“In a review of 2013 year end statutory financial statements of 765 life and annuity insurers, Weiss Ratings found the effective tax rate of the largest 25 insurers by asset size was negative 8.4 percent. The effective rate for the overall industry, including the top 25 insurers, was 15 percent. This is an industry of giants with $6.1 trillion in assets; comparable to China’s 2010 Gross Domestic Product (GDP). The top 25 generated $96.6 billion in investment income during 2013. The largest insurers took more risk with the bond portfolios, investing 6 percent in junk bonds compared with the average of just 2.9 percent invested in junk.”
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