OF THE INSURANCE COMMISSIONER OF THE STATE OF MINNESOTA. PART SECOND. LIFE INSURANCE. SAINT PAUL: THE PIONEER-PRESS COMPANY. 1876. INSURANCE COMMISSIONER'S REPORT. PART II. LIFE INSURANCE. The life insurance business of 1875, encountering the same influences which depressed the fire insurance business, suffered with like effect. But when the condition of the country, the stagnation in nearly all branches of industry, and the general depression that has prevailed in business circles during the past year throughout the country, are taken into consideration, the result of the year's business, it seems to me, is rather encouraging to the companies than otherwise. While the value and utility of life insurance are perhaps more generally acknowledged than ever before, yet where it has to be carried at the cost of personal comforts, it soon comes to be considered a burden and is dropped and allowed to lapse. And thus the record of lapsed policies is being made up year by year, greater or less in number and amount according to the activity or depression of the business interests of the country. By table "G," it will be observed that with twenty-six companie's the number of lapsed policies in 1875 was 44,950, covering insurance to the amount of $16,058,221. The number of life insurance companies now operating in Minnesota, is twenty-six; number of casualty or accident companies, two; making a total of twenty-eight, whose business and standing are herein considered. COMPANIES WITHDRAWN AND ADMITTED. Since the date of the last report issued from this office, May 1st, 1874, the following named companies have ceased to do business in the State: The Minnesota Mutual reinsured in the Northwestern Mutual of Milwaukee, of which fact due mention and comment was made in the fourth annual report of this Department, issued in 1875. The St. Louis Life lost its independence by the resignation of its officers and the election of a new set from the corps of officers of the Life Association of America—a scheme which had been fully matured between the officers of the two companies before the denoument took place. The name of the company has been changed to the "Columbia Life Insurance Company." It has withdrawn from the agency field and takes no new business, except that present policy holders may increase their policies if they so desire. It would seem to be subordinate to the interests of the Life Association of America. The Teutonia, of Chicago, failed and passed into the hands of a receiver. It was a weak company always, and was poorly managed. The wonder is that it lived so long. The United States withdrew voluntarily for reasons best known to its managers. But one company has been newly admitted to the State since the last report was published, namely, the National Life Insurance Company of Montpelier, Vt. The following is a list of all life and casualty companies authorized to do business in the State at the date of this report: 1. Etna Life Insurance Company Hartford, Conn. 2. Alliance Mutual Life Assurance Society of the U. S., Leavenworth, Kan. 4. Chicago Life Insurance Company. 5. Connecticut Mutual Life Insurance Company 6. Continental Life Insurance Company 7. Continental Life Insurance Company 8. Covenant Mutual Life Insurance Co..... 9. Equitable Life Assurance Society of the U. S 10. Germania Life Insurance Co..... .Hartford, Coun. Hartford, Conn. .St. Louis, Mo. New York City. .New York City. 17. 18. 19. 20. 21 New England Mutual Life Insurance Co... National Life Insurance Co. of the U. S. of A 22. Phoenix Mutual Life Insurance Co.... ... Hartford, Conn. Brooklyn, N. Y. St. Louis, Mo. Springfield, Mass. .New York City. Newark, N. J. Montpelier, Vt. .Boston, Mass. New York City. Chicago, Ill. Milwaukee, Wis. Hartford, Coun. Hartford, Conn. New York City. Boston, Mass. New York City. COMPARATIVE RESULTS. The following affords a comparative view of the number, financial standing and business operations of the life insurance companies. doing business in Minnesota in 1874 and 1875, respectively: |