Tax Policy:

Information on the Stock and Mutual Segments of the Life Insurance Industry

GGD-86-31FS: Published: Dec 12, 1985. Publicly Released: Dec 12, 1985.

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Pursuant to a congressional request, GAO reviewed statistical data on stock and mutual life insurance companies concerning insurance in force, insurance issued, investment yields, and taxes paid.

GAO found that: (1) from 1980 through 1984, mutual and stock insurance companies increased their insurance in force by 40 and 80 percent, respectively; (2) mutual companies increased their net gain after taxes by 8 percent, but stock companies increased their gain by 52 percent; (3) by 1984, mutual companies held 53 percent of the insurance industry's assets while stock companies only held 47 percent; and (4) stock companies held 59 percent of the premium income and insurance in force for the industry. GAO also found that: (1) stock companies captured 71 percent of the market segment of new insurance after taxes in 1984; (2) while mutual company assets increased by 8 percent in 1984, stock company assets increased 15 percent; (3) insurance in force increased 7 percent for both stock and mutual companies; and (4) net gain after taxes increased 72 percent for mutuals and only 35 percent for stocks.

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