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TOP INSURA EMPLOVAULT GUIDE TO THE TOP

INSURANCE EMPLOYERS

TYYA N. TURNER AND THE STAFF OF VAULT

2005 Vault Inc.

Copyright 2005 by Vault Inc. All rights reserved. All information in this book is subject to change without notice. Vault makes no claims as to the accuracy and reliability of the information contained within and disclaims all warranties. No part of this book may be reproduced or transmitted in any form or by any means, electronic or mechanical, for any purpose, without the express written permission of Vault Inc. Vault, the Vault logo, and the most trusted name in career informationTM are trademarks of Vault Inc. For information about permission to reproduce selections from this book, contact Vault Inc., 150 W. 22nd St., 5th Floor, New York, NY 10011, (212) 366-4212. Library of Congress CIP Data is available. ISBN 1-58131-320-9 Printed in the United States of America

ACKNOWLEDGMENTSThanks to everyone who had a hand in making this book possible, especially Tyya Turner, Marcy Lerner, Mary Conlon, Elena Boldeskou and Kelly Shore. We are also extremely grateful to Vaults entire staff for all their help in the editorial, production and marketing processes. Vault also would like to acknowledge the support of our investors, clients, employees, family, and friends. Thank you!

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Table of ContentsINTRODUCTION 1

Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1 Insurance Agent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5 Actuary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .7

EMPLOYER PROFILES

9

Aetna Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .10 AFLAC Incorporation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .18 Allstate Corporation, The . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .23 American International Group, Inc (AIG) . . . . . . . . . . . . . . . . . . . . . . . . .33 Berkshire Hathaway Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .40 Blue Cross Blue Sheild Association . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .45 Chubb Corporation, The . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .50 CIGNA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .55 Conseco . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .61 Guardian Life . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .65 Hartford Financial Services Group. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .69 Liberty Mutual Insurance Company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .74 Massachusetts Mutual Life Insurance Comapany. . . . . . . . . . . . . . . . . . . .79 Metropolitan Life Insurance Company (MetLife) . . . . . . . . . . . . . . . . . . .84 Mutual of Omaha Companies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .92 Nationwide . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .97 New York Life Insurance Company . . . . . . . . . . . . . . . . . . . . . . . . . . . . .102 Northwestern Mutual Financial Network . . . . . . . . . . . . . . . . . . . . . . . . .108 Oxford Health Plans, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .113 Principal Financial Group, The . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .120 Progressive Corporation, The . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .125 Prudential Financial . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .130 St. Paul Travelers Companies, The . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .136 State Farm Insurance Company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .142 Thrivent Financial for Lutheransn . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .147 UnumProvident . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .152

Visit Vault at www.vault.com for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.

CAREER LIBRARY

ix

IntroductionInsuranceRisky business The insurance industry combines to form a multi-trillion-dollar market dealing in risk. In exchange for a premium, insurers promise to compensate, monetarily or otherwise, individuals and businesses for future losses, thus taking on the risk of personal injury, death, damage to property, unexpected financial disaster, and just about any other misfortune you can name. The industry often is divided into categories such as life/health and property/casualty. Life insurance dominates the mix, making up about 60 percent of all premiums. The bigger categories can be subdivided into smaller groups; property insurance, for instance, may cover homeowners, renters, auto, and boat policies, while health insurance is made up of subsets including disability and long-term care. But these days, you can find insurance for just about anything even policies for pets (a market that grew 342 percent from 1998 to 2002, with sales of up to $88 million, according to research firm Packaged Facts), weddings and bar mitzvahs, and the chance of weather ruining a vacation. Even insurance companies themselves can be insured against extraordinary losses by companies specializing in reinsurance. Celebrity policies always get a lot of press while rumors that Jennifer Lopez had insured her famous asset (sorry) for $1 billion proved to be unfounded, other such policies do indeed exist. In fact, the phrase million dollar legs comes from Betty Grables policy for that amount (a similar policy is held by TVs Mary Hart); other notable contemporary policies include Bruce Springsteens voice, reportedly covered at around $6 million.

Visit Vault at www.vault.com for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.

CAREER LIBRARY

1

Vault Guide to the Top Insurance EmployersIntroduction

The worlds top five Though the U.S. is well ahead of the rest of the world in terms of insurance coverage, with nearly 40 percent of the worlds premiums in 2002, insurance is a truly global industry. Ranked by sales, the top five insurance companies are Germanys Allianz, the Netherlands ING, New York-based American International Group, Inc. (AIG), Frances AXA, and Nippon Life Insurance Company, of Japan. Other leading U.S. insurers include State Farm, MetLife, Allstate, Prudential, Aetna and Travelers. Consolidation is the name of the game Hoovers reports that the top ten property/casualty insurers account for nearly half of all premiums written. Perhaps the most notable example of the mergers and acquisitions mania in the industry was the $82 billion merger in 1998 between Citicorp and the Travelers Group, which created Citigroup. Some insurance companies have also begun to re

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