Banner Life Insurance Company · Rockville, MD United States
Company Description
Phone: 301-279-4800
Fax: 301-294-6960
Toll Free: 800-638-8428
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This link will open in a new window Is it a banner day everyday at Banner Life? Legal & General subsidiary Banner Life Insurance offers various life insurance products, including term life and fixed universal life, sold through independent brokers in 49 states and in the District of Columbia. The company has been in business for more than 50 years, having started out as Government Employees Life Insurance Company (GELICO). Legal & General bought the company in 1981 and changed its name to Banner Life two years later. Banner Life and its sister company, William Penn Life Insurance Company of New York, are the primary operations of Legal & General America. To read the full description, subscribe now.
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Key Banner Life Insurance Company Financials
| Company Type | Subsidiary Headquarters |
| Fiscal Year-End | December |
| Employees | 250 |
Banner Life Insurance Company Executives
4 executives listed for Banner Life Insurance Company's Rockville, MD location.
| Title | Name & Bio | Contact |
| President | David Lenaburg | Network |
| SVP and CFO | Gene Gilbertson | Network |
| SVP and Chief Actuary | David Orr | Network |
Competition
Competitive Landscape for Banner Life Insurance Company
Demand is driven by demographics and commercial transactions. Demand is also driven by legal or financial requirements. Consumers are usually required by states to buy auto insurance and by lenders to buy homeowners insurance, for example. The profitability of individual companies depends on effective marketing and on the ability to accurately estimate future payments. Large companies have big economies of scale in administration and in access to capital, as well as advertising and marketing. Small companies can compete successfully by specializing in particular products or industries. Average annual revenue per worker is around $400,000, so the industry is not labor-intensive. In the late 2000s recession, insurers saw revenues decline sharply when their investment portfolios lost value after the market fell. Insurance carriers rely heavily on their investment portfolios, which is where they invest premiums collected until they are needed to pay claims or benefits. In addition, deregulation of the insurance and financial services industries led to increased risk taking that hurt insurers' credit ratings. Insurance giant AIG was forced to accept $150 billion in government loans to stave off bankruptcy that was brought on by its overexposure to credit default swaps. Federal government bailouts have primarily targeted banks. Aside from AIG, insurance companies have not been as hard hit by the subprime mortgage meltdown. But some insurance companies are seeking relief from state regulators to allow them to operate with less capital. Other insurance companies are buying financial institutions to qualify for federal aid. To read the full description, subscribe now.Top Banner Life Insurance Company Competitors
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