Newspaper article THE JOURNAL RECORD

State Insurance Firms Post Lower Premiums

Newspaper article THE JOURNAL RECORD

State Insurance Firms Post Lower Premiums

Article excerpt

Premiums for the largest Oklahoma life insurance companies with local mailing addresses were down 1 percent to $136.3 million for the first quarter of 1990.

This was the first time in five quarters that premiums, the lifeblood of the industry, declined. The majority of the companies, however, added to their asset bases, which were up 5 percent to $1.5 billion. Net worth rose 13 percent to $303.6 million, investment income was 1 percent higher to $26.6 million and statutory net income rose more than five-fold to $14.7 million.

Direct business in Oklahoma as a percent of total business continued downward falling to 24.3 percent from 26 percent at the end of 1989.

Fifty-nine percent of the 29 firms improved their assets and statutory profits, 69 percent had higher net worth and 62 percent recorded increased investment income. Six companies showed a bottom line in the red. The return on invested assets was 7.56 percent, below the 7.86 percent a year earlier, but above the 7.45 percent at year end. The return on net worth shot up to 20.9 percent from 11.3 percent at year end and 7.2 percent a year earlier.

Old Surety Life Insurance Co., Oklahoma City, led the list in asset growth, 95 percent, and premium growth, 113 percent. American Reserve Life Insurance Co. in Tulsa posted the largest increase in net worth of 129 percent. Directors Life Assurance Co. in Oklahoma City posted more than a two-fold rise in investment income. American Standard Life & Accident Insurance Co. in Enid, Professional Investors Insurance Corp. in Tulsa and Oklahoma City, Security General Life Insurance Co., Mark Twain Life Insurance Co., Century Life Assurance Co. and Eagle Life Insurance Co. all rebounded from losses a year earlier.

Seven corporations recorded higher levels in each financial category under analysis. They were: Member Service Life Insurance Co. …

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