A majority of North American life insurance company chief financial officers say they are happy with company efforts to protect against equity risk.

Consultants in the Stamford, Conn., office of Towers Perrin Forster & Crosby Inc. have published that conclusion in a summary of results from a recent Web survey of 27 North American life company CFOs.

All of the participants said the focus of their companies’ hedging programs involves protecting against equity risk, and only 13% said their companies are trying to hedge against credit risk.

Two-thirds of the CFOs said they are satisfied with their companies’ hedging programs, and 27% said they are highly satisfied. Only 6% said they are dissatisfied.

About 94% of the participants said their companies are trying to manage credit risk by limiting the percentage of assets that can be held in any given credit category.

About 41% of the companies have eliminated asset classes that are perceived to be riskier from their portfolios.