Many life insurance company financial executives say their companies are still doing reasonably well.
Most of the 38 life company chief financial officers who participated in an informal Web survey conducted by Tillinghast, a unit of Towers Perrin Inc., Stamford, Conn., said they think their companies grew during the first quarter.
In February and March, about 58% of the CFOs said they thought first-quarter new life and annuity premiums had increased at least 4%, and 52% said they believed revenue had increased at least 4%.
About 48% of the CFOs said they thought net income had increased 4% or more, and only 13% said their companies’ net income had declined.
Tillinghast also asked about enterprise risk management practices.
About 14% of the CFOs reported that their companies lack tools for identifying and measuring risk.
About 47% said their companies have no formal triage process in place for prioritizing risk.