by John Darer CLU ChFC MSSC RSP
The life insurance companies that issue structured settlement annuities really are a bunch of losers, compared to banks.
But the "losers" should be proud to be on the end of a 100-0 pasting as the second half kicks off. Last year the bankers showed the life insurance industry something and REALLY ran up the score, shellacking the structured settlement companies by the score of 140-0. The bankers also had more modest "clean sheets" against structured settlement companies the year before and a year before that.
I'm talking failures folks!
The FDIC just announced Friday July 23, 2010 that it had closed the 100th bank in 2010. At this time last year the number was 57. The problem bank list fell to 775 during Q1 2010 which is still higher than 2009.
The evidence shows that life insurers issuing structured annuities have had no failures during the same time period. Life insurers on the whole have stood the test of time.
But things are looking up! CNN reports that Q1 2010 was the most profitable quarter for banks (and other institutions) insured by FDIC in over 2 years.