Business & Finance: Record in Life Insurance

According to Edward D. Duffield, President of the Prudential Life In-surance Co., the record amount of $11,710,000,000 in life insurance was written in 1923, making a total of $55,000,000,000 of life insurance in force in the U. S. The latter amount is larger than all the outstanding life insurance in all the other countries of the world put together. During 1922 American life insurance sold amounted to $9,744,000,000.

Coming as it did just after the savings banks of the country had announced a $1,000,000,000 increase in savings deposits (TIME, Dec. 10), this announcement afforded an added indication of the increased thrift among all classes in the country.

The investments made by insurance companies have always proved an important feature of large-scale financing. During the first ten months of 1923, the insurance companies invested about $660,000,000 in various enterprises, which is about as much as their investments for the entire year of 1922. During the latter year, $303,000,000 was placed in mortgage loans, whereas during the first ten months of 1923, $406,000,000 was invested in similar securities.

The financing of the current building boom has thus been largely made possible by the increased amounts of life insurance taken out by the public. Such large-scale financial assistance as this promises well for a continuance of heavy construction work next year.