Newspaper article THE JOURNAL RECORD

State Insurance Firms Post Improved Results

Newspaper article THE JOURNAL RECORD

State Insurance Firms Post Improved Results

Article excerpt

The largest Oklahoma-based life insurance companies showed an across the board improvement in 1989 from 1988.

The results for 1989 compared to 1988 show:

- Assets at the end of 1989 up 1 percent to $1.4 billion.

- Net worth rose 5 percent to $296.2 million.

- Investment income increased 10 percent to $106.8 million.

- Statutory profits for the year were $32.6 million, a gain of 38 percent from 1988.

The group consists of 30 insurance companies domiciled in Oklahoma with local mailing addresses.

However, direct business in Oklahoma declined to 26 percent from 26.6 percent at the end of the third quarter.

Seventy-three percent of the thirty firms improved assets and net worth, 63 percent had higher premiums and 87 percent recorded higher investment income levels. Fifty-three percent of the firms were more profitable than a year earlier while seven company operations were in the red, three more than a year ago.

The return on investment assets moved higher to 7.4 percent compared to 6.8 percent in 1988. The return on net worth was at 11.3 percent in 1989 up from the 8.6 return a year earlier.

Directors Life, based in Oklahoma City, led the list with a 108 percent gain in assets, a 97 percent gain in net worth and a 54 percent gain in premium growth.

Professional Investors Life in Tulsa registered a 300 percent increase in investment income. Both First Life in Oklahoma City and Home Security in Pauls Valley recorded statutory profits, reversing their deficits posted a year earlier. Professional Investors Life, which is in conservatorship, recorded a negative net worth.

Ten corporations recorded higher levels in each of the financial categories with seven based in Oklahoma City - American Fidelity, Mid-Continent, Reserve National, National Care, Old Surety, Homeshield and First Oklahoma; Wichita National in Lawton, Member Service and American Reserve in Tulsa. …

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