【文章內(nèi)容簡介】 社區(qū)再投資法 ). ? Expansion of services offered in order to pete with other FIs. ? Claim of unfair advantage of CUs over small mercial banks ? 2022: percent of CUs federally chartered and regulated by NCUA 全球問題 Global Issues ? Narrowing margins and flattening yield curves ? Mortgages dominating retail growth ? Personal bankruptcies rising ? Near crisis in Japanese Banking ? China ? Deterioration in early 2022s, NPLs at 50% levels ? Opening to foreign banks (WTO entry) slow 保險公司 Insurance Companies ? Differences in services provided by: ? Life Insurance Companies 人壽保險公司 ? Property and Casualty Insurance財產(chǎn)事故保險公司 ? Size, structure and position ? Balance sheets and recent trends ? Regulation of insurance panies ? Global petition and trends 互助 Mutual 股份 Stock保險公司Insurance Companies Biggest Life Insurers(2022) Insuranc e Com p an y Ow ner ship Form As sets (bil li ons) 1 . Met rop o litan L if e Sto ck $ 4 0 7 .8 2 . A m e rican Intern atio n al Gr o u p Sto ck 3 4 1 .1 3 . Prud en tial of Am e ri ca Sto ck 3 3 1 .1 4 . Hart f o rd Lif e Sto ck 2 0 4 .5 5 . Teac h e rs I n su ra n ce amp。 An n u ity Sto ck 1 7 7 .9 6 . Aeg o n USA Inc . Mutu al 1 7 2 .5 7 . ING Gr o u p Sto ck 1 6 9 .9 8 . New Yo rk Lif e Mutu al 1 6 6 .2 9 . Ax a Finan cial G rou p Sto ck 1 3 3 .2 1 0 . No rthwes tern Mutu al Mutu al 1 3 3 .1 Largest life insurance panies in 2022, ranked according to total assets (in 1,000 . dollars) 人壽保險 Life Insurance: Issues ? Demutualization ? Adverse selection ? Insured have higher risk than general population ? Alleviated by grouping of policyholders into risk pools 人壽保險公司 Life Insurance Companies ? Life Insurance Products: ? Ordinary life（普通壽險） ? Term life （定期壽險 ), Whole life(終身壽險 ) ? Endowment life （兩全壽險 ) ? Variable life （可變壽險 ), Universal life（萬能壽險 ), ? Variable universal life. ? Group life（團體壽險） ? Industrial life（產(chǎn)業(yè)壽險） ? Credit life（信用壽險） 其他人壽保險業(yè)務 Other Life Insurer Activities ? 年金保險 Annuities ? Reverse of life insurance activities. ? Topped $272 billion in 2022 ? Ethics: Conseco, 2022 ? 個人退休金基金 Private pension funds ? Compete with other financial service panies. ? Mid 2022s, managing $ trillion (45% of all private pension plans) ? 意外和醫(yī)療事故保險 Accident and health insurance ? Morbidity insurance ? Effects of growth in HMO enrollment 資產(chǎn)負債表 Balance Sheet ? Longterm assets ? Need to generate petitive returns on savings ponents of life insurance policies ? Bonds, equities, government securities ? Policy loans(保單質(zhì)押貸款 ) ? Longterm liabilities ? Net policy reserves to meet policyholders’ claims ? Separate account business % of total liabilities and capital in 2022. 監(jiān)管 Regulation of Life Insurance Companies ? McCarranFerguson Act of 1945 ? Confirms primacy of state over federal regulation. ? State insurance missions ? Coordinated examination system developed by the National Association of Insurance Commissioners (NAIC). ? States promote life insurance guaranty funds ? Not permanent funds (like FDIC) ? Required contributions from surviving withinstate firms. ? Financial Services Modernization Act, 1999 財產(chǎn)災害保險 Pamp。C Products ? 保費凈額 （ NPW premiums written） ? 火險和關(guān)聯(lián)險 Fire insurance and allied lines ? 屋主多種事故險 Homeowners multiple peril insurance ? 商業(yè)多種事故險 Commercial multiple peril insurance ? 汽車責任與損壞險 Automobile liability and physical damage insurance ? 責任保險 Liability insurance (other than automobile) 財產(chǎn)保險公司的資產(chǎn)負債表 Pamp。C Balance Sheet ? Similar to life insurance cos. (Smaller asset base) ? Requirement for liquid assets ? Major liabilities: loss reserves 損失儲備 loss adjustment expense 損失調(diào)整費用 unearned premiums 未到期保費 損失風險 ? 損失程度 (severity of loss)和損失頻率 (frequency of loss) ? 長期損失和短期損失 Longtail risk exposure ? 產(chǎn)品通脹和社會通脹 Product inflation versus social inflation 保險業(yè)比率 Underwriting Ratios ? Loss ratios have generally increased. ? Expense ratios have generally decreased. ? Trend toward selling directly through their own brokers rather than inde