 15,264.301.36 93.140.744.27 38.181.093.32 $136,010,897.11 25.524.132.24 67.836.070.41 1.835.406.11 10.937.818.42 6,042,167.60 $349,902,450.40 154.032.611.55 127.298..565.15 4.17.333.374.79 111.249,260.95 $36,198,202.66 17,357.826.68 14.249,607,18 56,049.812,39 11.107.332.61 $76,948,416.62 47,443,0.';i.96 64,128.128.73 48.411,422.69 95.354.407.05 27,228.651.01 $359,514,078.06 $12,772,180.57 .'5.156.580.13 12.1.54.968.71 10.406.853.24 23,068,760.59 6,563.291.86 $54,224,673.98 38.639.472.14 77.682.226.35 82,676,199.55 63.650,485.96 $316,873,057.98 $13,771,751.01 9.023,314.70 16,098.106.95 12.925.384.50 12.090,300.23 $193,825,677.67 38.068.804.51 69.711.073.17 52.062.523.03 48.401.594.02 7.881.855.50 47.861.051.66 $457,812,579.56 $26,016,559.00 7.887.831.83 20.269.297.15 7.157.169.28 9.501,364.82 1.995,161.18 7.244,536.57 $99,648,925.44 115.211,140.64 47.561.782.10 20,882.094.31 23,.117,761.81 6.297.903.22 22.405.405.39 $335,325,012.91 $11,553,105.37 15.823.587.43 6,097,625.41 4.097.309.72 3,459,507.38 1,082.864.71 4.390.332.41 $46,504,332.43 $62,031,518.67 33.047.791.72 198,226.933.94 4.267.879.67 13.322.174.11 12.280,061.50 19,754.218.74 $342,930,578.35 $10,959,001.34 5.747.711.81 33,948.904.20 635.636.76 1.850.652.17 1.856,320.72 3,541.932.97 $1,407,116.64 7.305.258.39 $8,712,375.03 $220,139.25 1.003,908.69 10.82% 9.53% 12.16% 12.08% 10.17% 10.61% $64,480,658.31 11.45% 13.05% 10.59% 12.24% 12.02% 11.74% 15.82% $1,984,495,872.96 $248,186,491.89 12.51% 10.35% 11.27% 11.18% 12.82% 9.98% $1,179,816,262.84 $134,962,781.52 11.44% 16.60% 10.87% 18.95% 21.50% 24.19% 24.10% $70,122,635.10 19.50% 25.40% 23.35% 20.72% 15.6.3% 18.99% $63,908,857.39 20.17% 13.42% 20.72% 29.08% 13.75% 19.63% 25.31% 15.14% $80,071,919.83 17.49% 11.59% 13.7.3% 12.82% 19.62% 14.84% 17.19% 19.59% 13.87% 17.67% 17.39% 17.13% 14.89% 13.89% 15.12% 17.93% $58,540,159.97 17.07% $5,539,785,025.43 $766,777,835.44 13.84% 15.64% 13.74% $1,224,047.94 14.05% $4.972.895.634.29 $674.710.662.49 13.57% ' $5.548.497,400.46 $768.001.884.38 13.84% TOTAL RESERVES POLICY LOANS AND PREMIUM NOTES RATIO OF LOANS AND NOTES TO RESERVES $40,439,036.58 25.249.791.09 22.696,984.00 341.071.775.53 49.952,695.05 107.543,568.25 $586,953,850.50 $4,276,230.67 2.609.578.61 2.815.655.63 43.136.348.13 5.240.021.21 11.954,713.88 10.57% 10.31% 12.40% 12.65% 10.49% 11.12% $70,032,548.13 11.93% $1,096,763,016.94 256.048.886.35 573,700.392.59 16,309,286.44 96,857,389.60 39.263.318.28 $149,287,402.57 28.211.365.92 70.949.904.45 2,032.773.58 12.165,157.62 6.092.729.60 13.61% 11.02% 1237«t 12.46% 12.56% 15.52% $2,078,942,290.20 $268,739,333.74 12.93% $364,016,982.62 157,416.613.33 129,493,768.29 447,737.577.94 116,397.418.02 $40,783,799.27 19.478.653.14 14.955.787.81 60.731.015.42 12.015.563.25 $1,215,062,360.20 $147,964,818.89 11.20% 12.37% 11.55% 13.56% 10.32% 12.18% $68,805,521.26 49.366.772.41 55.108,251.94 40.542.357.50 92,647.244.66 27,933,227.90 $334,403,375.67 $12,743,654.14 5.358.801.54 12.354.146.18 11.055.815.95 26,205.959.38 6,826.587.32 $74,544,964.51 18.52% 10.86% 22.42% 27.27% 14.44% 22.29% Gavrp $54,424,714.49 38.783,482.53 78.529.638.24 83.645.695.99 60,677.765.40 $316,061,296.65 $14,742,241.95 9.802.354.82 17.938.431.53 13.791.474.08 13,077,499.97 $69,352,002.35 27.09«t. 25.27«T- 22.JU% 16.49% 21.55% 21.94% $195,325,767.69 36.460.727.06 63.206..';93.88 51.516.577.15 48.742.402.34 9,055.954.81 47,294,955.98 $451,602,978.91 $28,098,875.55 8.288.353.80 20.5.-6,230..34 7.470,297.58 10,386.342.91 2.132.995.75 7.785.167.49 14.39% 22.73% 32.52% 14.50% 21.31% 23.55% 16.46% $84,718,263.42 18.76% Gamrr VT. $100,408,949.30 112.143.266.27 46.113.170.00 18.356.230.53 22.017,689.67 6,367.523.68 22.194,296.69 $327,601,126.14 $14,321,442.15 17.095.734.04 7.135.029.07 4,228.388.74 4.016.526.29 1.189.908.12 4.606.172.02 $52,593,200.43 14.26% IS 24% 1S.4705- 23.05«:- 18.24% 18.«»% 20.75% 16.05% TTl. $63,793,319.75 33.768.414.12 204.494,160.34 4,485.471.44 14,174,069.42 12,655,376.83 21,027.228.73 $354,398,040.63 $12,044,341 29 6.195.292.68 36.331.448 84 706.268.17 2.386.682.35 2.138.879.86 3,920.982.46 $63,723,895.65 IS.SIWf- 18.35% 17.77% 15.75% 16.84% 1630% 18.64% 17.98% $5,665,025,318.90 $831,669,027.12 14.68% ToTAX. U« $1,523,548.91 6.709,207.82 $8,232,756.73 $203,175.86 817.205.72 13.16% 12.18% $1,020,381.58 12.39% $5,673,258,075.63 $832,689,408.70 14.68% TOTAI. l'^ The admitted assets of the companies included in the above table, computed from original statistics contributed by the companies to the Association of Life Insurance Presidents, represent the following percentages of the total admitted assets of all American life insurance companies as shown by the Year Book: For 1911—93.19% of all admitted assets. •♦ 1914—92.78% •* 1917—89.92% * 1919—90.69% •• •• " 1920—93.34% ' •• 1921—88.87% " " " M REDUCTION RATIO I MB ■ I J^/ ^. ^. ^^>€^ (Jl 3 3 o > lOQ Q I? 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C CO I TJ ^ 0(/) ; m o m c^ 4^ C^ L^ V ^ « «. ^^^ <^ ■i <^ ■^ 1— • ro CJ» 3 3 3 3 5f» f§ Si li 1° ^-< DEC. 31, 1911 COMPARISON OF POLICY LOANS AND PREMIUM NOTES WITH TOTAL DEC. 31, 1914 DEC. 31, 1917 TABLE Jl y'% POLICY RESERVES FOR THE YEARS 1911, 1914, 1919, 1920 AND SEPT. 30, 1921 DEC. 31, 1919 DEC. 31, 1920 POLICY RATIO OF POLICY RATIO OF POLICY RATIO OF 1 POLICY RATIO OF POLICY RATIO OF LOANS AND LOANS AND LOANS AND LOANS AND LOANS AND LOANS ANT)t NOTES TC 1 TOTAL LOANS AND LOANS AND LOANS AND LOANS AND STATES TOTAL PREMIUM NOTES TO TOTAL PREMIUM NOTES TO TOTAL PREMIUM PREMIUM NOTES TO TOTAL PREMIUM NOTES TO T>»T\L RESERVES NOTES RESERVES RESERVES NOTES RESERVES RESERVES NOTES RESERVES RESERVES NOTES RESERVES RESERVES NOTES RESERVES RFSEK'. - - New England: Maine $23,427,489.97 $2,854,397.68 12.18% $27,790,443.43 $3,589,653.82 12.91% • $32,830,398.10 $4,012,283.46 12.22% $39,268,268.13 $4,404,850.38 11.21% $42,163,283.90 $4,563,690.19 10.S2% ^t"' '" New Hampshire 14,038,361.39 1,676,770.89 11.94% 16,905,985.61 2,004,073.61 11.85% 19.996,891.30 2.130.470.21 10.65% 23,454,098.11 2,274,741.98 9.70% 24.518.138.58 2,337.052.95 9.51% »^- Vermont 15,340,712.91 2,100,877.99 13.69% 17,495,179.16 2,429,331.94 13.88% 18.772.781.06 2.534.370.66 13.50% 20,859,154.52 2,557,243.84 12.25% 22,136,499.97 2.692.746.99 12.16% ttji^*^'" Massachusetts 167,059,196.80 25,515,944.15 15.27% 196,124,483.90 31,338,715.60 15.99% 233,140.312.94 33,360,787.91 14.30% ; 301,168,711.00 35,035.321.81 11.63% 324,490,290.80 39.207.497.07 1 2.08% MUWIJ'^ Rhode Island 22,208,692.76 2,721,534.43 12.25% 25,774,807.25 3,684.797.32 14.29% 31.919.367.48 3,991.964.42 12.50% 43,232.222.05 4,325,081.13 10.00% 47,210.687.39 4,800.181.59 10.17% *».952L* Connecticut 48,693,870.00 $290,768,323.83 6,389,611.29 $41,259,136.43 13.12% 14.19% 58,264,768.07 $342,355,667.42 8,587,571.65 $51,634,143.94 14.74% 15.08% 74.440.858.61 $411,100,609.49 8,960,304.09 $54,990,180.75 12.03% j 13.37% 1 92.953.961.92 $520,936,415.73 9,066,993.06 $57,664,232.20 9.75% 11.07% 102,498,682.13 10,879.489.52 10.61% 1.)7.5 34,630,779.00 7.585.389.93 21.90% 38.639,472.14 9.023.314.70 23.>5«?. »jmiL4f> Tennessee 40,727,887.78 8,434,623.55 20.71% 50,258,315.71 12,164,500.96 24.19% 58,673.173.67 14.074,355.99 23.98% 1 67,728.167.17 13,808,000.63 20.39% 77.682.226.35 16,098.106.05 20.72% 79sms Kentucky 50,307,917.33 8,787,841.72 17.46% 58.061,625.45 11,110.307.35 19.1.3% 64.293,936.71 12.094.615.38 .8.81% ' 74,884,546.74 11.398.150.57 15.22% 82,676.199.55 12.925.384 50 15.63% t5,^»S,th Louisiana 41,552,998.00 $192,595,317.48 7,836,180.42 $36,813,875.32 18.85% 19.11% 45,992.927.00 $220,382,775.16 11.387.315.31 $52,882,622.02 24.75% 23,99% 51,321.167.37 11.311,470.89 $57,802,644.85 22.04% - _„ 56,574,990.00 $281,598,932.71 10,799,603.27 $55,641,232.69 19.09% 63,650,485.96 12.090.300.23 lS.o<»% tm.€n.r^ Group V, Total $245,865,705.84 23.51% 19.76% $316,873,057.98 $63,908,857.39 20-17% SJliwM Southwestern: Missouri $97,092,9^3.04 $13,940,823.60 14.35% $120,091,254.98 $20,162,581.03 16.78% $138,693,064.23 • $21,813,865.82 1 15.73% j $171,808,814.46 $22,401,447.27 13.04% $193,825,677.67 $26,016.559 00 13.43^. ti9sjaj^- Arkansas 20,180,887.80 3.955.609.19 19.60% 24,388.472.00 6.354.002.83 26.05% 27.317.011.70 6,854,978.87 25.,09% 1 37.99% 31,654,821.00 6,634.869.67 20.96% 38.068.804.51 7.887.8^1.83 20.72% Ji^MBJ? Texas 48,639,144.40 12,423,082.87 25.54% 54.807.042.38 18.278,556.19 33.35% 56.657,749.29 21,521,755.33 57,899,228.59 17.766,611.73 30.69% 69.711,073.17 20.260.297.15 20.fl«% CJLJKJ* Kansas 26,710,453.55 4,484,297.37 16.78% 31.932.609.02 5,779,283.53 18.08% 37,417,336.00 6,416,801.39 17.15% 46,087,729.09 6,066,894.59 13.16% 52.062.523.03 7.157.169.28 1.^.75% 9L3ttLST' Colorado 28,831,583.29 6,144,681.18 21.31% 32,762.666.00 7,852,659.72 23.96% 37,602.839.68 8,326,742.82 22.14% 43.498,954.00 8,188,456.07 18.82% 48.401. .594.02 9.501. .364.82 10.63% 4IlML4H|> New Mexico 4,845,186.00 995,619.76 20.54% 5,594,933.00 1,413,985.51 25.27% 6.555,022.29 1.842.851.15 28.11% 7,039,143.00 1,665.951.87 23.67% 7,881.855.50 1.995.161.18 25.31% •jtasss^ • Oklahoma 16,068,805.72 $242,369,013.80 3,455,781.69 $45,399,895.66 21.50% 18.73% 22.084,218.36 $291,661,195.74 5,310,370.58 $65,151,439.39 24.04% 29,500,518.89 $333,743,542.08 6.285.764.17 $73,062,759.55 21.31% 21.89% 37,901,910.82 $395,890,600.96 6,315,284.36 $69,039,515.56 16.66% 17.44% 47,861.051.66 7.244.536.57 15.14% 17.49% 47J*C«? Group VI, Total 22.34% $457,812,579.56 $80,071,919.83 s Northwestern: Iowa $49,253,898.95 $6,564,476.19 13.32% $61,893,344.21 $8,589,180.69 13.87% $76,050,539.07 $9,411,283.96 12.38% $91,612,544.12 $9,493,678.29 10.36% $99,648,925.44 $11,553,105.37 11 59% fl— .Mi.l«» Territories: Alaska $1,107,017.00 $143,359.40 12.95% $1,265,248.00 $31,430.67 2.48% $1,571,529.85 $204,081.69 12.99% $1,478,740.00 $243,853.35 16.49% $1,407,116.64 $230,139.25 1564% $ -V i^ Hawaii, Philippines and Porto Rico '4,696,858.00 $5,803,875.00 644,642.09 $788,001.49 13.72% 13.57% 5,481.575.00 $6,746,823.00 334.610.23 $366,040.90 6.10% 5.43% 6.418.199.36 $7,989,729.21 1,152.901.89 $1,356,983.58 17.96% 16.98% 6.639.525.00 $8,118,265.00 1,040,061.41 $1,283,914.76 15.66% 15.81% 7.305.258.39 $8,712,375.03 1,003.908.69 13-74% 14.05% « " Group IX, Total $1,224,047.94 Total United States 1 AND TeKKITORISS $2,853,922,642.34 $456,217,360.06 15.96% $3,407,605,405.53 $611,666,917.39 17.95% $4,090,694,576.18 $669,206,074.94 16.36% $4,972,895,634.29 $674,710,662.49 13.57% $5,548,497,400.46 $768,001,884.38 13.84% s- The admitted assets of the companies included in the above table, computed from original statistics contributed by the companies to the Association of Life Insurance Presidents, represent the following percentages of the total admitted assets of all American life For 1911 — 93.19% of all admitted assets. •' 1914—92.78% •* •• 1917—89.92% •' •• 1919—90.69% •* " 1920—93.34% " " 1921—88.87% " ANS AND Iremium NOTES RATIO OF LOANS AND NOTES TO RESERVES k2,8S4,397.68 1,676,770.89 [2,100,877.99 15,515,944.15 (2,721,534.43 6.389.611.29 17,464.555.81 14,018,679.50 18,946,258.85 890,563.65 5,583,725.07 5,157,711.70 ,513,759.08 .022,288.14 '.712,118.39 1.977,225.40 \969,377.67 5,768,228.44 5,498,309.05 K934,570.04 f,328,061.24 1,567,651.46 J.457,385.90 i,749,528.43 5.005,701.20 $,434,623.55 5,787.841.72 r,836,180.42 ,940,823.60 5,955,609.19 f,423, 082.87 5.484,297.37 ^,144,681. 18 995.619.76 5.455.781.69 ,564,476.19 ,146,325.24 1.341,708.43 5,402,762.10 1,726,925.44 699,080.36 5,210,580.76 5,083,702.36 f,210,221.43 5,356,913.87 497,304.19 1,110,907.57 1,032,956.02 1,762,117.81 |$143,359.40 644,642.09 12.18% 11.94% 13.69% 15.27% 12.25% 13.12% 1.259,136.43 14.19% 16.73% 12.27% 15.35% 12.54% 13.43% 13.94% 11,061,494.58 15.57% 12.87% 14.42% 12.64% 13.99% 13.16% M94.768.68 13.49% 16.32% 12.45% 18.75% 18.52% 22.87% 20.26% 5.554,206.13 18.76% 19.95% 19.12% 20.71% 17.46% 18.85% 5,813,875.32 19.11% 14.35% 19.60% 25.54% 16.78% 21.31% 20.54% 21.50% ;.399.895.66 18.73% 13.32% 16.92% 15.63% 21.37% 16.57% 19.20% 17.14% 5,091,858.52 16.02% 22.70% 19.78% 19.79% 14.30% 20.14% 19.20% 18.79% 2,054,123.25 20.09% ).429,358.57 15.99% 12.95% 13.72% ^788,001.49 13.57% ,217,360.06 15.96% TOTAL RESERVES POLICY LOANS AND PREMIUM NOTES RATIO OF LOANS AND NOTES TO RESERVES $27,790,443.43 16,905,985.61 17,495,179.16 196,124,483.90 25.774,807.25 58.264,768.07 $342,355,667.42 $3,589,653.82 2,004,073.61 2,429.331.94 31.338,715.60 3,684,797.32 8,587,571.65 $614,580,716.47 140,241.326.93 365,057,097.08 8,236,469.43 58,141,690.20 26,293,548.49 $197,266,518.72 87,708,877.46 71,988,877.28 274,551,855.70 73,545,247.18 $26,497,196.36 13,318,806.55 9,960,691.84 44,490,897.01 10,283,502.60 $51,224,960.26 26,179,744.35 35.050.557.16 27,197,263.11 61,241,918.00 19,832.218.00 $220,726,660.88 $9,406,909.73 3,484,049.18 7,830,836.04 7,813,085.14 18.287,988,90 5,515,433.06 $37,740,171.00 28,329,736.00 50,258,315.71 58,061,625.45 45.992.927.00 $220,382,775.16 $10,690,040.65 7,530,457.75 12.164,500.96 11.110,307.35 11.387,315.31 $120,091,254.98 24,388,472.00 54,807,042.38 31.932.609.02 32,762,666.00 5,594,933.00 22,084,218.36 $291,661,195.74 $20,162,581.03 6,354,002.83 18,278,556.19 5,779,283.53 7,852,659.72 1.413,985.51 5,310.370.58 $61,893,344.21 69.941,315.41 26,454,819.43 13.114,635.63 12,934.727.73 4.061,824.00 15,190,903.53 $203,591,569.94 $8,589,180.69 10.782.169.72 4,616,190.86 2,815.421.60 2,329.879.26 1,023,649.86 3,255,787.58 $35,690,675.37 20,834.782.75 117,629,714.45 3,953,861.60 6.873.264.12 7,251,731.00 12,294,459.16 $204,528,488.45 $8,554,382.22 5,024,595.78 27,760,172.83 804,557.12 1,724,418.33 1.516.332.60 2,585,237.67 $1,265,248.00 5.481.575.00 $6,746,823.00 12.91% 11.85% 13.88% 15.99% 14.29% 14.74% $51,634,143.94 15.08% $109,863,839.47 17.87% 19,310,836.70 13.76% 60,040,810.41 16.44% 1,176,268.96 14.28% 8,542,127.75 14.69% 4,427,445.32 16.83% $1,212,550,848.60 $203,361,328.61 16.77% 13.43% 15.18% 13.83% 16.20% 13.98% $705,061,376.34 $104,551,094.36 14.83% 18.36% 13.31% 22.34% 28.72% 29.86% 27.81% $52,338,302.05 23.71% 28.32% 26.58% 24.19% 19.13% 24.75% $52,882,622.02 23.99% 16.78% 26.05% 33.35% 18.08% 23.96% 25.27% 24.04% $65,151,439.39 22.34% 13.87% 15.41% 17.44% 21.46% 18.01% 25.20% 21.43% $33,412,279.57 16.41% 23.96% 24.11% 23.59% 20.34% 25.09% 20.90% 21.02% $47,969,696.55 23.45% $3,400,858,582.53 $611,300,906.49 17.97% $31,430.67 2.48% 334,610.23 6.10% $366,040.90 5.43% $3.407,605.405.53 $611,666.917.39 17.95% TOTAL RESERVES POLICY RATIO OP I LOANS AND LOANS ANT>1 PREMIUM NOTES TC NOTES RESERVES $32,830,398.10 19.996.891.30 18.772.781.06 233,140.312.94 31.919.367.48 74,440.858.61 $411,100,609.49 $4,012,283.46 2.130,470.21 2,534,370.66 33,360.787.91 3,991.964.42 8,960,304.09 $761,527,473.48 178,744,572.98 432,771.903.72 10,585,669.23 72,208,155.86 30,511,677.51 $247,033,821.42 107,686,121.50 87,006.278.58 325,539,661.59 87,596,319.16 $28,801,086.82 14,641,732.39 11,816,137 64 48,102,364.60 10,756.956.79 $59,141,128.83 32,660,333 08 41,046.358.24 33,155,002.24 64,398,401.26 21,817,646.37 $252,218,870.02 $10,630,242.12 4.187,562.82 9,063,406.45 8.694,443.24 19.916.464.71 6,199,182.82 $41,687,086.70 29,890,341.39 58,673,173.67 64.293,936.71 51.321.167.37 $245,865,705.84 $12,399,981.75 7.922,220.84 14,074,355.99 12,094.615.38 11.311.470.89 $138,693,064.23 27,317,011.70 56,657.749.29 37,417,336.00 37,602,839.68 6.555,022.29 29.500,518.89 $333,743,542.08 $21,813,865.82 6.854,978.87 21.521.755.33 6,416,801.39 8.326,742.82 1.842.851.15 6,285.764.17 $76,050 83.280 33,691 15.118 16.322 4.747 19,373 ,539.07 ,160,22 .178.58 ,190.07 694.54 ,382.98 ,842.90 $9,411,283.96 12,699.467.17 4,793,603.46 3,194,061.51 2,713.397.82 888,111.25 3,591,671.93 $248,583,988.36 $43,577,246.97 24,413.118.32 143,790,919.87 4,484,567.54 9,017,234.43 9.441,247.53 15,256.141.49 $249,980,476.15 $10,082,792.93 5.646,805,34 30,757.076.96 677,659.00 1,718,747.71 1,781,405.12 3,043,462.69 $1,571,529.85 6,418,199.36 $7,989,729.21 12.22% 10.65% 13.50% 14.30% 12.50% 12.03% $854,862,202.25 $114,118,278.24 13.35% 17.97% 12.82% 22.08% 26.22% 30.9?% 28.41% $58,691,302.16 23.26% 29.74% 26.53% 23.98% .8.81% 22.04% $57,802,644.85 23.51% 15.73% 25. .09% 37.99% 17.15% 22.14% 28.11% 21.31% $73,062,759.55 21.89% 12.38% 15.25% 14.23% 21.13% 16.62% 18.71% 18.54% $37,291,597.10 15.00% 23.14% 23.13% 21.39% 15.11% 19.06% 18.87% 19.95% $53,707,949.75 21.48% $4,082,704,846.97 $667,849,091.36 16.36% $204,081.69 . 12.99% 1,152,901.89 17.96% $1,356,983.58 16.98% $4.090,694.576.18 $669.206.074.94 16.36% $54,990,180.75 13.37% $117,794,966.34 15.46% 22,322.727.34 12.48% 61,708,381.04 14.25% 1,595,525.67 15.07% 9,692,642.57 13.42% 5,070,136.00 16.61% $1,486,349,452.78 $218,184,378.96 14.67% 11.65% 13.59% 13.58% 14.77% 12.28% M TOTAL RESERVES POLICY RATIO OF LOANS AND LOANS AND PREMIUM NOTES TO NOTES RESERVES $39,268,268.13 23,454,098.11 20,859,154.52 301,168,711.00 43,232,222.05 92,953,961.92 $520,936,415.73 $4,404,850.38 2,274,741.98 2.557,243.84 35,035.321.81 4.325.081.13 9,066,993.06 $941,468,700.96 218,014,237.60 504.206,865.37 13,952,763.18 85,897,930.54 35,334.427.08 $120,406,555.22 23,390,361.40 61,640,364.23 1,909,070.06 9,613,122.92 5.393.094.11 $312,799,152.31 133.307,502.94 108,482,372.39 398,813,356.69 99,713,255.37 $31,348,922.90 15,303,619.85 11,679.507.14 50,612,147.74 10,128,229.79 $69,903,717.74 41,400.736.95 55,132.000.75 40,416.405.62 83,844,480.88 23,746.781.00 $314,444,122.94 $10,677,653.65 4.610.461.68 10,204,747.29 8.435.661.11 19,600.730.67 6.032,611.87 $47,780,449.80 34.630,779.00 67,728,167.17 74,884.546.74 56,574,990.00 $281,598,932.71 $12,050,088.29 7,585,389.93 13,808.000.63 11,398,150.57 10,799,603.27 $171,808,814.46 31,654,821.00 57.899,228.59 46.087,729.09 43,498,954.00 7,039,143.00 37,901,910.82 $22,401,447.27 6,634,869.67 17,766.611.73 6,066,894.59 8.188,456.07 1,665,951.87 6,315.284.36 $91,612,544.12 101,077,989.88 42,237.077.56 16,322,174.24 20,781.988.59 5.777.310.66 21,045,746.56 $298,854,831.61 $9,493,678.29 12,941,981.81 4,758,402.17 3,047,211.80 2,593.071.28 960.470.99 3,720,424.05 $54,780,213.15 29.434,455.73 171,184.889.95 4,188,573.11 11.890.966.86 11.127.461.00 18,455,341.11 $301,061,900.91 $9,896,611.12 5,177,167.52 30.418,322.99 683.146.76 1.630.030.03 1.628,933.48 3,195.453.36 $1,478,740.00 6,639,525.00 $8,118,265.00 $243,853.35 1,040,061.41 11.21% 9.70% 12.25% 11.63% 10.00% 9.75% $57,664,232.20 11.07% 12.79% 10.73% 12.22% 13.68% 11.19% 15.26% $1,798,874,924.73 $222,352,567.94 12.33% 10.02% 11.48% 10.77% 12.69% 10.16% $1,053,115,639.70 $119,072,427.42 11.31% 15.27% 11.13% 18.51% 20.87% 23.37% 25.40% $59,561,866.27 18.94% 25.22% 21.90% 20.39% 15.22% 19.09% $55,641,232.69 19.76% 13.04% 20.96% 30.69% 13.16% 18.82% 23.67% 16.66% $395,890,600.96 $69,039,515.56 17.44% 10.36% 12.80% 1 1 .27% 18.67% 12.47% 16.62% 17.68% $37,515,240.39 12.55% 18.06% 17.59% 17.78% 15.12% 13.70% 14.64% 17.31% $52,579,665.26 17.46% $4,964,777,369.29 $673,426,747.73 13.56% 16.49% 15.66% $1,283,914.76 15.81% $4,972,895,634.29 $674.710,662.49 13.57% TOTAL RESERVES POLICY RATIO OF LOANS AND LOANS AND PREMIUM NOTES TO NOTES RESERVES $42,163,283.90 24,518,138.58 22,136,499.97 324,490,290.80 47,210,687.39 102.498.682.13 $563,017,582.77 $4,563,690.19 2,337,052.95 2.692,746.99 39,207,497.07 4,800.181.59 10,879.489.52 $1,042,617,869.29 240,945.080.79 554,346,783.93 15,264,301.36 93,140,744.27 38.181,093.32 $136,010,897.11 25.524.132.24 67.836.070.41 1.835.406.11 10.937,818.42 6,042.167.60 $349,902,450.40 154.032.611.55 127.298,565.15 437,333,374.79 111,249,260.95 $36,198,202.66 17,357,826.68 14,249,607.18 56.049.812.39 11,107,332.61 $76,948,416.62 47,443,051.96 64,128,128.73 48,411,422.69 95.3-54,407.05 27,228.651.01 $359,514,078.06 $12,772,180.57 5.156,580.13 12,154,968.71 10,406.853.24 23,068,760.59 6,563.291.86 $54,224,673.98 38.639.472.14 77.682.226.35 82,676,199.55 63,650,485.96 $316,873,057.98 $13,771,751.01 9,023,314.70 16,098.106.95 12,925,384.50 12,090,300.23 $193,825,677.67 38,068.804.51 69.711,073.17 52.062.523.03 48.401.594.02 7,881,855.50 47,861.051.66 $457,812,579.56 $26,016,559.00 7,887.831.83 20.269.297.15 7,157,169.28 9,501,364.82 1.995.161.18 7,244,536.57 $99,648,925.44 115,211,140.64 47,561.782.10 20,882,094.31 23,317.761.81 6,297,903.22 22,405,405.39 $335,325,012.91 $11,553 15.823 6,097 4,097 3.459 1.082 4.390 .105.37 ,587.43 .625.41 ,309.72 507.38 ,864.71 ,332.41 $62,031.5:8.67 33,047,791.72 198,226.933.94 4,267.879.67 13,322.174.11 12.280,061.50 19,754,218.74 $342,930,578.35 $10,959,001.34 5.747,711.81 33,948.904.20 635.636.76 1.850,652.17 1.856.320.72 3,541,932.97 $1,407,116.64 7,305,258.39 $8,712,375.03 $220,139.25 1,003,908.69 10.82% 9.53% 12.16% 12.08% 10.17% 10.61% $64,480,658.31 11.45% 13.05% 10.59% 12.24% 12.02% 11.74% 15.82% $1,984,495,872.96 $248,186,491.89 12.51% 10.35% 11.27% 11.18% 12.82% 9.98% $1,179,816,262.84 $134,962,781.52 11.44% 16.60% 10.87% 18.95% 21.50% 24.19% 24.10% $70,122,635.10 19.50% 25.40% 23.35% 20.72% 15.6.3% 18.99% $63,908,857.39 20.17% 13.42% 20.72% 29.08% 13.75% 19.63% 25.31% 15.14% $80,071,919.83 17.49% 11.59% 13.7.3% 12.82% 19.62% 14.84% 17.19% 19.59% $46,504,332.43 13.87% 17.67% 17.39% 17.13% 14.89% 13.89% 15.12% 17.93% $58,540,159.97 17.07% $5,539,785,025.43 $766,777,835.44 13.84% 15.64% 13.74% $1,224,047.94 14.05% ipanies included in the above table, computed from original statistics contributed by the companies $5,548,497,400.46 $768,001.884.38 13.84% TOTAL RESERVES POLICY LOANS AND PREMIUM NOTES RATIO OF LOANS AND NOTES TO RESERVES $40,439,036.58 25,249,791.09 22,696,984.00 341,071,775.53 49.952.695.05 107,543,568.25 $586,953,850.50 $4,276,230.67 2,609,578.61 2.815,655.63 43,136,348.13 5.240,021.21 11,954,713.88 10.57% 10-33% 12.40% 12.65% 10.49% 11.12% $70,032,548.13 11.93% Gmktf I. $1,096,763,016.94 256,048.886.35 573.700.392.59 16.309.286.44 96.857,389.60 39,263,318.28 $149,287,402.57 28.211.365.92 70,949.904.45 2,032,773.58 12,165,157.62 6,092.729.60 13.61% 11.02% 12.37% 12.46% 12.56% 15.52% $2,078,942,290.20 $268,739,333.74 12.93% II, Tw«i. $364,016,982.62 157,416,613.33 129,493,768.29 447,737,577.94 116,397.418.02 $40,783,799.27 19,478,653.14 14,955,787.81 60,731,015.42 12,015,563.25 11.20% 12.37% 11.55% 13.56% 10.32% Central NortWrm: Ohio $1,215,062,360.20 $147,964,818.89 12.18% in. T< $68,805,521.26 49,366.772.41 55.108.251.94 40,542.357.50 92,647.244.66 27,933,227.90 $334,403,375.67 $12,743,654.14 5,358.801.54 12,354,146.18 11.055,815.95 26,205,959.38 6,826.587.32 18.52% 10.86% 22.42^ 27.27% 28.29% 24.44% So«th J Virgvua West V Nortk Sooth C Georgia norida $74,544,964.51 22-29% Gwrr lY. T $54,424,714.49 38.783.482.53 78.529.638.24 83,645,695.99 60,677,765.40 $316,061,296.65 $14,742,241.95 9,802,354.82 17,938,431.53 13,791.474.08 13.077,499.97 27.09% 25.27^r 22.84% 16.49% 21.55% Gulf and $69,352,002.35 21.94% $195,325,767.69 36,460,727.06 63,206.593.88 51,516.577.15 48.742,402.34 9,055,954.81 47,294,955.98 $451,602,978.91 $28,098,875.55 8,288,353.80 20,556,230..'?4 7,470,297-58 10.386,342.91 2,132.995.75 7,785,167.49 14.39% 22.73% 32.52% 14.50% 21.31% 23.55% 16.46% South western : Missotiri Arkansas Texas Kansas Colorado New OIUhuMa $84,718,263.42 18.76% Gaory VT. Totai. $100,408,949.30 112.143,266.27 46,113,170.00 18,356.230.53 22.017.689.67 6,367.523.68 22,194,296.69 $327,601,126.14 $14,321,442.15 17.095,734.04 7,135,029.07 4,228,388.74 4,016.526.29 1,189,908.12 4,606.172.02 14.26% 15.24% 15-47% 23.05% 18.24% 18.69% 20.75% $52,593,200.43 16.05% North west era: Iowa MinneaoCa Nebraska North Dakota Sooth Wj Montaaa Gaorr VII. Torat. $63,793,319.75 33,768.414.12 204,494,160.34 4,485.471.44 14,174,069.42 12,655,376.83 21,027,228.73 $354,398,040.63 $12,044,341.29 6.195,292.68 36.331.448 84 706,268.17 2,386.682.35 2,138.879.86 3,920,982.46 18.88% 18.35% 17.77% 15.75% 16.84% 16.90% 18.64% $63,723,895.65 17.98% Pacific: WashiacCaa Oreiroe California Nerada Idaho Arizooa Utah Gaorr- Vin. $5,665,025,318.90 $831,669,027.12 14.68% Total Usrrra Sta $1,523,548.91 6,709,207.82 $8,232,756.73 $203,175.86 817.205.72 13.36% 12.18% Territoriea; Alaska Hawaii. InUCtO $1,020,381.58 12.39% $5,673,258.075.63 $832,689,408.70 14.68% Gmour TX. T^ai, Tot At U«iT«» Ava Taaa to the Association of Life Insurance Presidents, represent the following percentages of the total admitted assets of all American life insurance companies as shown by the Year Book: For 1911—93.19% of all admitted assets. " 1914—92.78% •• " - 1917—89.92% " •• *• 1919—90.69% " " " 1920—93.34% " " " 1921—88.87% •• •• II 1* f< M «( M «( «« l< • 1 Chart Hoi jm "1 1 1 1 Wi^.i 1 1 1 . I^ia Af PaIUm Louis And Prmmlum Hales to A!u*rves 18 - riVi(ir«A inm the Insurnncfi Sear BoaK Fi9aie3 itom stotistfcs gathered t>ie Ks&titLxatian of L\f^ Insurance. Residents . / \ 17 '6 bu w 1/ r ^ L. ,4^ ^ T' \ 13 14 1 ^ ?^ n / IT 1^ . s 1? 1 j / J 1 1 / q k / 7 a J / 7 y / 1 ■ J / ^ / / A r^ y / r~ f - ^ J X / r A Si ! ; J u i \ U _l u n ii u u j 1 U ! 1 1 : [ j ! i 1 T \ 1 [ 1 t i U — «> c « u 1 1 i i U U U i i u u - 1 f s U > < J ! 5 > a LJ j^ 1 s 37 ■Jtl um ZO 19 18 17 \b 15 /4 13 \2 II \0 Chart No.3. A WW 20 / \ • ^^ •• ••• •• ._ \ ••-'^•^^**«.. ~ ^w Hompshir^ — — Wew Jersei/ Ohio Wstst VtrqiniA — — KenfucKi/ f^iiseuri Iowa — — tieitSa loiol United SwtM fUtlo of ^licif LfiMS an4 Premium Hotes to /?e5*rvo t^ Seors Campari ton bi4 States ^ith Uomst Rttio in each Section M 17 \i 15 (4 '»cv Loans and Premium Notes to Re^rve. $eptemt>er 50. \9Z\ December H. \9\9 Percentajres of oooulation apply to unbroken line indicating ratio of total Ru^a^ *o^*°*fJ United s£tTpopul?t?on and to'^Ubroken curve indicating by sections in the United States SrS r? t*o%rlrXr?urVV¥ndY:rnt ?irs Ti ?o1fcT^oans knd premium notes to reserves by sections in the United States on these two dates. 45 / ^ A DECADE OF LIFE INSURANCE INVESTMENTS By Asa S. Wing President, Provident Life & Trust Co., Philadelphia, Pa. T^SJ^J,l\\^^ ^^^^'^ HUNDRED AND THIRTY- TWO MILLION SEVEN HUNDRED AND TWENTY- FOUR THOUSAND FIVE HUNDRED AND SIXTY DOL- LARS AND SIX CENTS ! Does the mention of these figures m words convey any idea to the mind of anyone? If I say that this was the amount of admitted assets held at the close of 1920 m trust for their policyholders by forty-seven (47) American Life Insurance Companies, does that clarify the meaning of the Twn"f/T?™^^°'^ ^'^"■r HUNDRED AND THIRTY- TWO MILLION SEVEN HUNDRED AND TWENTY FOUR THOUSAND FIVE HUNDRED AND SIXTY DOL LARS AND SIX CENTS? Prii,? M^°'I'^.' '"k ^\" "^' °^ Gladstone, referring to the great ..Tr % "n u*""^^'* '^^"'^^'' ^^^^ ^« "•"^de thousands eager to follow the public balance-sheet, and the whole nation became h,s audience, interested in him and his themes"-and tl P°"', A "■"T*^"' ^^° ^^^ ''^*^"^'l t° ^" the financiers from Peel downwards, said that Peel's statements were ingenious and able but dry; Disraeli was clever but out of his element; Wood was hke a cart without springs on a heavy road; Glad- stone was the only man who could lead his hearers over the arid wirutlX""' '''" '^'"■■'"' '"' "^^'^ ^"' ^"^^^""^ What would I gladly give today for a tithe of Gladstone's abihty m my eflfort to present the financial facts placed at my disposal in such a way as to make them mean much more than a great mass of figures. Life^^In'^nrl"' T '""^''' '"^ seventy-two (272) American Life Insurance Companies reported as doing business at the end of 1920 holdmg admitted assets amounting to $7,319,997,019. 46 U These forty-seven (47) companies therefore represent 93.34 per cent, of the total assets of all the American Life Insurance Companies. If inquiry be raised as to why this address deals with 93.34 per cent, of the assets, instead of the total, the answer is that the standard compilations of life insurance assets do not disclose their geographical distribution. Therefore, the com- panies were requested, for this occasion, to supply their invest- ment figures subdivided by states and, as indicated by the per- centage, those representing a large proportion of the business were able to do this. I here record my thanks to them for this painstaking service for the institution as a whole. I present with this paper Table I showing in detail the pro- portionate amounts of these assets invested in Real Estate Mort- gage Loans; Railroad Bonds and Stocks; Other Bonds and Stocks; United States Loans; State, County and Municipal Loans in the United States ; Government Bonds in Other Coun- tries; Premium Notes, Loans or Advances to Policyholders; and Other Assets. (Tables follow page 61.) For th€ purposes of comparison, and in order to show the increases in the totals during the nine years since 191 1, and the changes as to kinds of investments, these particulars are given in the tables for the end of 191 1, 1914, 19^7 and 1919, as well as for December 31, 1920. I present also Table II showing the sectional distribution of these assets, with ratio of assets invested in each section to the reserves or liability on the outstanding insurance on Hves of policyholders resident in that section. This table also gives the facts as shown at the end of the years 191 1, 1914, I9i7» 19^9 and 1920, and enables us to trace the tendency of change in the dis- tribution of life insurance assets in this country, both as to the character of the investments made and as to the sections where the funds are invested. I appreciate how lacking in interest numbers are in any ad- dress, and will, therefore, in asking your consideration of some of the significant facts evidenced by these tables, try to limit my mention of amounts to billions and millions, rather than burden you with the exact sums carried out to the last cent. Anyone who wants a more exact statement may readily find it in the tables. First, let me call your attention to the marvelous increase in the funds invested for life insurance since 191 1. At the end of 47 /•* that year the amount was three billions eight hundred and eighty- one millions. Nine years later it is six billions eight hundred and thirty-two millions. That is, during the one hundred and fifty-two years since the first company was organized for insur- mg lives in this country, all the American companies accumulated assets amounted to a little over four billion dollars up to the close of 191 1. In the nine years since then, there has been added three billion dollars to that sum. This great increase in the life insurance investments during the nine years has been distributed as to class of security as follows : Increased Investments /-I f o Per Cent. Class of Security Amount of Total Mortgage loans . . $978,300,000 33.15 U. S. Government bonds 771,900,000 26 15 Policy loans 314,500,000 10.66 btate, county and municipal bonds (including government bonds of foreign governments) 302,400,000 10.24 Inter-state railroad bonds and stocks 309,000,000 10.47 Intra-state bonds and stocks ioo,90o!ooo 3 42 Collateral loans 18,300,000 .62 ^^.^^ ' : 20,800,000 .70 Miscellaneous investments (includ- ing non-ledger assets) 150,800,000 5.1 1 Total increases 2,966,900,000 100.52 Reduced Investments Real estate 15,200,000 .51 Other stocks and bonds 300 000 01 Total reductions i5,5oo,'ooo ^52 Net increase in investments during ^''^^y^^^s 2,951,400,000 100.00 I will refer later to the greatness of the whole accumulated fund. But now may I point out some of the matters of interest most apparent in the tables presented herewith. In this connection I have prepared Charts A and B. (For charts see pp. 57-60.) In Chart A the vertical distance from the straight base line 48 i% to the irregular ascending line at the top represents by scale the comparative total of admitted assets held by the tabulated com- panies for the years 191 1, 1914, ^9^7 ^ I9i9» and 1920 as shown by figures in the tables, and for the intervening years by the connecting lines. The lines running across the chart separate the different kinds of investments. In Chart B the same separation is shown in per- centages of the whole, instead of by proportionate parts of a whole for each year. The first space between the upper line and the line next below it, represents the amounts invested in real estate varying during the years from one hundred and fifty-two millions in 191 1 to one hundred and thirty-six millions in 1920, but turning to Chart B we note that the percentage to total assets decreases from nearly 4% to 2%. The demand for real estate during the period under observa- tion has made unnecessary acquisitions by foreclosure which under other conditions would have been made, and the same cause has enabled life insurance companies to sell advantage- ously properties previously acquired by foreclosure of mortgages. This largely accounts for reducing the percentage of real estate held to one-half what it was nine years before. There is a warn- ing significance too in the fact that between 191 1 and 1919 there was a reduction in real estate held of $22,459,000, but during 1920 the companies increased their holdings $7,269,000, or about one-third the amount they disposed of during the previous eight years. On the Chart A the second space shows the amount of mort- gage loans — one billion two hundred and twenty-eight millions at the end of 191 1, increasing rapidly until at the end of 1920 the amount is two billions two hundred and six millions, an increase in the nine years of nine hundred and seventy-eight millions, being one-third of the companies* current investment funds for the period. No other class of investments made from life insurance funds is so great as mortgage loans, and no class has been so largely added to during these years. These loans are about equally divided between farm mortgages and mortgages upon other real estate. At the end of 1920 the farm mortgages amounted to one billion eighty-six millions, and other mortgages to one billion one hundred and twenty millions. Chart B shows how evenly the percentage of mortgage loans 49 that year the amount was three billions eight hundred and eighty- one millions. Nine years later it is six billions eight hundred and thirty-two millions. That is, during the one hundred and hfty-two years since the first company was organized for insur- mg hves in this country, all the American companies accumulated assets amounted to a little over four billion dollars up to the close of 191 1. In the nine years since then, there has been added three billion dollars to that sum. This great increase in the life insurance investments during the nine years has been distributed as to class of security as follows : Increased Investments r-i re- • Per Cent. Class of Security Amount of Total Mortgage loans . . $978,300,000 33.15 U. S. Government bonds 771.900,000 26.1s ^"''•^y'"^"^ 314,500,000 10.66 btate, county and municipal bonds (including government bonds of foreign governments) 302,400,000 10.24 Inter-state railroad bonds and stocks 309,000,000 10 47 Intra-state bonds and stocks 100,900,000 3 42 Collateral loans 18,300,000 .62 ^f.'^ • : 20,800,000 .70 Miscellaneous investments (includ- ing non-ledger assets) 150,800,000 5 1 1 Total increases 2,966,900,000 100.52 Reduced Investments nlu^"'^'V"'y: ^5,200,000 .51 Other stocks and bonds 300,000 01 Total reductions 15,500,000 .2 Net increase in investments during "^^^y^^^^ 2,951,400,000 100.00 I will refer later to the greatness of the whole accumulated fund. But now may I point out some of the matters of interest most apparent in the tables presented herewith. In this connection I have prepared Charts A and B. (For charts see pp. 57-60.) In Chart A the vertical distance from the straight base line 48 f • to the irregular ascending line at the top represents by scale the comparative total of admitted assets held by the tabulated com- panies for the years 191 1, 1914, 1917, I9i9> and 1920 as shown by figures in the tables, and for the intervening years by the connecting lines. The lines running across the chart separate the diflFerent kinds of investments. In Chart B the same separation is shown in per- centages of the whole, instead of by proportionate parts of a whole for each year. The first space between the upper line and the line next below it, represents the amounts invested in real estate varying during the years from one hundred and fifty-two millions in 191 1 to one hundred and thirty-six millions in 1920, but turning to Chart B we note that the percentage to total assets decreases from nearly 4% to 2^0- The demand for real estate during the period under observa- tion has made unnecessary acquisitions by foreclosure which under other conditions would have been made, and the same cause has enabled life insurance companies to sell advantage- ously properties previously acquired by foreclosure of mortgages. This largely accounts for reducing the percentage of real estate held to one-half what it was nine years before. There is a warn- ing significance too in the fact that between 191 1 and 1919 there was a reduction in real estate held of $22459,000, but during 1920 the companies increased their holdings $7,269,000, or about one-third the amount they disposed of during the previous eight years. On the Chart A the second space shows the amount of mort- gage loans — one billion two hundred and twenty-eight millions at the end of 191 1, increasing rapidly until at the end of 1920 the amount is two billions two hundred and six millions, an increase in the nine years of nine hundred and seventy-eight millions, being one-third of the companies' current investment funds for the period. No other class of investments made from life insurance funds is so great as mortgage loans, and no class has been so largely added to during these years. These loans are about equally divided between farm mortgages and mortgages upon other real estate. At the end of 1920 the farm mortgages amounted to one billion eighty-six millions, and other mortgages to one billion one hundred and twenty millions. Chart B shows how evenly the percentage of mortgage loans 49 to total assets runs, 31.65% at the end of 191 1 and 32.29% at the end of 1920, with but slight variations between. This percentage has been maintained and the mortgage loans increased by an amount averaging more than one hundred mil- lion dollars each year, notwithstanding the diversion of nearly as much money to investment in United States bonds. The life insurance companies have contributed liberally to these two appealing demands for money during the war and since, 60% of the total net increase in investments for the entire period going to these two classes. If we turn now to investments in railroad bonds and stocks we note a striking change during the period observed. The amount so invested in 191 1 was one billion three hundred and eighty-three millions, which was increased by 1920 to one billion seven hundred and ninety-three millions, an increase of only 30%, whereas the increase in the mortgage loans was nearly 80%. The ratio of railroad securities to total assets at the beginning of the period was 3564%, which was reduced to 26.25% at the end, only 13.90% of all their current investments being in this class of securities during the period. Other bonds and stocks contribute a comparatively small percentage to the total assets, showing 5.22% in 191 1, which was reduced to 2.96% by 1920, and the actual amount so invested was something over two hundred and two millions at both dates, being slightly less at the later date. A revealing contrast is shown in the holdings of United States bonds during the nine-year period. At the end of 191 1, before these bonds were listed as a separate item, the com- panies held about $520,000 of them as compared with seven hun- dred and seventy-two millions at the end of 1920. The appear- ance of United States bonds as a separate life insurance invest- ment item occurs in the tables beginning with the year 1917, when the amount had increased to nearly sixty-three mil- lions— a little more than 1% of all the assets. Three years later, with the amount increased to seven hundred and seventy-two millions, the percentage is 11.30% of the total assets and 26% of all the companies' current investments during the nine-year period. Then follow state, county and municipal bonds of the United States and territories amounting to one hundred and fifty-five millions in 191 1, increasing each year unti. 1920, when the 50 amount is two hundred and eighty-nine millions, an increase of 86%, while in the same time the whole admitted assets in- creased 76%. The investments in Government, state, county and municipal bonds outside the limits of the United States increased from eighty-two millions in 191 1 to two hundred and fifty-seven mil- lions in 1919, and decreased to two hundred and fifty-one millions a year later.. However, they still show an increase of over 200% during the nine years, being the largest percentage of increase in any class of investments, except United States bonds. Premium notes and policy loans were reported as five hun- dred and five millions in 191 1 and eight hundred and twenty millions in 1920, an increase of 62%. The percentage to total assets has varied with changes in general business conditions, being reported as 13.03% for 191 1, 14.90% for 1914, 13.76% for 1917, 11.89% for 1919, and 12% at the end of 1920. The three remaining items of classification in the table are included as one in the charts. They include collateral loans amounting to less than one-half of one per cent, of the total assets, cash on hand and in banks never reported for the years under consideration so high as 2% of the total, and non-ledger assets comprising approximately 3% of the assets. In Table II is shown in detail for the years 191 1 and 1920 not only in distribution as to kind of all the investments to which I have called attention, but a separation showing this dis- tribution for different localities, and a comparison of the amount invested in each locality with the amount of reserves, or liability on the insurance in force on the lives of residents in each section. The table shows a distribution among eleven sections as fol- lows: Section No. i. — New England States — Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, Vermont. Section No. 2. — Middle Atlantic States — Delaware, District of Columbia, Maryland, New Jersey, New York, Pennsylvania. Section No. 3. — Central Northern States — Ohio, Michigan, Indiana, Illinois, Wisconsin. Section No. 4. — South Atlantic States — Virginia, West Vir- ginia, North Carolina, South Carolina, Georgia, Florida. 51 Section No. 5. — Gulf and Mississippi Valley States — Ala- bama, Mississippi, Tennessee, Kentucky, Louisiana. Section No. 6. — Southwestern States — Missouri, Arkansas, Texas, Kansas, Colorado, New Mexico, Oklahoma. Section No. 7. — Northwestern States — Iowa, Minnesota, Ne- braska, North Dakota, South Dakota, Wyoming, Montana. Section No. 8. — Pacific States — Washington, Oregon, Cali- fornia, Nevada, Idaho, Arizona, Utah. Section No. 9. — Territories and Possessions — Alaska, Hawaii, Philippines, Porto Rico. Section No. 10. — Canada. Section No. 11. — Other foreign countries. I have prepared Chart C, which illustrates the distribution of assets and reserves as shown by the table. In the chart I have treated Sections 9, 10 and 11 in one division. The space between the base line and first unbroken line above represents by scale the whole mass of investments at the end of 191 1, amounting to nearly four billion dollars, distributed among the sections as indicated by the distance from the base line to the first unbroken line above it, for each section as indicated on the chart by its number. The space between the lower and upper unbroken lines represents the assets added betwen 191 1 and 1920, amounting to about three billion dollars, and the space be- tween the base line and the upper unbroken line represents the nearly seven billion dollars of assets held at the end of 1920. In like manner the spaces between the base line and the broken lines represent the total reserves or liability on policies at the end of 191 1 for the lower broken line and at the end of 1920 for the upper broken line. It also shows the distribution of the reserves among the different localities, and the relative amounts of in- vestments to reserves in each locality. Where the lower continuous line comes to a point above the lower broken line it shows that in that particular locality the in- vestments exceeded the reserves in 191 1 by the amount indicated by the space between the two lines on the line ascending verti- cally from the base line at the number of the section under con- sideration. In like manner the relative position of the upper broken and continuous lines shows the relation of investments to reserves at the end of 1920. 52 /s Possibly this is shown still more clearly in Chart D, where the same relation is indicated by percentage of investments to reserves in each section, the unbroken line marking these per- centages for 191 1 and the broken line for 1920. From these lineb it is clear that in 191 1 the investments in each section exceeded reserves except in the New England States — Section No. 1 — where the percentage was only 55.92, and the three sections, Nos. 9, 10 and 11, outside the United States, as stated, where the percentage then was 59.17. In 1920 only Sections No. i, 2 and 3 were below the loofo line, having percentages 50.89, 86.40 and 95.68, respectively. Further study of the Table II and Chart D shows clearly that the percentages for Sections i, 2 and 3 have fallen during the nine years, while for Sections 4, 5, 6 and 7 they have increased, throwing the 1920 line above the 191 1 line. In the Pacific States, Section 8, the percentage has decreased, but it still leaves the investments in that locality 22.55% ^ore than the reserves. In Sections 9, 10 and 11, grouped as one in the chart, the percentage has increased from 59.18% to 112.61%. This is readily accounted for by the purchase, during the war and since, of bonds issued by governments outside the United States — chiefly those of our Canadian neighbor. From the table and chart it is evident that between 191 1 and 1920 there has been a tendency to shift the higher proportion of investments from the Eastern and Middle States and the Central Northern States, to the South and West, the investments in those five groups during the period increasing $1,608,367,584, while the reserves increased only $876,278,062. Naturally, in the development of a great country like our own, capital will flow from the longer settled and more wealthy parts of the country to those regions where money is most needed. It is quite pos- sible that the need now apparent in some of our Eastern sta'.is and cities for buildings of all sorts which would have been erected long ago, but for the abnormally high cost of labor and material, may turn back this tendency of capital from the South and West, so that an exhibit of the next decade of life insurance may show a decidedly different situation from that now before us in the figures presented. Already there are conspicuous evidences that much money is being invested by life insurance companies in the Middle and Central Northern States which would undoubtedly have gone 53 to other regions but for the special demand in these states for the purposes named. During 1920 the increase in mortgage loans on other than farm property was more than twenty times as great as the annual increase of such loans during 1918 and 1919, the increase in 1920 amounting to $129,135,810, compared with $12,669,688 during 1918 and 1919 combined, 45.8% of the amount going to the Middle Atlantic and 174% to the Central Noithern, in which sections the housing shortage was most acute. In order that this convention might have the latest data as to the trend of life insurance investments in mortgage loans, these same 47 companies have just made reports showing the total amount of their farm and city mortgages as of October 31, 1921. I find that $261,900,000 has been added in the ten months from December 31, 1920, to October 31, 1921, making a total of $2468,600,000 real estate mortgage loans on October 31st of this year. Of this total, $1,247,300,000 is on farm property and $1,221,300,000 on city property. Therefore, for the first time in many years, if not for the first time in the history of the country, the total amount of farm loans held by life insurance companies now exceeds the loans on city property, the proportion being 50-53% loaned on farms as against 4947% on city property. Of the increase of $261,900,000 in mortgage loans during the first ten months of this year, $161,300,000 is in farm mortgages and $100,600,000 in city mortgages. The increase in farm mort- gages is greater in amount than the increase in the city mort- gages during these ten months, as was the case in 1920, but there is still the same tendency that I pointed out above, namely, to increase the proportion of loans on city property as compared with farms. This trend of investments towards the city has been strongly manifested since 1919 and can be shown 'lost clearly by the proportion of new money going into each class of mort- gages during the last few years. Please note, during 1918 and 1919, that 91.03% of all the net increase in loans was on farm property and 8.97% on city property. In 1920, the proportion of money invested in farm loans dropped to 63.78%, while the city loans increased to 36.22%. During the first ten' months of 1921, the same tendency has continued and the proportion of farm loans has dropped to 61.59%, while that on city property has increased to 3841%. With justifiable pride, speaking at an insur- 54 ;»* ance gathering, I can point to the investment of life insurance funds where the greatest need of the nation has called. During the last six years it was vital for this nation, for itself and the part it was playing, that our agriculture should be stimulated to highest productivity. That the companies met this condition is shown in the percentage of agricultural loans. There is at the moment another imperative demand — that of construction catch- ing up with deferred building in our cities. The national ten- dency of insurance company investments to meet imperative, justifiable demands is made equally clear in the now perceptible trend toward city loans again. In thus placing before you some of the facts concerning life insurance funds, I have tried to show first how and where these funds are invested, and then to point out the striking changes in kind and in locality during the nine years from the end of 191 1 to the end of 1920, as well as the remarkable amount of increase in mortgages for the current year. I have also called your attention to the relation by amounts and percentages of the investments to the liability of the com- panies not only as pertains to the whole of the investments and reserves, but as jto this relation in different sections where the companies \nsure lives and invest money, showing that the total investments exceed the total reserves by more than seven hun- dred million dollars — that is, by about 12% — and also that except for three sections east of the Mississippi and north of the junction of the Ohio with that river, the investments in each particular locality exceed the liability of the life insurance com- panies to the inhabitants of that section. I have said that I would refer again to the greatness of the amount of assets held by American life insurance companies. Reports in the daily papers of the amounts owed by our Fed- eral Government, and still more by the debts of other govern- ments, have made us all more familiar with dollars stated in billions than we were a few years ago, but even yet I doubt if our minds really comprehend these great amounts. Six billion eight hundred and thirty-two million seven hundred and twenty- four thousand five hundred and sixty dollars and six cents is the amount of our insurance assets. Let us imagine that Benjamin Franklin, just about the time he signed the Declaration of Independence, set in motion a clock or other mechanism which would count $1.00 every second and 55 record the total, and that by some provision he insured continued care of this clock so that it should never cease counting for a single second of time, day or night, year after year, sixty every minute, three thousand six hundred every hour, eighty-six thou- sand four hundred every day, thirty-one million five hundred and eighty-two thousand six hundred every year, and so on years without end. By this time, although the clock would have been counting steadily for one hundred and forty-five years, it would have reached a total of about four and one-half billions, or just about the amount of the life insurance investments at the end of 1914, and would have to tick on for seventy-one years more before it would count our total of SIX BILLION EIGHT HUN- DRED AND THIRTY-TWO MILLION SEVEN HUNDRED AND TWENTY-FOUR THOUSAND FIVE HUNDRED AND SIXTY DOLLARS AND SIX CENTS. With no spirit of vaunting pride have I thus endeavored to bring before us the greatness of this sum. This is no bloated bondholders' hoard. It represents the assets belonging to forty million people with an average ownership of about $170 for each person. Mostly it is the result of the most unselfish saving for the sake of dependent wives and children. Those who frame our laws may well take heed of the fact that this vast sum does not belong to great corporations in their own right, an easy mark for taxation without representation. It belongs to forty million men and women, most of whom have the right to vote. A recent announcement from the Census Bureau at Washington gives the whole potential voting strength of the United States as fifty-four million four hundred and twenty-one thousand eight hundred and thirty-two. Of these, forty million voters have ownership in these assets. The deposits made in our savings banks well merit con- sideration as belonging to the great mass of our people who have saved from their hard-earned wages. For like reasons, intensi- fied because of the unselfish motives involved, the amounts set aside and paid for life insurance are worthy of especially favor- able consideration as regards taxation, whether for Federal, state, county or municipal purposes. And especially it is with no spirit of vaunting pride that we who are members of the Association under whose auspices we are now meeting, contemplate the bigness of this great accu- mulation of wealth placed in our custody. It does not belong to 56 us. It is a most sacred trust. Not pride, but an earnest desire for ability to wisely administer this trust for the benefit of those to whom it belongs, is the inspiration which comes to us from its greatness. 1 r _C_il A RT. A lOi*. i*in. I<» IruiwdL A-* "=ss:s:=-.£Ssis«isS«:iS'>s.=^ 57 (^v^ART 'e niitlions 2000 tOM LICV IlDANS ' I — i — r — \ — TtTi — r 1600 end of the different yearg indicated by the heavy vertical lineS. 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''^ ^fo ^t* ¥p fe s g bo 2.0 mm A8CDEFGHIJKLMNOP0RSTUVWXYZ abcdefghi)hlmnopqrstuvwxyz 1234567890 ABCDEFGHIJKLMNOPQRSTUVWXYZ abcdefghijklmnopqrstuvwxyzl234567890 ABCDEFGHIJKLMNOPQRSTUVWXYZ abcdefghiiklmnopqrstuvwxyz 1234567890 ^^\^ ^^> ^V 2.5 mm ABCDEFGHIJKLMNOPQRSTUVWXYZ abcdefghijklmnopqrstuvwxyz 1234567890 ^f^ ¥p \ O O Tj ni "D > C u I u ^ 0(/) 2 m t JO o -«=>>. '' ^>^ ^/^ ^^'^^. ^J^4^. ■■4. «» «» « ■^ •-• N} lO Ul O at i 3 3 3 3 3 =.pn Is u ■^< QBIM 6^ /!►. ^4«i> 4«> s 8^m • O Si's c CO <-» i; < TABLE I. COMPARATIVE INVESTMENT STATISTICS OF LIFE INSURANCE COMPANIES FOR THE YEARS 1911, 1914, 1917, 1919 AND 1920. Real Estate Farm Mortgage Loans Other Mortgage Loans Total Mortgage Loans R. R. Inter State Bonds and Stocks R. R. Intrastate Bonds and Stocks Total R. R. Bonds and Stocks U. S. Government Bonds State, (bounty and Municipal Bonds (U. S. and Ter.) Gov't, State County and Municipal Bonds (Canada) Gov't, State. County and Municipal Bonds (Foreign) Total (jcv't. State, County and Municipal Bonds Other Bonds and Stocks (4) Total Bonds and Stocks Collateral Loans Premium Notes and Loans to Policyholders Cash on Hand and in Banks All other Assets Total \dmitted Assets of Companies Examined Total Admitted Assets of Companies Shown in Year Book Ratio^ Assets of Companies Examined to Assets of Companies Shown in Vear Book (1) Farm mortgage loans were not separated from other mortgage loans in the years 1911 and 1914. 1911 RATIO TO ADMITTED ASSETS 1914 RATIO TO ADMITTED ASSETS 1917 $144,912,326.79 RATIO TO ADMIITED ASSETS 2.71% 1919 RATIO TO ADMITTED ASSETS 1920 KATIOTO ADMITTCD ASSETS $151,962,224.72 3.92% $145,986,569.68 3.19% $129,502,527.83 2.10% $136,771,432.38 (1) (1) (1) (1) $730,030,865.51 978,890,490.40 13.67% 18.32% $858,537,282.95 991,560,178.81 13.94% 16.10% $1,085,965,739.78 1,120,695,988.21 15J9% 16.4t% 1,228,359.347.75 31.65% 1.500.935.772.56 32.78% 1.708,921,355.91 31.99% 1.850,097,461.76 30.04% 2.206.661.727 J9 njf% $957,308,018.95 426,229,194.52 24.66% 10.98% $1,003,527,241.57 540,282,645.84 21.92% 11.80% $1,227,057,685.14 532,853,042.68 22.97% 9.98% $1,245,561,393.42 525,724,442.91 20.22% 8.54% $1,266,325,702.16 527,193,278.08 lSkSJ% 7.71% $1,383,537,213.47 35.64% $1,543,809,887.41 33.72% $1,759,910,727.82 32.95% $1,771,285,836.33 28.76% $1,793,518,980.24 M.2S% (2) $155,600,410.17 4.01% (2) 189,398,887.78 4.14% 62,622.536.97 233,449.620.20 1.17% 4.37% 706,062,941.72 248,948,244.72 11.46% 4.05% 772,410,125.26 288,817,542.68 llJf% (3) 82,106,118.89 2.12% (3) 164.016,763.76 3.58% (3) 248.230.024.97 - 4.65% 113,466,557.35 ' 143,501,669.45 1.84% 2.33% 134,287,337.20 116,511,359.10 1^7% i.n» $237,706,529.06 6.13% $353,415,651.54 7.72% $544,302,182.14 10.19% $1,211,979,413.24 19.68% $1,312,026,364.24 19.11% 202,851,793.07 1.824,095,535.60 5.22% 46.99% 128.084.653.75 2.025.310,192.70 2.79% 44.23% 185,135,680.41 2.489.348.590.37 3.47% 46.61% 189,094,071.43 3.172.359,321.00 3.07% 51.51% 202.483,568.42 3,308.028.912.90 ±M% 48.42% 12,482,932.00 505,609,506.02 59,736,944.40 99,013.377.51 $3,881,259,868.00 (39 Cos.) $4,164,491,688.00 (240 Cos.) .32% 13.03% 1.54% 2.55% 100.00% m 16.621,299.49 682,529,797.80 84,392,943.45 123,288.723.13 $4,579,065,298.81 (36 Cos.) $4,935,252,793.00 (250 Cos.) .36% 14.90% 1.84% 2.70% 100.00% 82,340,952.88 164.465.153.47 16.751.959.88 735,188,423.47 .31% 13.76% 1.54% 3.08% 100.00% ♦ 21,311,841.41 732.337,956.64 76,083,847.40 177,004.767.03 $6,158,697,723.07 (39 Cos.) $6,790,582,41. S.OO (266 Cos.) JS% 11.89% 1.24% 2.87% 100.00% 30.819.226.39 820.071.906.63 80.531312.12 249,839,541.74 $6,832,724,560.06 (47 Cos.) $7,319,997,019.00 (272 Cos.) .4SS 12.00% i.ia% 3.66% $5,341,928,762.77 (33 Cos.) $5,940,622,780.00 (241 Cos.) 100.00% 93.19% 92.78% (2) In 1911 and 1914 United States GoTcmtnent Bonds, because of the very small amount held, were included in State, County and Municipal Bonds. 89.92% (3) Canadian Government, State, County and Municipal Bonds were not separated from Foreign Government, State, County and Municipal Bonds in the years 1911, 1914 and 1917. 90.69% (4) This item also includes 93J4% certain other assets in the years 1911. 1914 1917. REDUCTION RATIO 12:1 J^/ ^ ^,^^ 2# 'V? ^.^4^ ^^^7^ cn 3 3 Q) CT O > dm — hO qo. a li ^£ Mr-' U) cn ooisi o ^'^.^ CJl 3 3 > o m CD CD X <: N X <^ .^z ^' ^. ^. ^ ^ e^ .p^ 'S! o 3 3 > Ul o 3 3 o o 3 3 cn O ^rpni!|?|?|^|^|- I - i^ 1^ to bo c> 00 b Cn 1.0 mm 1.5 mm 2.0 mm ABCDEFGHIJKLMNOPORSTUVWXYZ abcdefghi)klmnopqrstuvwxyz 1234667890 ABCDEFGHIJKLMNOPQRSTUVWXYZ abcdefghijklmnopqrstuvwxyzl234567890 ABCDEFGHIJKLMNOPQRSTUVWXYZ abcdefghijklmnopqrstuvwxyz 1234567890 2.5 mm ABCDEFGHIJKLMNOPQRSTUVWXYZ abcdefghijklmnopqrstuvwxyz 1234567890 ^ & ^O ?d> ^t= ^Sr /"-«> V w^ '^. r^ f^ /* ■^ ^ Lv V «« r^ .<> V & '^- ^o f^ ^^ m O O ■o m -D > c c*> I T) ^ Oc/) ; m 30 O m ^V^ '- ^^. # € '4^ 4^> <^ ^ }*^ •-• M CJl O 3 3 3 3 i« 3x 5 if r 1^ 3x N /=V. TABLE I. COMPARATIVE INVESTMENT STATISTICS OF LIFE INSURANCE COMPANIES FOR THE YEARS 1911, 1914, 1917, 1919 AND 1920. Real Estate Farm Mortgage Loans Other Mortgage Loans Total Mortgage Loans R. R. Inter State Bonds and Stocks R. R. Intrastate Bonds and Stocks Total R. R. Bonds and Stocks U. S. Government Bonds State, County and Municipal Bonds (U. S. and Ter.) Gov't, State County and Municipal Bonds (Canada) Gov't, State, County and Municipal Bonds (Foreign) Total Gov't. State, County and Municipal Bonds Other Bonds and Stocks (4) Total Bonds and Stocks Collateral Loans Premium Notes and Loans to Policyholders Cash on Hand and in Banks All other Assets Total \dmitted Assets of Companies Examined Total Admitted Assets of Companies Shown in Year Book Ratio^ Assets of Companies Examined to Assets of Companies Shown in \ear Book (1) Farm mortgage loam were not separated from other mortgage loans in the years 1911 and 1914. 1911 RATIO TO ADMITTED ASSETS (1) (1) $957,308,018.95 426,229,194.52 $1,383,537,213.47 (2) $155,600,410.17 (3) 82,106,118.89 $237,706,529.06 202,851,793.07 $151,962,224.72 1,228,359,347.75 93.19% 3.92% 31.65% 24.66% 10.98% 35.64% 4.01% 2.12% 6.13% 5.22% 1,824.095,535.60 46.99% 12.482,932.00 .32% 505,609,506.02 13.03% 59,736,944.40 1.54% 99,013.377.51 2.55% $3,881,259,868.00 100.00% (39 Cos.) $4,164,491,688.00 (240 Cot.) 1914 RATIO TO ADMITTED ASSETS 1917 RATIO TO ADMITTED ASSETS (I) (1) $1,003,527,241.57 540,282.645.84 $1,543,809,887.41 (3) 189,398,887.78 (3) 164,016,763.76 $353,415,651.54 128,084,653.75 $145,986,569.68 3.19% 1.500,935,772.56 32.78% 21.92% 11.80% 33.72% 4.14% 3.58% 7.72% 2.79% 92.78% $730,030,865.51 978,890.490.40 $1,227,057,685.14 532,853,042.68 $1,759,910,727.82 62,622,536.97 233,449,620.20 (3) 248,230,024.97 $544,302,182.14 185,135,680.41 $144,912,326.79 2.71% 13.67% 18.32% 1.708.921.355.91 31.99% 22.97% 9.98% 32.95% 1.17% 4.37% r 4.65% 10.19% 3.47% 2,025,310,192.70 44.23% 2,489.348,590.37 46.61% 16,621,299.49 .36% 16,751.959.88 .31% 682,529.797.80 14.90% 735,188,423.47 13.76% 84,392,943.45 1.84% 82,340,952.88 1.54% 123,288.723.13 2.70% 100.00% 164,465,153.47 3.08% $4,579,065,298.81 (36 Cos.) $4,935,252,793.00 (250 Cos.) $5,341,928,762.77 (33 Cos.) $5,940,622,780.00 (241 Cos.) 100.00% 1919 mATXO TO ADMrmd $858,537,282.95 991,560.178.81 $1,245,561,393.42 525,724,442.91 $1,771,285,836.33 706,062,941.72 248,948,244.72 113,466,557.35 143,501,669.45 $1,211,979,413.24 189.094,071.43 $129.502.527.S1 UJK% l.SS0.097.4«l.H ZA72,3S9jUtJm Il^llMlAl 732337.9S«.^ 76.0S3.t47.4t $6,158,697,723.07 (39 Cob.) $6,790,582.41 «.tt (266 Cos.) Sl.51% 11 1 (2) In 1911 and 1914 United States (Government Bonds, because of the very small amount held, were included in State. County and Municipal Bonds. 89.92% (3) Canadian Government, State, County and Municipal Bonds were not separated from Foreign Government, State, County and Municipal Bonds m the years 1911, 1914 and 1917. (4) •.• hocks cks ^nds (U. S. and Ter.) :ipal Bonds (Canada) ^ipal Bonds (Foreign) Municipal Bonds fol icy holders ;>anies Examined lies Shown in Year Book ilxamined to Assets of Book TABLE I. COMPARATIVE INVESTMENT STATISTICS OF LIFE INSURANCE COMPANIES FOR THE YEARS 1911. 1914, 1917. 1919 AND 1920. 1911 RATIO TO ADMITTED ASSETS (1) (1) $957,308,018.95 426,229,194.52 $1,383,537,213.47 (2) $155,600,410.17 (3) 82,106,118.89 $237,706,529.06 202,851,793.07 lot separated from other mortgage loans in the $151,962,224.72 1914 RATIO TO ADMITTED ASSETS 3.92% 1917 $145,986,569.68 3.19% RATIO TO ADMITTED ASSETS (1) (1) $1,003,527,241.57 540,282,645.84 $1,543,809,887.41 (2) 189,398,887.78 (3) 164,016,763.76 $353,415,651.54 128,084.653.75 1.500.935,772.56 32.78% 21.92% 11.80% 33.72% 4.14% 3.58% 7.72% 2.79% 1.228.359,347.75 31.65% ' 24.66% 10.98% 35.64% 4.01% 2.12% 6.13% 5.22% 1,824,095,535.60 46.99% 12.482.932.00 .32% 505.609.506.02 13.03% 59,736.944.40 1.54% 99.013.377.51 2.55% $3,881,259,868.00 100.00% (39 Cos.) $4,164,491,688.00 (240 Cos.) 93.19% (2) In 1911 and 1914 United States CioTemment Bonds, because of the very small amount held, were included in SUte. County and Municipal Bonds. $730,030,865.51 978,890.490.40 $1,227,057,685.14 532,853.042.68 $1,759,910,727.82 62,622,536.97 233,449,620.20 (3) 248,230,024.97 $544,302,182.14 185,135,680.41 $144,912,326.79 2.71% 13.67% 18.32% 1.708.921.355.91 31.99% 22.97% 9.98% 32.95% 1.17% 4.37% r 4.65% 10.19% 3.47% 2.025.310.192.70 44.23% 2.489.348.590.37 46.61% 16.621.299.49 .36% 16.751.959.88 .31% 682.529.797.80 14.90% 735.188.423.47 13.76% 84.392.943.45 1.84% 82.340.952.88 1.54% 123.288,723.13 2.70% 100.00% 164.465.153.47 3.08% $4,579,065,298.81 $5,341,928,762.77 100.00% (36 Cos.) (33 Cos.) $4,935,252,793.00 $5,940,622,780.00 (250 Cos.) • (241 Cos.) 92.78% fiO COCK. 1919 $858,537,282.95 991,560.178.81 $1,245,561,393.42 525,724,442.91 $1,771,285,836.33 706,062,941.72 248,948,244.72 113,466,557.35 143.501,669.45 $1,211,979,413.24 189.094.071.43 $129,502,527.83 RATIO TO ADMITTED ASSETS 2.10% 13.94% 16.10% 1,850,097.461.76 30.04% 20.22% 8.54% 28.76% 11.46% 4.05% 1.84% 2.33% 19.68% 3.07% 1920 KA TIO TO ADMITTVS $136^71. 412Jt $1,085,965,739.78 i 1,120,695,988.21 14. 2.206.661J2739 (3) Canadian Government, State. County and Municipal Bonds were not Mparated from Foreign Government. State. County and Municipal Bonds in the years 1911. 1914 and 1917. 3.172,359.321.00 51.51% 21,311.841.41 .35% 732.337.956.64 11.89% 76.083.847.40 1.24% 177.004,767.03 2.87% $6,158,697,723.07 100.00% (39 Cos.) $6,790,582,415.00 (266 Cos.) 90.69% (4) This item also includes $1,266,325,702.16 527.193,278.08 $1,793,518,980.24 772.410,125.26 288,817,542.68 134,287,337.20 116,511,359.10 l.n« $1,312,026,364.24 ISJS 202,483.568.42 3.308.028»912J« 30.8l9,22iuM 820.071.904^ 80.531312.12 249.839.541^4 $6,832.724.S6«.M (47 Cos.) $7.319.997.019.M (272 Cos.) 93J4% certain other assets in the years 1911. 1914 ^id 1917. «saBS!*3*B!S!^ REDUCTION RATIO 14:1 > .'V^^ o 3 3 D- Is (/) ^ go N CO N>2 cn< o^x ^-< CX)M o A^ Ax ^. .* A^- %^^ ^•!^ 00 en 3 3 3r '■ •—I- ^ go N CO COM o en 3 3 Q) > O 5-g o m CD O OQ 5 ^ o o X ISI o o 3 3 ..**^ .«^^> ^Vv ^ •^ .•v^ «*^-^ ..'V;^ A?' en O 3 3 ,*** .<>' V ^ ^*. > O o 3 3 : C CO X ^ ^ o009 Oc/) 5 m o m j^^j, '^. 2.5 mm ABCDEFGHIJKLMNOPQRSTUVWXYZ abcdefghijklmnopqrstuvwxyz 1234567890 ^%^ ^^.> ^v % i. <^ « « Ht 1— » lO fs> CXI o CJl 3 3 3 3 3 3 a- n ;^ «8 Is ^^— « *« 00 rM s I? Si IS* (/) ^*— 4 fOr- s -§ 5;3| >^ o < ^ X < IM ^ X /% ^^^ "4^ itmim New England Conn., Me., Mass.. N. H.. R. Is.. Vt. South Atlantic Va.. W. Va.. N. Car., S. Car., Ga., Fla. Gulf & Miss. Val. Ala., Miss., Tenn., Ky.. La. Southwestern Mo., Ark., Texas, Kansas, Colo., N. Mex., Okla. Total Statss TABLE II. SEVriONAL DISTRIBUTION OF LIFE INSURANCE ADMITTED ASSETS FOR THE YEARS 1911 AND 1920. (the Admitted AmcU Lilted in thU Table Reprcsen: for 1911, 93.19%, and for 1920, 93.34% of the Total Admitted Aaactt of aU Americwi Life lararanca Companies •• thown in the Insurance Yew Book for Thea* Years.) YEAR MORTGAGE LOANS TOTAL FARM PROF- OTHER PROP- MORTGAGE ^^^^^ ERTIES ERTIES LOANS ESTATE COLLATERAL LOANS POLICY LOANS AND PREMIUM NOTES INTERSTATE OTHER RAILROAD GOVERNMENT U) STOCl^ AND STOCKS INTRASTATE STATE, BONDS AND AND BONDS RAILROAD COUNTS AND ANY OTHER (MILEAGE STOCKS MUNICIPAL INTRASTATE BASIS) AND BONDS BONDS ASSETS CASH TOTAL INVESTMENTS ESTlxMATED RESERVES RATIO INVEST- MENTS TO RE- Si^VES 1911 Ratio (2) 1920 Ratio (2) (3) $26,650.00 .017o $25,127,444.60 8.77% $10,244,424.17 6.29% 25,154,094.60 8.78% $11,255^15.00 6.92% 22,129,584.43 7.72% $1,689,921.50 1.04% 804,665.00 .28% $41,259,136.43 25.37% 64.480.658.31 22.50% $37,212,649.10 22.66% 43,183,370.45 15.07% $15,150,217.71 9.32% 18,791.884.33 6.56% $22,815,600.77 14.03% 82.483,129.89 28.79% $14,592,964.08 8.99% 19,400,837.81 6.77% $8,389,180.57 5.167o 10,114,580.26 3.53% $162,609,309.33 100.00% 286,542,805.08 100.00% $290,768,323.83 563,017,582.77 55.92% 50.89% R. u:. Vt. Middle AUantic 1911 Del., Dist. of Ratio (2) Col., Md., 1920 N. J., N. Y., Pa. Ratio (2) (3) 162.765.00 .01% (3) 622,195,226.96 36.29% 528,908,057.60 42.30% 622,357,991.96 36.30% 1U6,547,837.26 8.52% 81,493,315.36 4.75% 7,115.172.16 •57% 21,405,412.00 1.25% 161,061,494.58 12.88% 248,186,491.89 14.48% 95,608,602.45 7.05% 150,868,567.15 8.80% 163,997,845.20 1342% 201,421,662.53 U.74% 54,292,687.08 4.34% 254,086.123.64 14.82% 97.879,391.12 7.837o 104,030.265.1V 6.07% 34,889,601.86 2.79% 30,783,863.85 1.79% 1,250,300,089.31 lOu.00% 1,714,633,693.57 IOU.00% 1,034.466,647.82 1,984,495,872.96 120.86% MiddJc AiUntK DcL, iMm. ec 86.40% CoL, M^ N. J.. N. Y., Fa. Central Northern 1911 Ohio, Mich.. Ratio (2) Ind., 111., 1920 Wis. Ratio (2) (3) 152,612,529.29 13.51% W) 148,655,965.87 13.17% 167>686,669.48 25.06% 301,268,495.16 26.68% j,269,941.27 .79% 9,820,519.72 .87% 1,919,005.00 .29% 2,158,611.00 .20% 79,194,768.68 11.84% 134,962,781.52 11.96% 265,879,610.81 39.75% 319,261,929.51 28.28% 108,037,045.29 16.15% 129,465,837.64 11.47% 10,286,476.00 1.54% 188,565,601.81 16.70% 23,545,596.97 3.52% 36,175,819.41 3.20% 7,110,155.66 l.U67c 7,230,396.48 .64% 068,929,269.10 10U.0U7o 1,128,909,9^2.25 100.00% 586,700,553.07 1.179.816.262.84 114.01% Central Norttera Ohui, 95.68% lad^ liL. Wis. 1911 Ratio (2) 1920 Ratio (2) (3) 46,045.019.94 9.30% (3) 71.548.997.95 14.45% 25,024,150.08 11.99% 117,594,017.89 23.75% 164.916.17 .08% 845,613.64 .18% 3,350.00 .01% 542,069.78 .11% 33,554,206.13 16.07% 70,122,635.10 14.17% 98,993,571.57 47.42% 135,146,634.61 27.30% 33,185,341.99 15.89% 38,189,452.17 7.71% 12,522,490.85 6.00% 125,304,272.94 25.31% 4,122,351.48 1.98% 4,634.175.46 .94% 1,173,315.51 .56% 2,627,011.81 .53% 208,743.093.78 100.00% 495,005,883.40 100.00% 178,851,111.86 359,514,078.06 116.71% Souih Atlantic Sa.. W. Va., 137.68% N. C*r^ S. C«.. Ga.. Fia. 1911 Ratio (2) 1920 Ratio (2) (3) 52,186,646.61 12.03% (3) 33,379,582.21 7.69% 33,542,274.06 16.29% 85,566,228.82 19.72% 15,719.02 .01% 1,008,142.46 .23% 349,500.00 .17% 351,150.00 .08% 36,813,875.32 17.88% 63,908,857.39 14.737o 86,837,995.73 42.17% 126,024,229.13 29.04% 23,952,704.43 11.63% 31,116,173.41 7.17% 21,777,661.25 10.587o 121,117,834.21 27.91% 2,017,361.44 .98% 3,060,583!55 .70% 597,594.06 .29% 1,821,088.95 .42% 205,904,685.31 100.00% 433,974.287.92 100.007c 192,595,317.48 316,873,057.98 106.91% Gull 4k Mtos. Va^ Ala, Moa.. 136.95% lesn^ Kj.. La. 1911 Ratio (2) 1920 Ratio (.2) (3) 297,582,586.48 37.15% (3) 62,208,710.52 7.76% 169,723,709.88 40.60% 359,791,297.00 44.91% 4,749,468.12 1.1470 3,260,886.75 .407o 10,000.00 .01% 11,500.00 .01% 45,399,895.66 10.86% 80,071,919.83 9.997o 142,343,793.62 34.05% 181,015,933.63 22.60% 35,337,126.70 8.45% 40,510,084.20 5.06% 11,674,001.48 2.797o 127,089,491.05 15.877o 7,824.033.95 1.87% 7,924.297.62 .99% 952,285.61 .23% 1,323,624.64 .17% 418,014,315.02 100.00% 800,999,034.72 100.00% 242,369,013.80 457,812,579.56 172.47% 174.96% South' Mo^ Ark.. T N. Mex... CNLa. Northwestern 1911 Iowa, Minn., Neb., Ratio (2) N. Dak.. S. Dak., 1920 Wyo., Mont. Ratio (2) (3) 511,624,987.98 55.75% (3) 68,289,596.24 7.44% 231,689,858.10 56.72% 579,914,584.22 63.19% 5,830,586.05 1.43% 3,156,660.51 .34% 5,800.00 .01% 10,700.00 .01% 26,091,858.52 6.387o 46,504,332.43 5.077o 105,279,573.79 25.77% 173,620,342.82 18.92% 24,279,597.37 5.94% 24,317,902.51 2.65% 6,710,213.29 1.647o 77,334,438.66 8.43% 7,807.235.50 1.91% 9,713,444.20 1.06% 813,892.82 .20% 3,104,717.20 .33% 408,508,615.44 100.00% 917,677,122.55 100.00% 162,855.103.16 335,325,012.91 250.84% 273.67% Northwestern Iowa. Miaa N. Dak.. S. Wjo.. Moot. Kck. Pacific 1911 Wash., Ore., Calif.. Ratio (2) Nev., Idaho, 1920 Arix., Utah. Ratio (2) (3) 25,357,689.69 6.03% (3) 63,196,956.08 15.04% 54,986,984.20 25.18% 88,554,645.77 21.07% 1,935,562.14 .89% 5,891,644.36 1.40% 1,390,183.34 64% 5,520,1 18.52 1.31% 32,054,123.25 14.68% 58,540,159.97 13.93% 81,012,532.17 37.08% 132,539,656.20 31.54% 19,943,410.21 9.13% 28,491,210.81 6.78% 15,521,279.45 7.11% 85,027,854.81 20.23% 10,527,942.91 4.82% 13,677,383.77 3.25% 1,019,181.73 .47% 2,031,092.73 .49% 218,391,199.40 100.00% 420,273,766.94 100.00% 159,506,695.72 342,930,578.35 136.91% Pacuic Wash.. Ot^.. Caltf.. 122.55% Nev.. idahtK Anz.. Utah. 1911 Ratio (2) 1920 Ratio (2) (3) $1,085,598,874.99 17.52% (3) $1,094,602,480.43 $1,221,806,127.57 $135,769,245.03 $12,482,932.00 $455,429,358.57 $913,168,329.24 $423,883,288.90 $155,600,410.17 $168,316,877.45 34.50% 3.84% .35% 12.86% 25.797o 11.97% 4.39% 4.75% $2,180,201,355.42 $127,606,367.23 $30,804,226.30 $766,777,836.44 $1,261,660,663.50 $512,304,207.60 $1,061,008,747.01 $198,616,807.01 17.66% * ' • ' 35.18% 2.06% .50% 12.37% 20.35% 8.27% 17.12% 3.20% $54,945,207.82 $3,541,401,776.75 $2,848,118,767.34 124.34% 1.55% 100.00% $59,036,375.92 $6,198,016,586.43 $5,539,785,025.43 111.88% .95% 100.00% ToTAi. SxAxaa Territories and Possessions 1911 Alaska, Hawaii, Ratio (2) Philippines, 1920 Porto Rico Ratio (2) (3) 311,546.32 17.60% (3) 181,182.00 18.56% 311,546.32 17.60% 788,001.49 80.74% 1,224,047.94 69.13% 218,920.93 12.36% 6,784.57 .70% 16,103.62 .91% 975,968.06 100.00% 1,770,618.81 100.00% 5,803,875.00 8,712,375.03 16.81% 20.32% Temtorics Alaaia. ToTAi. Statu ahb TuUtlTOKIU 1911 Ratio (2) 1920 Ratio (2) (3) $1,085,910,421.31 17.52% (3) $1,094,602,480.43 17.66% $1,221,987,309.57 $135,769,245.03 $12,482,932.00 $456,217,360.06 $913,168,329.24 $423,883,288.90 $155,600,410.17 $168,316,877.45 $54,951,992.39 $3,542,377,744.81 $2,853,922,642.34 124.12% 34.50% 3.83% .35% 12.887o 25.78% 11.97% 4.39% 4.75% 1.55% 100.00% $2,180,512,901.74 $127,606,367.23 $30,804,226.30 $768,001,884.38 $1,261,660,663.50 $512,304,207.60 $1,061,227,667.94 $198,616,807.01 $59,052,479.54 $6,199,787,205.24 $5,548,497,400.46 111.74% 35.18% 2.06% .50% 12.38% 20.35% 8.277o l7.127o 3.20% .94% 100.00% Total Sta: Tsaai Canada (4) 1911 Ratio (2) 1920 Ratio (2) Canada (4> 55.318.47 .03% 13,199,294.47 7.29% 13,254,612.94 7.32% 218,132.07 .12% 15,000.00 .01% 10,797,520.85 5.97% 3,815,103.09 2.11% 11,331,067.29 6.26% 134,287,337.20 74.207o 3,095.353.57 1.71% 4,169,425.49 2.307o 180,983.552.50 100.00% 93.551,447.00 193-46% Other Foreign Countries 1911 Ratio (2) 1920 Ratio (2) (3) (3) 12.894,213.31 6.38% 6,372,038.18 2.66% 12,894,213.31 6.38% 16.192,979.69 6.75% 8,946.933.08 4.43% 49,392,145.96 20.59% 41,272,501.40 20.42% 44,139,689.71 18.40% 849,935.57 .42% 2,345,905.62 .98% 3,558,003.19 1.76% 82,106,118.89 34.23% 116,511,359.10 57.65% 34,534,915.62 14.40% 771,407.84 .38% 4,784,952.01 1.99% 17,309,907.09 8.56% 239,868.745.68 100.00% 202.114.260.58 100.00% 401,153.711.00 239,501,254.20 59.79% 84.39% Other Foretca Total U. S., Canada, amd fokxicm 1911 Ratio (2) 1920 Ratio (2) (3) $1,085,965,739.78 16.50% (3) $1,120,695,988.21 17.02% $1,228,359,347.75 $151,962,224.72 $12,482,932.00 $505,609,506.02 $957,308,018.95 $426,229,194.52 $237,706,529.06 $202,851,793.07 $59,736,944.40 $3,782,246,490.49 $3,255,076,353.34 116.19% 32.49% 4.02% .33% 13.36% 25.31% 11.27% 6.287c» 5.36% 1.58% 100.00% $2,206,661,727.99 $136,771,432.38 $30,819,226.30 $820,071,906.63 $1,266,325,702.16 $527,193,278.08 $1,312,026,364.24 $202,483,568.42 $80,531,812.12 $6,582,885,018.32 $5,881,550,101.66 111.92% 33.52% 2.08% .47% 12.46% 19.23% 8.01% 19.93% 3.08% 1.22% 100.00% Total U. &, Non-Ledger and Mis- cellaneous Assets 191*1 1920 99,013,377.51 249,839,541.74 Non-Ledcer Grand Total 1911 1920 5,965,7 $1,085,965,739.78 (3) $1,120,695,988.31 $1,228,359,347.75 $2,206,661,727.99 $151,962,224.72 ii^7~ .771.432.38 $12,482,932.00 $30,819,226.30 $505,609,506.02 $820,071,906.63 $957,308,018.95 $1,266,325,702.16 $426,229,194.52 $527,193,278.08 $237,706,529.06 $1,312,026,364.24 $202,851,793.07 $202,483,568.42 $59,736,944.40 $80,531,812.12 $3,881,259,868.00 $6,832,724,560.06 $3,255,076,353.34 $5,881,550,101.66 119.24% 116.17% GiLASS Tocal (1) The 1920 sectional amounts include $772,410,125.26, investments in United States Gorernment Boada, prcrated to the variotu states according to census population reports. In 1911, investments in United States Government Bonds amounting to $519,472.72 were not prorated but are included in Miscellaneous Aaaets. (2) The ratios listed represent the percent which each class of investments bears to the total inveatmcnts in the group. (3) No figures are available showing a separation of Total Mortgage Loans into Farm and Otiier Properties ia 1911. (4) Canadian investmenu arc included with Other Fore«B mt. REDUCTION RATIO 12:1 J^ ^ ^^ ^. en 3 3 Q) D- O > -.m Is ■D p. ^£ N CO ^-< CX)M o e' ^k ^k ^^.. ^A en 3 > o m (DO OQ a>3 -z. -vj o o N M o '^ >' i^: > .>^ v^' s^ <^ J^/ 'V^ xO-. c:? c^^ ■55 8 O 3 3 o 3 3 s 3 3 o ri^lS|!n?|5|5|- 1^ 1^ hO II >»« 00 o^ 00 b en 1.0 mm 1.5 mm 2.0 mm ABCDEFGHIJKLMNOPQRSTUVWXYZ abcdefghriklmnopqrstuvwxyz 1234567890 ABCDEFGHIJKLMNOPQRSTUVWXYZ abcdefghijklmnopqrstuvwxyzl234567890 ABCDEFGHIJKLMNOPQRSTUVWXYZ abcdefghijklmnopqrstuvwxyz 1234567890 2.5 mm ABCDEFGHIJKLMNOPQRSTUVWXYZ abcdefghijklmnopqrstuvwxyz 1234567890 kvr .^ %♦ SS= ^^ ¥* fp ¥^ ^=" ^^-^A f^-'^ c^ cb^ <^ V 1 L'b <^ & ^ ^^ - ^ m H O o -o m -o > C CO I TJ ^ oOoo 0i # C^ <^ « ^^ ^ '"^^ •-• N> en o 3 3 3 3 I?? 3? |i 8 1^ Off ism £ s TABLE II. SECTIONAL DISTRIBUTION OF LIFE INSURANCE ADMITTED ASSETS FOR THE YEARS 1911 AND 1920. (The Admitted AMett Uated in this Table Represent for 1911, 93.19%, and for 1920, 93.34% of the Total Admitted Assets of all Americas Life Insurance Companies, as shown in the Insurance V YEAR MORTGAGE LOAN'S FARM PROP- OTHER PROP- ERTIES ERTIES TOTAL MORTGAGE LOANS REAL ESTATE COLLATERAL LOANS POLICY LOANS AND PREMIUM NOTES INTERSTATE OTHER RAILROAD GOVERNMENT (1) STOCKS AND STOCKS INTRA-STATE STATE, BONDS AND AND BONDS RAILROAD COUNTY AND ANY OTHER (MILEAGE STOCKS MUNICIPAL INTRASTATE BASIS) AND BONDS BONDS ASSETS CASH TOTAL INVESTMENTS New England 1911 Conn., Me., Ratio (2) Mass., N. H., 1920 R. Is., Vt. Ratio (2) (3) $26,650.00 .017o (3) $25,127,444.60 8.77% $10,244,424.17 6.29% 25,154,094.60 8.78% $11,255»215.00 6.92% 22,129,584.43 7.72% $1,689,921.50 1.04% 804.665.00 ^8% $41,259,136.43 25.37% 64,480,658.31 22.50% $37,212,649.10 22.8b% 43,183,370.45 15.07% $15,150,217.71 9.32% 18,791,884.33 6.56% $22,815,600.77 14.03% 82,483,129.89 28.79% $14,592,964.08 8.99% 19,400,837.81 6.77% $8,389,180.57 5.16% 10,114.580.26 iiajuffjm^^ Middle Atlantic Del., Dist. of Col., Md., N. J., N. Y., Pa. 1911 Ratio (2) 1920 Ratio (2) (3) 162,765.00 .01% (3) 622,195,226.96 36.29% 528,908,057.60 42.30% 622,357,991.96 36.30% 106,547,837.26 8.52% 81,493,315.36 4.75% 7,115,172.16 .57% 21,405,412.00 1.25% 161,061,494.58 12.88% 248,186,491.89 14.48% 95,608,602.45 7.65% 150,868,567.15 8.80% 163,997,845.20 13,12% 201,421,662.53 11.74% 54,292,687.08 4.34% 254,086,123.64 14.82% 97,879,391.12 7.837o 104,030.265.19 6.07% 34,889.601.80 2.79% 30,783.863.85 1.79% i.2io.mtt.air». iji4,t^isjaASi Central Northern Ohio, Mich., Ind., 111., Wis. 1911 Ratio (2) 1920 Ratio (2) (3) 152,612,529.29 13.51% C3) 148,655,965.87 13.17% 167>686,669.48 25.06% 301,268,495.16 26.68% ),269,941.27 .79% ^,820,519.72 .87% 1,919,005.00 .29% 2,158,611.00 .20% 79,194,768.68 11.84% 134,962,781.52 11.96% 265,879,610.81 39.75% 319,261,929.51 28.28% 108,037,045.29 16.15% 129,465.837.64 11.47% 10,286,476.00 1.547o 188,565,601.81 16.70% 23,545,596.97 3.52% 36,175.819.41 3.20% 7,110,155.66 1.00% 7.230,396.48 .64% ntn South Atlantic Va.. W. Va., N. Car.. S. Car., Ga., Fla. 1911 Ratio (2) 1920 Ratio (2) (3) 46,045.019.94 9.30% U) 71,548.997.95 14.45% 25,024,150.08 11.99% 117,594,017.89 23.75% 164,916.17 .08% 845,613.64 .18% 3,350.00 .01% 542,069.78 .11% 33,554,206.13 16.07% 70,122,635.10 14.17% 98,993,571.57 47.42% 135,146,634.61 27.30% 33,185,341.99 15.897o^ 38,189,452.17 7.7l7o 12,522,490.85 6.00% 125.304,272.94 25.3 17o 4.122,351.48 1.98% 4.634.175.46 .94% 1.173.315.51 .56% 2,627,011.81 .53% -'oaJ" 495,005 JHIi.-IW UlLSw Gulf & Miss. Val. Ala., Miss., Tenn., Ky., La. 1911 Ratio (2) 1920 Ratio (2) (3) 52,186,646.61 12.03% (3) 33,379,582.21 7.69% 33,542.274.06 16.29% 85,566,228.82 19.72% 15,719.02 .01% 1,008,142.46 .23% 349,500.00 .17% 351,150.00 .08% 36,813,875.32 17.88% 63,908,857.39 14.73% 86.837,995.73 42.17% 126,024,229.13 29.04% 23,952,704.43 11.63% 31,116,173.41 7.17% 21,777,661.25 10.58% 121,117,834.21 27.91% 2,017.361.44 .98% 3,060,583.55 .70% 597,594.06 .29% 1,821,088.95 .42% 435^7 Southwestern Mo.. Ark., Texas. Kansas. Colo.. N. Mex., Okla. 1911 Ratio (2) 192U Ratio (.2) (3) 297,582,586.48 37.15% (3) 62,208,710.52 7.76% 169,723,709.88 40.60% 359,791,297.00 44.91% 4,749,468.12 1.14% 3.260.886.75 .40% 10,000.00 .01% 11,500.00 .01% 45,399,895.66 10.86% 80,071,919.83 9.99% 142,343,793.62 34.05% 181,015,933.63 22.60% 35,337,126.70 8.45% 40,510,084.20 5.06% 11,674,001.48 2.79% 127,089,491.05 15.87% 7,824.033.95 1.87% 7,924.297.62 .99% 952,285.61 .23% 1,323,624.64 .17% 41S^I4^1iLlh^ ♦aTJI. imt. Northwestern 1911 (3) (3) 231,689,858.10 5,830.586.05 5,800.00 26,091,858.52 105.279,573.79 24,279,597.37 6,71 Iowa, Minn., Neb., Ratio (2) 56.72% 1.43% .01% 6.38% 25.77% 5.94% N. Dak.. S. Dak., 1920 511.624.987.98 68.289.596.24 579,914,584.22 3.156.660.51 10,700.00 46,504,332.43 173,620.342.82 24,317,902.51 77,3i Wyo., Mont. Ratio (2) 55.75% 7.44% 63.19% .34% .01% 5.07% 18.92% 2.65% 13.29 7,807.235.50 1.64% 1.91% 38.66 9,713.444.20 8.43% 1.06% 813.892.82 .20% 3.104.717.20 MA^%Ajtk^t^ .ii7- 9l7,677.t22-SS Pacific Wash., Ore., Calif., Nev., Idaho, Ariz., Utah. 1911 Ratio (2) 1920 Ratio (2) (3) 25.357,689.69 6.03% (3) 63,196,956.08 15.04% 54,986,984.20 25.18% 88.554.645.77 21.07% 1,935,562.14 .89% 5,891,644.36 1.40% 1,390,183.34 .64% 5.520,118.52 1.31% 32,054,123.25 14.687o 58,540,159.97 13.93% 81,012,532.17 37.08% 132,539,656.20 31.54% 19,943,410.21 9.13% 28,491,210.81 6.78% 15,521,279.45 , 7.11% 85,027,854.81 20.23% 10,527,942.91 4.82% 13,677,383.77 3.25% 1,019,181.73 .47% 2,031,092.73 .49% 218^91..199.40 lUuJMI 420.273^*634 Total Statxs 1911 Ratio (2) 1920 Ratio (2) (3) (3) $1,221,806,127.57 34.50% $1,085,598,874.99 $1,094,602,480.43 $2,180,201,355.42 17.52% 17.66% 35.18% $135,769,245.03 3.84% $127,606,367.23 2.06% $12,482,932.00 .35% $30,804,226.30 .50% $455,429,358.57 $913,168,329.24 $423,883,288.90 $155,600,410.17 12.86% 25.79% 11.97% 4.39% $766,777,836.44 $1,261,660,663.50 $512,304,207.60 $1,061,008,747.01 12.37% 20.35% 8.27% 17.12% $168,316,877.45 4.75% $198,616,807.01 3.20% $54,945,207.82 $3,541,401,77i^S 1.55% i^uJtm $59,036,375.92 %6,l9%JiH^JUt^4A .95% li »i.ii»J^ Territories and Possessions 1911 Alaska, Hawaii, Ratio (2) Philippines, 1920 Porto Rico Ratio (2) (3) 311.546.32 17.60% (3) 181,182.00 18.56% 311,546.32 17.60% 788,001.49 80.74% 1,224.047.94 69.13% f 218.920.93 12.36% 6.784.57 .70% 16.103.62 .91% 9JS.M^0» II Total Statss and TumiTOKiu 1911 Ratio (2) 1920 Ratio (2) (3) (3) $1,085,910,421.31 $1,094,602,480.43 17.52% 17.66% $1,221,987,309.57 34.50% $2,180,512,901.74 35.18% $135,769,245.03 $12,482,932.00 3.83% .35% $127,606,367.23 $30,804,226.30 2.06% .50% $456,217,360.06 $913,168,329.24 $423,883,288.90 $155,600,410.17 $168,316,877.45 12.88% 25.78% 11.97% 4.39% 4.75% $768,001,884.38 $1,261,660,663.50 $512,304,207.60 $1,061,227,667.94 $198,616,807.01 20.35% 8.27% 17.12% ^ 3.20% 12.38% $54,951,992.39 1.55% $59,052,479.54 .94% $3,542^77^44;J1 ItlLMI $6,199.7S7.JHLa« II $i>«»«»J Canada (4) 1911 Ratio (2) 1920 Ratio (2) 55.318.47 .03% 13,199,294.47 7.29% 13,254,612.94 7.32% 218.132.07 .12% 15.000.00 .01% 10.797.520.85 5.97% 3.815,103.09 2.11% 11,331,067.29 6.26% 134,287,337.20 74.20% 3.095,353.57 1.71% 4.169,425.49 2.30% II Other Foreign Countries 1911 Ratio (2) 1920 Ratio (2) (3) (3) 12,894,213.31 6.38% 6,372,038.18 2.66% 12,894,213.31 6.38% 16,192,979.69 6.75% 8,946,933.08 4.43% 49,392,145.96 20.59% 41,272,501.40 20.42% 44,139,689.71 18.40% 849,935.57 .42% 2,345,905.62 98% 3,558,003.'l9 1.76% 82,106,118.89 34.23% 116,511,359.10 57.65% 34,534.915.62 14.40% 771,407.84 .38% 4,784,952.01 1.99% 17,309,907.09 8.56% 239.84MU'4i.D« 14 202.11^ II Total U. S.. Canada, and fobxign Non-Ledger and Mis- cellameous Assets 1911 Ratio (2) 1920 Ratio (2) 1971 1920 (3) (3) $1,085,965,739.78 $1,120,695,988.21 16.50% 17.02% $1,228,359,347.75 $151,962,224.72 32.49% 4.02% $2,206,661,727.99 $136,771,432.38 33.52% 2.08% $12,482,932.00 .33% $30,819,226.30 .47% $505,609,506.02 $957,308,018.95 $426,229,194.52 $237,706,529.06 $202,851,793.07 $59,736,944.40 $3.7&2,24<>.49y.49 13.36% 25.317o 11.27% 6.28% 5.36% 1 58% iuu.««* $820,071,906.63 $1,266,325,702.16 $527,193,278.08 $1,312,026,364.24 $202,483,568.42 $80,531,812.12 $6,582.88^ ^^^ 12.46% 19.23% 8.01% 19.93% 3.08% 1.22% -» 99,013,377.31 249,&39^i^4 Gkand Total 1911 (3) 1920 $1,085,965,739.78 (3) $1,120,695,988.21 $1,228,359,347.75 $2,206,661,727.99 $151,962,224.72 $1 ♦««.771.432.38 $12,482,932.00 $30,819,226.30 $505,609,506.02 $820,071,906.63 $957,308,018.95 $1,266,325,702.16 $426,229,194.52 $527,193,278.08 $237,706,529.06 $1,312,026,364.24 $202,851,793.07 $202,483,568.42 $59,736,944.40 $80,531,812.12 $3,881,259,S6&.J« %ij%%^ $6,832. 724.56«)uo S5.JS. m Xu* ^^? sectional amounts include $772,410,125.26, investments in United States GoTemment Bonds, prcrated to the Tsrious states according to census population reports. In 1911, investments in United States Government Bonds amountin.? to $519 472 72 (2) The ratios listed represent the percent which each class of investments bears to the total investments in the group. (3) No Bgurcs are available showing a separatioi of Total Mortgage Loans into Fra^d Otu<^ P^S^iS ii llll C4) TABLE II. SECTIONAL DISTRIBUTION OF LIFE INSURANCE ADMITTED ASSETS FOR THE YEARS 1911 AND 1920. (the Admitted AMett Lirted in this Table Represent for 1911. 93.19%. mnd for 1920. 93.34% of the Total Admitted Assets of aU Ameriom U£e Insurance Companies w shown in the Insurance Year Book for These Years.) MORTGAGE LOANS FARM. PROP- OTHER PROP- ERTIES ERTIES TOTAL MORTGAGE LOANS REAL ESTATE COLLATERAL LOANS INTERSTATE RAILROAD GOVERNMENT (1) POLICY STOCKS INTRA-STATE STATE, LOANS AND AND BONDS RAILROAD COUNTY AND PREMIUM (MILEAGE STOCKS MUNICIPAL NOTES BASIS) AND BONDS BONDS OTHER STOCKS AND BONDS AND ANY OTHER INTRA-STATE ASSETS CASH TOTAL INVESTMENTS ESTIMATED RESERVES RATIO INVEST- MENTS TO RE- SERVES (3) $26,650.00 .017o (3) $25,127,444.60 8.77% $10,244,424.17 6.29% 25,154,094.60 8.78% $11,255^15.00 6.92% 22,129,584.43 7.72% $1,689,921.50 1.04% 804,665.00 .28% $41,259,136.43 25.37% 64,480,658.31 22.50% $37,212,649.10 22.88% 43,183,370.45 15.07% $15,150,217.71 9.32% 18.791,884.33 6.56% $22,815,600.77 14.03% 82,483,129.89 28.79% $14,592,964.08 8.99% 19,400.837.81 6.77% $8,389,180.57 5.16% 10,114,580.26 3.53% $162,609,309.33 10U.007o 286,542,805.08 IOU.00% $290,768,323.83 563,017,582.77 55.92% New England Conn.. Me.. 50.89% Mass, N. U.. R. Is.. Vt. (3) 162,765.00 .01% (3) 622.195,226.96 36.29% 528,908,057.60 42.30% 622,357,991.96 36.30% 1U6,547,837.26 8.52% 81,493,315.36 4.7 57o 7,115.172.16 .57% 21,405,412.00 1.25% 161,061,494.58 12.88% 248,186,491.89 14.48% 95,608,602.45 7.05% 150.868,567.15 8.80% 163,997,845.20 1342% 201,421,662.53 11.74% 54,292,687.08 4.34% 254,086,123*64 14.82% 97.879,391.12 7.837o 104,030265.19 6.07% 34,889,601.86 2.79% 30,783,863.85 1.79% 1,250,300,689.31 lOu.00% 1,714,633,693.57 IOU.00% 1,034,466,647.82 1,984,495,872.96 120.86% Middle AUantic Del., Dist. of 86.40% Col.. Md., N. J., N. v.. Pa. (3) 152,612,529.29 13.51% (3) 148,655,965.87 13.17% 167>686,669.48 25.06% 301,268,495.16 26.68% ),269,941.27 .79% 9,820,519.72 .877o 1,919,005.00 .29% 2,158,611.00 .20% 79,194,768.68 11.84% 134,962,781.52 11.96% 265,879,610.81 108,037,045.29 39.75% 16.15% 319,261,929.51 129,465,837.64 28.28% 11.47% 10,286,476.00 1.54% 188,565,601.81 16.70% 23,545,596.97 3.52% 36,175.819.41 3.20% 7,110,155.66 1.067o 7,230,396.48 .64% 668,929,269.16 10U.0U7o 1,128,909,9^2.25 IOU.00% 586,700,553.07 1,179,816,262.84 114.01% Central Northern Ohio, Mich.. 95.68% Ind., IlL. Wis. (3) 46,045,019.94 9.30% (3) 71,548,997.95 14.45% 25,024,150.08 11.99% 117,594,017.89 23.75% 164,916.17 .08% 845,613.64 .18% 3,350.00 .01% 542,069.78 .11% 33,554,206.13 16.07% 70,122,635.10 14.17% 98,993,571.57 47.42% 135,146,634.61 27.30% 33,185,341.99 15.89% 38,189,452.17 7.71% 12,522,490.85 6.00% 125,304,272.94 25.31% 4,122,351.48 1.98% 4,634.175.46 .94% 1,173,315.51 .56% 2,627,011.81 .53% 208,743,693.78 100.00% 495,005,883.40 100.00% 178,851,111.86 359,514,078.06 116.71% South Atlantic Va., W. Va., 137.68% N. Car.*. S. *Car^ Ga., Fla. (3) 52,186,646.61 12.03% (3) 33,379,582.21 7.69% 33,542,274.06 16.297o 85,566,228.82 19.72% 15,719.02 349,500.00 .01% .17% 1,008,142.46 351,150.00 .23% .08% 36,813,875.32 l7.887o 63,908,857.39 14.73% 86,837,995.73 42.17% 126.024,229.13 29.04% 23,952,704.43 11.63% 31.116,173.41 7.17% 21,777,661.25 10.58% 121,117,834.21 27.91% 2,017.361.44 .98% 3,060,583.55 .70% 597,594.06 .29% 1,821,088.95 .42% 205,904,685.31 100.00% 433,974,287.92 100.00% 192,595,317.48 316,873,057.98 106.91% Gulf & Mk»s. V aL Ala., Miss., 136.95% Tcnn., Ky., La. (3) 297,582,586.48 37.15% (3) 62,208,710.52 7.76% 169,723,709.88 40.60% 359,791,297.00 44.91% 4,749,468.12 1.14% 3,260,886.75 .40% 10,000.00 .01% 11,500.00 .01% 45,399,895.66 10.86% 80,071,919.83 9.99% 142,343,793.62 34.05% 181,015,933.63 22.60% 35,337,126.70 8.45% 40,510,084.20 5.U6% 11,674,001.48 2.79% 127,089,491.05 15.87% 7,824,033.95 1.87% 7,924,297.62 .99% 952,285.61 .23% 1,323,624.64 .17% 418,014,315.02 IOU.00% 800,999,034.72 100.00% 242,369,013.80 457,812,579.56 172.47% Southwestern Mo., Ark., Texas, 174.96% Kansas, Colo., N. Mex., Okla. (3) 511,624,987.98 55.75% (3) 68,289,596.24 7.44% 231,689,858.10 56.72% 579,914,584.22 63.19% 5,830,586.05 1.43% 3,156,660.51 .34% 5,800.00 .01% 10,700.00 .01% 26,091,858.52 6.38% 46,504,332.43 5.07% 105,279,573.79 25.77% 173,620,342.82 18.92% 24,279,597.37 5.94% 24.317,902.51 2.65% 6,710,213.29 1.64% 77,334,438.66 8.43% 7,807.235.50 1.91% 9,713,444.20 1.06% 813,892.82 .20% 3,104,717.20 1% .33*2. 408,508,615.44 100.00% 917,677,122.55 100.00% 162,855,103.16 335,325,012.91 250.84% Northwestern Iowa, Minn., Neh., 273.67% N. Dak., S. Dak.. VVyo., Mont. (3) 25,357,689.69 6.03% (3) 63,196,956.08 15.04% 54,986,984.20 25.18% 88,554,645.77 21.07% 1,935,562.14 .89% 5.891.644.36 1.40% 1,390,183.34 .64% 5,520,118.52 1.31% 32,054,123.25 14.687o 58,540,159.97 13.93% 81.012,532.17 37.08% 132,539,656.20 31.54% 19,943,410.21 9.13% 28,491,210.81 6.78% 15,521,279.45 7.11% 85,027,854.81 20.23% 10,527,942.91 4.82% 13,677,383.77 3.25% 1,019,181.73 .47% 2,031,092.73 .49% 218,391,199.40 IOU.00% 420,273,766.94 IOU.00% 159,506,695.72 342,930,578.35 136.91% Pacihc Wash., Ore. Califs 122.55% Nev., Idaho» Ariz., Utah. (3) $1,085,598,874.99 17.52% (3) $1,094,602,480.43 $1,221,806,127.57 $135,769,245.03 $12,482,932.00 $455,429,358.57^ ^'''''''''fsjt^ '''''''''"'^^'7% ''''''''''Vd% ^''''''''''lfs% ''''''''''"{%% IOU.00% $2 180,201,355.42 $127,606,367:23 $30,804.226.*30 $766,777,836.44 $1,261,660,663.50 $512,304,207.60 $1,061,008,747.01 $198,616,807.01 $59,036,375.92 $6,198,016,586.43 17.66% 35.18% ./ 2.06% .50% 12.37% 20.35% 8.27% 17.12% 3.20% $3,541,401,776.75 lOU.OO' $6,198,016,586.43 .95% 100.00% $2,848,118,767.34 $5,539,785,025.43 124.34% 111.88% ToTAX. Statbs (3) 311.546.32 17.60% (3) 181,182.00 18.56% 311,546.32 17.60% 788,001.49 80.74% 1,224,047.94 69.13% 218,920.93 12.36% 6,784.57 .70% 16,103.62 .91% 975,968.06 100.00% 1,770,618.81 100.00% 5,803,875.00 8,712,375.03 16.81% Territories and Pc Alaska, Hawaii. 20.32% PhUippines. Porto Rico (3) $1,085,910,421.31 17.52% (3) $1,094,602,480.43 17.66% $1221987 309.57 $135,769,245.03 $12,482,932.00 $456,217,360.06 $913,168,329.24 $423,883,288.90 $155,600,410.17 $168,316,877.45 $54,951,992.39 $3,542,377,744.81 $2,853,922,642.34 124.12% * ^4^0% 3 83% .35% 12.88% 25.78% 11.97% 4.39% 4.75% 1.55% IOU.00% $2 180 512 90174 $127,606,367.23 $30,804,226.30 $768,001,884.38 $1,261,660,663.50 $512,304,207.60 $1,061,227,667.94 $198,616,807.01 $59,052,479.54 $6,199,787,205.24 $5,548,497,400.46 111.74% 35.18% 2.06% .50% 12.38% 20.35% 8.27% 17.12% 3.20% .94% IOU.00% Total Statxs axb TKaaiToaxxa Canada (4) 55,318.47 .03% 13.199,294.47 7.297* 13,254,612.94 7.32% 218.132.07 .127c 15,000.00 .01% 10,797,520.85 5.977o 3,815,103.09 2.11% 11,331.067.29 6.267o 134,287,337.20 74.207o 3,095,353.57 1.71% 4,169,425.49 2.307o 180,983,552.50 100.00% 93,551,447.00 193.46% (3) (3) 12,894,213.31 6.38% 6,372,038.18 2.66% 12,894,213.31 6.38% 16,192.979.69 6.75% 8,946.933.08 4.43% 49,392,145.96 2U.59% 41,272,501.40 20.42% 44.139.689.71 18.40% 849.935.57 .42% 2,345,905.62 .98% 3.558,003.19 1.76% 82.106,118.89 34.23% 116,511,359.10 57.65% 34,534,915.62 14.40% 771,407.84 .38% 4,784,952.01 1.99% 17,309,907.09 8.56% 239,868,745.68 100.00% 202,114,260.58 100.00% 401,153,711.00 239.501,254.20 59.79% 84.39% Other Foreign Countries (3) $1,085,965,739.78 16.50% (3) $1,120,695,988.21 17.02% $1228 359 347 75 $151962 224 72 $12,482,932.00 $505,609,506.02 $957,308,018.95 $426,229,194.52 $237,706,529.06 $202,851,793.07 $59,736,944.40 $3,782,246,490.49 $3,255,076,353.34 116.19% * ' ' 3249% ♦'^''''°*'' 4 027o .33% 13.367o 25.31% 11.27% 6.287o 5.36% 1.58% IOU.00% $2 206 661727 99 $136 771.432'.38 $30,819,226.30 $820,071,906.63 $1,266,325,702.16 $527,193,278.08 $1,312,026,364.24 $202,483,568.42 $80,531,812.12 $6,582,885,018.32 $5,881,550,101.66 111.92% * ' • '33 52% 2.08% .47% 12.46% 19.23% 8.01% 19.937c 3.08% 1.22% 1U0.U0% Total U. S.. Casaba. AMD Foasicn 99,013,377.51 249,839,541.74 Non-Ledcer and Mi*- cellaneous Assets (3) $1,085,965,739.78 (3) $1,120,695,988.21 $1,228,359,347.75 $2,206,661,727.99 $lil,962,224.72 $1^771.432.38 $12,482,932.00 $30,819,226.30 $505,609,506.02 $820,071,906.63 $957,308,018.95 $1,266,325,702.16 $426,229,194.52 $527,193,278.08 $237,706,529.06 $1,312,026,364.24 $202,851,793.07 $202,483,568.42 $59,736,944.40 $80,531,812.12 $3,881,259,868.00 $6,832,724,560.06 $3,255,076,353.34 $5,881,550,101.66 119.24% 116.17% Grajto Total U t772 4in 12s 26 investments in United States GoTcrnment Bonds. Drcrated to the yarious states according to census population reports. In 1911, investments in United States Government Bonds amounting to $519,472.72 were not prorated but are included in Miscellaneous Assets. Ircint which eich S S invStrnentrbcars to total investment. S the group. (3) No figures are available showing a separation of Total Mortgage Loans into Farm and Ot«er Properties in 1911. (4) Canadian investmenU are included with Other Foreign Countriea 1911. m INDEX Page A Decade of Life Insurance Investments. Asa S. Wing 46 Assets, distribution as to kind, 57, Insert, Tables I 60 Greatness of amount 55 Of forty-seven companies, 1920 46 Sectional distribution, 59, Insert, Table II 60 Year Book and Association statistics. Insert, Tables I and II 60 See Investments. Association of Life Insurance Presidents, statistics gathered, 10, 24, facing 36, 47, Insert 60 Members of, cover pages 2, 3 Proposed as statistical clearing house for mortality reports IS Automobile accidents 12, 14, 16, 17, 18 "Average man" 7 Bankers' attitude to policy loans 32 Bonds, state, county and municipal 48, Bonds, United States 48, Bright's disease 12, 16, 17, 51 50 18 10 Canada, lowered death rate 1921 Canadian bond investments, ratio to assets — 1911-1920, Insert, Table 1 60 Canadian bonds 53 Canadian assets, 1911, 1920, classified dis- tribution, Insert, Table II 60 Cancer 12, 16, 17, 18 Cash assets 1911, 1920, 48, Insert, Table II. 60 Canada. Central Northern States. Foreign countries. Gulf and Mississippi Valley. Middle Atlantic States. New England. Northwestern States. Pacific States. South Atlantic States. Southwestern States. Territories. United States. Cash, ratio to assets. Insert, Table I . . . . 60 Cerebral hemorrhage 16, 17, 18, 72 Charts: Distribution of assets as to kind, 1911, '14, '17, '19, '20 57 Percentage to total of each kind of invest- ment 58 Ratio by sections of rural to total popula- tion 30, 45 Ratio of investments to reserves, geogra- phical distribution, 1911, 1920 60 Ratio of policy loans to invested assets . . 44 By geographical distribution. . .38, 41»43, 45 By states 39, 40 Insurance Year Book and Association statistics 37 Sectional distribution of assets compared with reserves 59 Chicago, value of human life illustrated .... 22 Children's diseases, mortality statistics. . .17, 18 Childs, Arthur E., increased policy loans... 23 City and farm mortgages, 54, Insert, Table II 60 Collateral loans, 1911, 1920 48 Page Collateral loans. Insert, Table II 60 Canada. Central Northern States. Foreign countries. Gulf and Mississippi Valley. Middle Atlantic States. New England. Northwestern States. Pacific States. South Atlantic States. Southwestern States. Territories. United States. Collateral loans, ratio to assets, 1911-1920, Insert, Table 1 60 Connecticut, life and fire protection compared 20 Contents 1 Co-operation government, urged for prolong- ing life 15 Cox, Robert Lynn, address 7 Report 1913 on policy loans 23 Death, causes of, comparison, 1920-1921, 12j 16-18 Death claims, money saved by mortality gain, 1921 11 Death claims paid 1920 8 Death rate, lowering achieved 9, 11 Diarrhoea and enteritis 12, 17, 18 Diphtheria 12, 13, 17, 18 Earning power ultimate security for debt. . 22 Economic wealth, rate of gain.. 8 Economic worth of individual life 8,* 20 Farm and city mortgages, 54, Insert, Table I 60 Farmers, tenant, use of loans 33 Farm mortgages 30, 32, 54 Farm mortgage loans, ratio to assets, 1911- 1920, Insert, Table 1 60 Farm mortgages, 1911, 1920, Insert Table II 60 Canada. Central Northern States. Foreign countries. Gulf and Mississippi Valley. Middle Atlantic States. New England. Northwestern States. Pacific States. South Atlantic States. Southwestern States. Territories. United States. Foreign bond investments, 1911-1920, Insert, Table I 60 Geographical distribution of assets, 1911, 1920, 51-55, Insert, Table II. 60 Geographical distribution of policy loans, 23, facing 36 Gladstone's budget speeches 46 Government, state, county and municipal bonds, 1911, 1920, 48, 50, Insert, Tables I and II 60 Canada. Central Northern States. Foreign countries. Gulf and Mississippi Valley. i 6i Middle Atlantic States. New England. Northwestern States. Pacific States. South Atlantic States. Southwestern States. Territories. United States. Growth of life insurance Growth of policy loan and notes. Paob 19 23 Health in the life insurance mirror 7 Health offices, tardy action IS Heart diseases, organic 12, 16, 17, 18 Holcombe, John M., address 19 Homicides 12, 14, 16, 17, 18 Industrial business, causes of death, 1920, 1921 17, 18 Influenza 11, 12, 14, 16, 17, 18 Investments, A Decade of Life Insurance, Asa S. Wing 46 Investments, Central Northern States 53, 54 Classes decreased, 1911-1921 48 Classes increased, 1911-1921 48 Comparative statistics, 1911-1920, Insert, Table I 60 Canada government, state, county and municipal bonds. Cash assets. Collateral loans. Farm mortgage loans. Foreign government, state, county and municipal bonds. Mortgage loans. Other bonds and stocks. Premium notes and loans to policyholders. Railroad interstate bonds and stocks. Railroad intrastate bonds and stocks. Real estate. State, county and municipal bonds. United States government bonds. Eastern States 53 Geographical distribution. See Sectional Distribution. Middle Atlantic States 54 Miscellaneous, 1911-1920 48 Net increase, 1911-1921 48 New England States 53 Pacific States 53 Percentage to total of each kind 58 Ratio assets, 39 companies examined to 240 companies in Year Book, Insert, Table I 60 Ratio to reserves, sectional distribution... 60 Relation, liabilities and reserves 55 Sectional distribution of assets, 1911, 1920, Insert, Table II 60 Canada. Central Northern States. Foreign countries. Gulf and Mississippi Valley. Middle Atlantic States. New England. Northwestern 'States. Pacific States. South Atlantic States. Southwestern States. Territories. United States. See also Assets. Life conservation work 8 Life expectancy extension 9 Life insurance lapses 34 Measles 12, 17, 18 Meningitis 12, 17, 18 Mortality, lowered rate, 1921 10 Pack Mortgage loan investments. 1911-1920, 48, 49, 57, 58, Insert, Tables I and II 60 Mortgage loans, 1911-1920, sectional distribu- tion, Insert, Table II 60 Canada. Central Northern States. Foreign countries. Gulf and Mississippi Valley. Middle Atlantic States. New England. Northwestern States. Pacific States. South Atlantic States. Southwestern States. Territories. United States. Mortgages, farm and city 54 National Health in the Life Insurance Mirror. Robert Lynn Cox New business, effect on policy loan ratios. . Monthly production of New Life Insurance Business of 1921; What It Means. John M. Holcombe Nollen, Henry S., address Northwestern group policy borrowers Pacific group policy borrowers Policy loans and premium notes, 1911, 1920, Insert, Table II Canada. Pneumonia 12, 13, 16, 17, Central Northern States. Foreign countries. Gulf and Mississippi Valley. Middle Atlantic States. New England. Northwestern States. Pacific States. South Atlantic States. Southwestern States. .^ Territories. United States. Policy loans: Borrowers' occupations By states and sections, facing Disadvantages to companies Effect of new business on ratios. .. .29, Estimate of total Increased demand Increase in rural communities Partial payments 7 29 44 19 23 30 .S^ 30 -*^ ■fs^Kf" 4 60 f 18 i Ratio bv months to invested assets. Ratio of rural to total population . . Ratio to assets, 1911-1920, Insert, Table I Ratio to reserves 36 Association figures, 1911-1921, facing... By sections 38, 41-43, By states 39. Year Book figures, 1888-1920 Reasons given for Reduction 1919 Repayment Recent Fluctuations in. Henry S. Nollen Preface Premium notes. See Policy Loans. Prevention of disease Preventive medicine Puerperal causes of death 12, 16, 17, Railroad bonds and stocks, interstate. 1911- 1920 48, 50 Railroad interstate bonds and stocks, ratio to assets. Insert, Table 1 60 Railroad intrastate bonds and stocks, ratio to assets. Insert, Table 1 60 Railroad stocks and bonds, 1911, 1920, In- sert, Table II 50 Canada. Central Northern States. 32 36 32 44 33 23 33 34 44 45 60 •45 36 45 43 36 31 34 34 23 3 9 15 18 62 Date Due f' iff It fASit 6 3753 OCT 191994 NEH -f crv^iJUft^ -^^jfca:tc- Cr^tfcjL. APR 2 1925 MOV 2 8 1933 7u . ,^KiW«tu.u^ /^^ / OCT 6 m§^-^M% ^^-^-^^ 0041436652 .i^ ^^ mi^ sr.as ,t:.i- m m •:i;? END OF TITLE