Life in Indiana: the state's largest life/health insurance carriers.

• Author: Dunlap, Phil

Indiana's life/health insurance industry can trace its roots to the 1880s, and today it is a thriving segment of the state's economy. Following are profiles of the largest life/ health carriers based here, listed in order of assets.

LINCOLN NATIONAL CORP.

Indiana's second-largest company, Fort Wayne-based Lincoln National Corp. is a major player in both life/health and property/casualty insurance. Its dominant life/health subsidiary is Lincoln National Life Insurance Co.

Lincoln National was established in 1905. Its life/health subsidiaries - led by Lincoln National Life but supplemented by American States Life Insurance and First Penn-Pacific Life Insurance - write individual and group life policies of numerous varieties, as well as individual and group annuities. Its products are distributed in nearly all U.S. states through varied channels, including in-house agents, independent agencies, insurance brokers, banks, stockbrokers and financial planners.

Over the years Lincoln has also achieved prominence in reinsurance. In fact, Lincoln National's reinsurance company is the world's leading life/health reinsurer, based on premium income.

Lincoln is emerging as an international force, becoming a major participant in the United Kingdom's life insurance and pension markets. The company has entered into a joint partnership to provide insurance through Banco Mexicano, the fourth-largest bank in Mexico. Lincoln hopes to open a third representative office in China this year and is exploring a presence in India.

The combined assets of Lincoln National's life/health and reinsurance operations are $43.3 billion. Life/health insurance in force is $132.3 billion, and revenues linked to life/health and reinsurance total $3.1 billion. Ian Rolland is the chairman of the board at Lincoln National Corp., and Robert A. Anker is president and chief operating officer.

AMERICAN UNITED LIFE INSURANCE CO.

Headquartered in Indianapolis since its founding almost 120 years ago, AUL is a mutual company whose policyholders are the owners of the company. AUL's home office, an architecturally significant 38-story downtown building topped with a 20-by-38-foot American flag, commands an impressive presence on the skyline of the city.

Begun in 1877 when the Knights of Pythias desired to create a life-insurance program for Hoosier members, AUL has evolved through several entities into its present form. Its name sprang from the 1936 merger of American Central Life Insurance and United Mutual Life Insurance Co.

AUL operates in all states but four, and is a major provider of individual and group life insurance as well as individual and group annuities. Specialties include defined-contribution pension products, including 401(k) plans. The company also has made a name in reinsurance, serving some 140 other life/health companies and carrying the distinction of being the country's oldest continuously operating reinsurer.

AUL reports assets of $6.5 billion and $74.1 billion of life insurance in force. Its 1995 revenues totaled $1.3 billion. Jerry Semler is chairman, CEO and president.

CONSECO INC.

Conseco, headquartered in Carmel, is a financial-services holding company. It operates life insurance companies and provides investment management, administrative and other services.

Since commencing operations in 1982, the company has acquired 12 life insurance companies and related businesses. Conseco picked up the first seven as wholly owned subsidiaries (four have since been sold) and the last five through an acquisition partnership. Some of the life insurance companies under the Conseco banner are National Fidelity Life, Bankers National Life, Beneficial Standard Life, Lincoln American Life, Jefferson National Life and Great American Reserve Insurance Co.

An independent agency force and broker/dealers market the products of Conseco's companies in most states. A major chunk of the company's business is in annuities, although some of its companies also market ordinary life policies.

Conseco continues to explore profitable places in which to put its money, some unusual. It owns a piece of the Hoosier Park horse-racing facility in Anderson, and is involved in the effort to bring a riverboat casino to Lawrenceburg. The company also has...