Western National Life Insurance Company · Houston, TX United States
Company Description
Phone: 713-522-1111
Toll Free: 800-424-4990
View Western National Life Insurance Company Locations On A US Map
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This link will open in a new window Western National Life Insurance (formerly AIG Annuity Insurance) is a leading US provider of fixed annuity products sold through banks and other financial institutions. The company develops, markets, and issues fixed annuity products. It also is a provider of tax-deferred annuities used primarily in retirement planning. Western National Life Insurance is owned by American International Group (AIG) and is part of the former giant's domestic life insurance operations. However, AIG is steadily selling all of its US life insurance and annuity operations to repay the $85 million it borrowed from the US government. To read the full description, subscribe now.
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Key Western National Life Insurance Company Financials
| Company Type | Subsidiary Headquarters |
| Fiscal Year-End | December |
| Employees | 1,304 |
Western National Life Insurance Company Executives
19 executives listed for Western National Life Insurance Company's Houston, TX location.
| Title | Name & Bio | Contact |
| President and CEO; EVP, First SunAmerica Life Insurance Co | Bruce Abrams | Network |
| COO | Steve Poston | Network |
| EVP; National Sales Manager and Key Account Manager | Pete Seroka | Network |
Competition
Competitive Landscape for Western National 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 Western National Life Insurance Company Competitors
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