F.117 Life Insurance Companies            
 Billions of dollars; quarterly figures are seasonally adjusted annual rates            
 stock price direction  DOWN DOWN DOWN UP UP UP DOWN UP UP UP DOWN
 bond price direction UP UP UP UP DOWN DOWN UP DOWN DOWN DOWN DOWN
2001 2002 2003 2004 2005 2005 2006
Q1 Q2 Q3 Q4 Q1 Q2
1 Gross saving -5.3 -2.4 -7.5 -1.7 -0.9 -0.7 -1.4 -0.5 -0.8 -1.3 -0.9 1
2 Fixed nonresidential investment 3.4 2.8 2.6 2.7 1.8 2.2 1.9 1.6 1.3 1.4 1.4 2
3 Net acquisition of financial assets 250.6 279.8 258.2 264.4 185.3 297.2 149.2 195.6 99.4 190.5 164.9 3
4 Checkable deposits and currency 31.9 -1.6 12.0 6.0 -5.5 -24.5 20.9 4.7 -23.3 5.7 4.3 4
5 Money market fund shares 31.0 -13.5 -8.3 -30.7 -7.1 -28.5 -24.3 1.7 22.4 33.4 49.8 5
6 Credit market instruments 130.9 233.0 180.6 173.0 110.3 198.7 81.3 94.3 66.9 134.1 84.4 6
7 Open market paper -11.9 14.7 -18.2 -7.6 -8.0 -9.4 -15.7 -17.1 10.0 -12.1 5.9 7
8 Treasury securities -4.4 24.8 -6.6 6.6 12.7 10.0 13.8 14.7 12.2 4.7 5.8 8
9 Agency- and GSE-backed securities 18.1 77.4 18.0 8.2 11.4 38.6 4.6 7.6 -5.3 19.5 5.1 9
10 Municipal securities -0.4 1.2 6.2 4.0 2.4 4.1 2.0 2.3 1.1 1.8 1.3 10
11 Corporate and foreign bonds 120.2 106.8 171.0 147.8 78.9 143.9 60.7 77.4 33.7 99.6 59.0 11
12 Policy loans 2.2 1.0 -0.7 1.6 0.8 -1.5 2.9 -1.2 3.0 2.8 -1.2 12
13 Mortgages 7.1 7.0 10.9 12.4 12.1 13.0 13.0 10.5 12.1 17.9 8.6 13
14 Corporate equities 70.2 52.7 45.5 51.5 65.9 73.8 42.9 82.4 64.4 61.6 46.0 14
15 Mutual fund shares 2.1 2.6 0.5 12.8 -9.9 -10.0 -10.0 -10.0 -9.6 2.0 2.0 15
16 Miscellaneous assets -15.5 6.7 27.9 51.9 31.7 87.6 38.3 22.4 -21.4 -46.3 -21.7 16
17 Net increase in liabilities 248.5 259.7 230.0 228.0 173.9 285.5 155.6 173.3 81.2 194.4 140.3 17
18 Corporate equity issues -0.9 -6.5 -3.9 -17.3 -8.0 -13.8 -5.0 -5.6 -7.4 -23.1 -29.4 18
19 Other loans and advances 0.6 2.0 2.9 3.0 0.4 -1.6 2.3 0.4 0.6 2.8 1.3 19
20 Life insurance reserves 75.8 58.5 65.7 32.0 14.9 15.2 16.4 19.7 8.3 3.0 10.2 20
21 Pension fund reserves (1) 129.5 145.1 140.5 197.8 151.4 153.8 147.2 135.3 169.4 155.7 166.9 21
22 Taxes payable 2.0 2.4 2.8 3.2 3.6 3.4 3.5 3.6 3.7 3.8 3.9 22
23 Miscellaneous liabilities 41.5 58.1 22.1 9.3 11.5 128.5 -8.8 19.8 -93.5 52.1 -12.6 23
24 Discrepancy -10.8 -25.4 -38.4 -40.8 -14.1 -14.7 3.1 -24.5 -20.4 1.2 -26.8 24
 (1) Annuity reserves held by life insurance companies, excluding unallocated contracts held by private pension funds, which are included in miscellaneous liabilities (line 23).