Competition hurts profits of major life insurers. (Ohio life insurance companies)

Competition hurts profits of major life insurers

The 10 largest life insurance companies based in Columbus appeared fairly stable during the first six months of this year, but five of them had lower profits than in the first half last year.

The softness in income was consistent with national trends, analysts said. Those in the industry blamed the decline in profit on fierce competition.

Financial data for the 10 largest life insurance companies in Central Ohio, based on premiums written, showed that all of them enjoyed an increase in assets when compared with the first six months of 1989. Seven of them showed an increase in policyholder surplus and seven reported higher revenues.

Policyholder surplus is …