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Being a Series of Comparative Exhibits for Life Policyholders, showing the Business and Financial Standing of all the Life Insurance Companies

of the United States. For two years ending Jan, 1, 1904.




EXPLANATORY NOTES. Exhibit I. In addition to the companies named in this Exhibit, the following companies carry small amounts of outstanding insurance on their books, but write no new business: Girard Life, Annuity and Trust, Philadelphia; New York Life and Trust, New York; Pennsylvania Company for Insurance on Lives, Philadelphia.

Since July 1, 1903, the following level-premium companies have commenced operations: Contentnea Life, Wilson, N. C. ; Life Association of America, New York; Southern Loan and Trust Company, Greensboro, N. C. ; Southwestern Life, Dallas, Texas; Security Life and Accident Company, Concord, N. H.; Volunteer State Life, Chattanooga; Continental Life and Investment Company, Salt Lake City. During the same period the following companies have reorganized under level-premium laws: Bankers Reserve Life, Omaha; Eastern Life, Washington, N. C.; Security Mutual Life, Lincoln, Neb.

The following foreign life companies are operating in the United States: Canada Life, Toronto, Ont.; Manufacturers Life, Toronto, Ont. (admitted in 1903); North American, Toronto, Ont.; Sun Life, Montreal, Quebec. The Nederland Life of Holland has ceased transacting new business, but is carrying its existing policies to maturity.

EXHIBIT III. The Item of Assets Not Admitted consists of assets whose value cannot be readily ascertained by the insurance commissioners, and are therefore disqualified, although they may be perfectly good investments. Agents' balances, bills receivable, furniture, fixtures and safes, advances to agents and commuted commissions are included in this item. The departments also deduct the expense loading of the deferred and unpaid premiums. These amounts are also included in this column.

EXHIBIT IX. Many companies take notes in part payment of premiums, upon which interest is paid, and others loan a part of the policy reserve to their policyholders. The amounts of such notes and loans are, of course, deducted in the final settlement of the policies. The following shows the total of such notes and loans for the year 1902:



128,710 128, 129 114,462 110,427 92,551 77,019 71,194 69,863 64,308 56,233 55,142 44,815 38,821 33,044 22,935 18.708 14,161 11,767 10,598 9,913 6,984 4,457 3,950 3.182 2,000

This makes a total of $127,927,668, consisting of $17,558,006 in premium notes, and $110,369,662 in Loans to Policyholders.

EXHIBIT XII. The Item of All Other Assets is made up chiefly of interest and rents due and accrued.

EXHIBIT XVII. Many companies transact a large part of their business on plans which involve the deferment of dividends for periods of ten, fifteen, or twenty years. This is generally known as the tontine principle, and some departments require companies transacting this class of business to report the surplus specially reserved for it. This table also shows the surplus apportioned by the companies for future distribution and reported as liabilities.

EXHIBIT XIX. The Net Assets are obtained by deducting from the admitted assets all indebtedness outside the amount set apart as the reinsurance reserve. Capital stock is also deducted.

Exhibit XX. The capital stock has been deducted from the assets in order to eliminate the heavy ratios heretofore appearing in favor of new companies.

Exhibit XXI. This table indicates the relative standing of the various companies in regard to the age of their policyholders, for as the policies increase in age the amount of reserve held necessarily increases. It should not be used as a standard of strength.

Exhibit XXII. The Not Admitted items of assets added to the admitted Assets and Surplus give the Gross Assets and Surplus of this table.

Exhibit XXIII. The following amounts paid for reinsurance have been deducted from the premiums of the companies named, unless otherwise stated: Ætna, new $178, renewal $8,779; American Life, new $116; Bankers, New York, new $1,081, renewal $1,650; Bankers Reserve, new $263, renewal $4,657; Berkshire, new $11,326, renewal $36,397 ; Central Life of Iowa, renewal $670; Colonial, new $1,917, renewal $3,913; Connecticut General, new $2,854, renewal $10,939; Conservative, new $329, renewal $777 ; Des Moines, new $280, renewal $228; Equitable, New York, renewal $46,741 ; Federal, new $386, renewal $1,889; Fidelity, new $426, renewal $1,940; Franklin, new $3,535, renewal $4,450; Germania, renewal, 5,556; Hartford, new $5,828, renewal $489; Home, New York, new $4,034; re

Dewal $19,352; Illinois, new $2.249, renewal $1,851 ; Inter-State of Ohio, new $120; John Hancock, new $8,107, renewal $15.700: Life Insurance Company of Virginia, renewal $830; Manhattan, new $12,008, renewal $18,871; Massachusetts, new $11,964, renewal $109,279; Metropolitan, new $3,854, renewal $33,319; Michigan, new $1,299, renewal $10,606; Minnesota, new $541; Missouri State, renewal $186; Mutual, Illinois, new $549; Mutual, New York, new $34,570, renewal $68,554; National, U. S. A., new $171, renewal $2,268; New York Life, new $75,687, renewal $203,855; Pacific Mutual, new $1,795, renewal $20,477 ; Penn Mutual, new $10,885, renewal $30,772; Phønix Mutual, new $5,405, renewal $24,026; Pittsburgh Life and Trust, new $1,199; Provident Savings, new $1,650, renewal $7,163 ; Prudential, new $50,720, renewal $85,550; Register Life and Annuity, new $197 ; Reliance, new $2,397 ; Royal Union, new $859, renewal $8,926; Security Life and Annuity of Pennsylvania, new $1,095 ; South Atlantic, new $1,636, renewal $2,075; State Life, new $975; State Mutual, new $13,164, renewal $35,822; Travelers, new $18,885, renewal $125,001 ; Union Central, new $32,679, renewal $132,661 ; Union Mutual, renewal $1,207; United States, new 2,458, renewal $6,924.

EXHIBIT XXIV. The column of Other Receipts is made up of such items as Policy Fees and Sundries; also receipts on supplementary contracts not involving life contingencies as follows: Ætna, $4,464; Bankers of New York, $1,000; Equitable of New York, $253,954; Federal Life, $5,485; Fidelity Mutual, $45,822; Germania, $21,946; Home of New York, $13,435; John Hancock, $59,883; Massachusetts Mutual, $215,516; Mutual of New York, $180,743; National of United States, $34,769; National, U. S. A., $9,328; National of Vermont, $2,640; New England, $31,998; New York Life, $296,862; Northwestern Mutual, $170,759; Penn Mutual, $201,167; Provident Life and Trust, $62,073 ; Provident Savings, $84.974; Prudential, $45,634; Royal Union, $3,956; Security Life and Annuity, N. C. $12,716; Security Mutual, $13,435; State Mutual, $46,101 ; Travelers, $408,004; Union Central, $21,500; Union Mutual, $5,000; United States, $50,292.

EXHIBIT XXVIII. Column of profit and loss, etc., includes payments on supplementary contracts not involving life contingencies as follows: Ætna, $6,345 ; Bankers of New York, $725; Des Moines Life, $67; Eastern Life, $150; Equitable of New York, $63,661; Federal Life, $900; Germania, $1,325; Home of New York, $4,432; Illinois Life, $1,500; John Hancock, $19,090; Massachusetts Mutual, $22,128; Metropolitan, $569; Michigan Mutual, $1,167; Mutual of New York, $72,576; National of United States, $6,485; National of Vermont, $700; New England, $18,169; New York Life, $65,767; Northwestern Mutual, $78,411 ; Penn Mutual, $78,954; Phænix Mutual, $5,511; Provident Life and Trust, $26,941; Prudential, $22,368; Security Mutual, $1,125; Security Trust and Life, $2,935; State Mutual, $2,177; Travelers, $20,860; Union Central, $7,250; Union Mutual, $3,943; United States, $3,083.

EXHIBIT XLI. The following are the amounts of reversionary additions in force in the respective companies: Bankers of Nebraska, $84,315; Bankers of New York, $2,208; Berkshire, $2,200,588; Connecticut General, $2,431; Conservative, (?); Equitable, New York, $6,570,545; Equitable of Iowa, $253,095 ; Germania, $645,093 ; German Mutual, $18,997 ; Hartford, $4,295; Home, $1,781,852; Illinois, $607,941; Inter-State of Indiana, $427,925; John Hancock, $460,719; Manhattan, $748,755; Maryland, $43,564; Massachusetts Mutual, $1,097,956; Michigan Mutual, $308,532; Mutual Benefit, $5,860,642; Mutual of New York, $20,536,856; National of Vermont, $87,286; New England, $646.489; New York Life, $4,196,425; Northwestern Mutual, $7,818,150; Pacific Mutual, $865.575; Penn Mutual, $1,270,986; Phoenix Mutual, $669,683; Provident Life and Trust, $1,628,006; Prudential, $181,576; Register Life and Annuity, $6,646; Security Mutual, Nebraska, $157 Security Mutual, New York, $567,713; State Mutual, $1,579,496; Union Central, $571,811; Union Mutual, $330,869; United States, $126,560; Washington, $681,180.

EXHIBIT XLIV.-XLIX. There is much uncertainty as to what is the really true basis for comparing expenses. Some companies claim that one ratio is the best, because it suits them, while others prefer an entirely different ratio. In these exhibits some of the chief methods are given.

Exhibit L. The amount of interest earnings given here do not include the items of profit and loss, but only the actual interest and rental receipts of the year.

EXHIBIT LVIII. In the case of young companies having capital stock, the Ratio of Total Benefits to Premium Receipts naturally is rather high. The date of commencing business and the amount of capital stock should be considered in this connection. The industrial companies being of necessity conducted at a high rate of expense show a comparatively low ratio.


Giving the Names of all active United States Life Insurance Companies, together with the Year of Incorporation, the Year when Business was commenced ; also showing the Age of



Home Office.


I 2 3 4 5



II 12 13 14 15

16 17 18 19 20

21 22 23 24 25


Ætna Life Insurance Company...

Hartford, Conn... May 26, 1820..... American Central Life Insurance Company.

Indianapolis, Ind.. February 23, 1899 American Life Insurance Company..

Des Moines, la.... February 7. 1899. Baltimore Life Insurance Company h...

Baltimore, Md.... March 27, 1882... Bankers Life Insurance Company..

Lincoln, Neb..... April 6, 1887... Bankers Life Ins. Co. of the City of New York.

New York, N. Y... March 24, 1869... Bankers Reserve Life Company.

Omaha, Neb..

1897.. Berkshire Life Insurance Company..

Pittsfield, Mass.. May, 1851.. Boston Mutual Life Insurance Company.

Boston, Mass.. August 18, 1891.. Central Life Assurance Society of the United States Des Moines, la... February 18, 1899 Colonial Life Insurance Company of America h. Jersey City, N. J.. November 22, 1897 Columbia Life Insurance Company

Cincinnati, o.

1902.. Columbian National Life Insurance Company.

Boston, Mass.

1902. Connecticut General Life Insurance Company..

Hartford, Conn.. June 22, 1865 Connecticut Mutual Life Insurance Company.

Hartford, Conn.... June 12, 1846.... Conservative Life Insurance Company..

Los Angeles, Cal.. May 16, 1900 Contentnea Life Insurance Company h..

Wilson, N. C..

July, 1903.. Continental Life Insurance and Investment Company. Salt Lake City, Utab February 19, 1904 Des Moines Life Insurance Company.

Des Moines, la.. July 31, 1885.... Eastern Life Insurance Company...

Washington, N. C.

1901... Equitable Life Assurance Society of the United States.... New York, N. Y.. July 26, 1859... Equitable Industrial Life Insurance Company h,. Washington, D. C. December, 1885 Equitable Life Insurance Company of lowa.

Des Moines, la.... January, 1867... Federal Life Insurance Company.

Chicago, Ill .....

February, 1900... Fidelity Mutual Life Insurance Company..

Philadelphia, Pa... December 2, 1878. Franklin Life Insurance Company...

Springfield, III..

1884.... Germania Life Insurance Company..

New York, N. Y. April 10, 1860. German Mutual Life Insurance Company.

St. Louis, Mo.... November 23,1857 Guaranty Mutual Life Insurance Company.

Davenport, la..

January 3. 1903.. Hartford Life Iasurance Company...

Hartford, Conn. May, 1866... Home Life Insurance Company..

Brooklyn, N. Y.a.. April 30, 1860.... Home Lite Insurance Company of America h.

Wilmington, Del... April 18, 1899. Illinois Life Insurance Company...

Chicago, Ill

1899. Immediate Benefit Life Insurance Company h.

Baltimore. Md. January 12, 1897. Inter-State Life Assurance Company...

Indianapolis, Ind.. June 19, 1897.... Inter-State Life Insurance Company...

Cincinnati, O..

October 14, 1901.. John Hancock Mutual Lite Insurance Company h.. Boston, Mass..

April 21, 1862.... Kansas City Life Insurance Company..

Kansas City, Mo..

1895.... Liberal Life Insurance Company..

Anderson, Ind...

January 8, 1901. Life Association of America.....

New York, N. Y....

1903.... Life Insurance Company of Virginia, The h..

Richmond, Va. March 21, 1871... Manhattan Lite Insurance Company.

New York, N. Y.. July 16, 1850..... Maryland Life Insurance Company.

Baltimore, Md. March 10, 1864... Massachusetts Mutual Life Insurance Company.

Springfield, Mass.. May 1, 1851.. Meridian Lise and Trust Company.....

Indianapolis, Ind January 28, 1897. Metropolitan Life Insurance Company h..

New York, N. Y... June, 1866.... Michigan Mutual Life Insurance Company

Detroit, Mich... November 6, 1867 Minnesota Mutual Life Insurance Company,

St. Paul, Minn... August 6, 1880... Missouri State Life Insurance Compiny.

St. Louis, Mo.... November 23, 1892 Mutual Benefit Life Insurance Company.

Newark, N. J.... January 31, 1845Mutual Life Insurance Company of Baltimore h.

Baltimore, Md...

1870.... Mutual Life Insurance Comi any of Il inois..

Chicago, in...

1902.. Mutual Lite Insurance Company of New York.

New York, N. Y... April 12, 1842.... Mutual Reserve Life Insurance Company.

New York, N. Y.. February 9. 1881.. National Life Ins. Co. of United States of America. Chicago, IN

July 25, 1868...

29 30

31 32 33 34 35




41 42 43 44 45




51 52 53 54 55

a Executive office in New York.

6 Reincorporated under level premium law,

All the compa


Location of the Head Office, the Names of the President and Secretary, the Capital Stock, tho the various companies at January 1, 1904, as legal-reserve organizations and Rank in the same.

Commenced Business.


Name of President.

Name of Secretary.

Years in Rank as Business. Ito Age.

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July, 1850 ....
April 10, 1899..
December, 1901 b...

1898 b...
May 6, 1887....
October 26, 1899 b....
September 30, 1903 6.
September 4, 1851....
July 1, 1899 0.
February 20, 1896....


I 52



January 24, 1898...
February, 1903...
September 10, 1902..
October, 1865..
December 15, 1846...
July 5, 1900....

1903.. March 1, 1904, January, 1900 b.


73 26 7

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1903 6....

July 28, 1859.... April 30, 19 12 b... March, 1867.. May, 1900...

1899 b...

$2,000,000 Morgan G. Bulkeley.... Joel L. English...

137,000 A. H. Nordyke... M, A. Woollen.
25,000 / M. H. Brinton..

J. C. Griffi.h..
Mutual F. S. Strobridge.. W.O. MacGill..
100,000 W. C. Wilson.

J. H. Harley.... 100,000 Foster M. Voorhees....F. G. Combes.. Mutual | B. H. Robison... Ray C. Wagner.. 25.500 | James W. Hull.. Theodore L. Allen. Mutual John W. Wheeler.. H. O. Edgerton... 50,000 George B. Peak..

H. G. Everett....... 150.000 Edward F. C. Young . Chas. F. Nettleship.. 100,000 Felix G. Cross... Edward W. Hyde. 200,000 Percy Parker...

Frank J. Wills.. 150,000 R. W. Huntington, Jr.. J. A. Turnbull.. Mutual Jacob L. Greene....... Herbert H. White.. 200,000 F. H. Rindge...

Alfred W. Morgan.
25,000 G. W. Connor... J. E. Johnson...
100,000 Heber M. Wells.

W. H. Cunningham.
Mutual i C. E. Rawson...

10,000 D. T. Tayloe..... Stephen C. Bragaw
100,000 James W. Alexander... William Alexander.
100,000 John C. Parker..

Allen C. Clark.. 100,000 F. M. Hubbell.

J. C. Cummins.
150,000 | 1. M Hamilton..

R. M. Wilbur.
Mutual | L. G. Fouse..

W. S. Campbell...
Mutual Edgar S. Scott... Henry Abels....
200,000 C. Doremus..

Carl Heye......
Murual Christian A. Stifel. Edwin J. Meyer.
Mutual | A. E. Steffen.... L. J. Dougherty..
500,000 George E. Keeney,.. Charles H. Bacall.
125,000 Geo. E. Ide....

Ellis Gladwin..
Paul Bright.

Smith Cooper ..
100,000 James W. Stevens. 0. J. Arnold..
15,000 M. Rothschild.... S. Rothschild
Mutual Charles A. Sudlow.. F. B. Davenport...
100,000 A. G. Turnipseed.... Herman Brockman...
Mutual Stephen H. Rhodes Walton L. Crocker...
100,000 H. S. Halbert....
Mutual John H. Terhune.. C. K. McCullough.
200,000 H. P. Townsley.. C. W. Townsley..
150,000 J. G. Walker..... W. L. T. Rogerson
100,000 Henry B. Stokes

John H. Giffin.
100,000 William H. Blackford.. J. W. Hanson
Mutual John A. Hall.... Henry M. Phillips.
Mutual Arthur Jordan

C. C. Pierce, Jr.

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July 5, 1898 6.
July 16, 1860...
April 12,1858.
February 3, 1903..
April 7, 1867...
May 1, 1860...
May 1, 1899.
October 2, 1899.
March 1, 1897
November, 1899 8..
November 1, 1901....
December 27 1862..
June 15, 1903 6
July. I, 1902 6.
August 7, 1903
April, 1871....
August 1, 1850..
July 12, 1865..
August 1, 1851..
March 10, 1900 b.
January, 1867.......
November 12, 1867...
September, 1901 b.
April 1, 1845...

October 1, 1902...
February 1, 1843.
April 17, 1902 b..
August 1, 1868..

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1901 b..

2,000,000 John R. Hegeman James S. Roberts.
250,000 O. R. Looker..

A. F. Moore...
Mutual T. R. Palmer

Douglas Putnam......
100,000 Edmund P. Melson. C. A. Goodale....
Mutual Fred Frelinghuysen ..

Edward L. Dobbins..
Mutual Matthew S. Brenan.... Henry Roth..
150,000 L. W. Noyes.... Gustav W. Weippiert..
Mutual Richard A. McCurdy... W. J. Easton...

Mutual Frederick A. Burnham.. Charles W. Camp...
1,000,000 P. M. Starnes.... R. E. Sackett ..

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Dies having a capital stock share the profits with the policyholders.

h Transacts industrial business.

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