Financial Services: The Variety of Finance Activities Contributions to the Economies

• Ohio's finance industry (NAICS 521-3, 5) provided ser-vices valued at $32 billion in 2017. This was 5.0 percent of Ohio’s total Gross Domestic Product (GDP) and close to 3.5 percent of the U.S. industry total. By comparison, Ohio’s total GDP was 3.3 percent of U.S. GDP, indi-cating the finance industry is concentrated here.

• 86.7 percent of finance services – close to $27.8 billion – were provided by the Federal Reserve Bank (521) and two types of credit organizations: depository ones (5221) – commercial banks, saving-and-loans and credit unions (the last are non-profit cooperatives), and non-depository ones (5222) providing only credit and financing; others (5223) provide support services. These were 4.3 per-cent of Ohio’s total GDP and 4.5 percent of the two U.S. subsectors’ combined total – and specify the source of the finance industry’s concentration here.

• $4.25 billion in services – 0.7 percent of Ohio’s total GDP – were provided by firms in the securities and funds subsectors (523 and 525, gray and blue).

The Distribution of Industry Employment in Ohio

• 139,600 people worked in Ohio’s finance industry in 2017 according to the Census Bureau. About 91,400, or 65.5 percent, worked for depository institutions such as commercial banks (52211, 76,100), savings-and-loans or credit unions (5221R, close to 15,300). An additional 17,400, or 12.5 percent, worked for non-depository in-stitutions (5222) providing credit and financing, while 12,000 – 8.6 percent – worked in processing, clearing, loan brokerage, etc. (5223). Altogether, 120,800 – 86.6 percent – worked in private sector credit intermediation (green slices).

• 17,700, or 12.7 percent, worked in the securities sub-sectors (523, 5, gray). 6,300-plus of these were at brokerages (52312); 9,100-plus worked at establish-ments providing portfolio management or investment advice but no brokerage services (52392-3). 1,100-plus worked in investment banking (52311); i.e., for establish-ments raising capital, underwriting new securities, or providing advice regarding such purchases.

Ohio’s Shares of the Industry Employment

• Parts of the finance industry are concentrated in Ohio, judging by employment. The general concentration of credit intermediation (522, 4.2 percent of the U.S.) re-flects the concentration of employment in specific con-stituent industries: commercial banks, savings-and-loans, credit card issuing, and transaction processing, which ranged from 4.7 to 11.3 percent of the U.S.

• Also noteworthy are the 1,000 workers at three Cleve-land Federal Reserve Bank establishments (521), which, in addition to finance industry regulation, provide ser-vices to regional depository institutions; they comprised 5.2 percent of the System in 2017.

Ohio’s Finance Industry: 2017 GDP (in millions)

Source: U.S. Bureau of Economic Analysis, 2019

Ohio Finance Industry Employment (in thousands)

Source: U.S. Census Bureau, 2019

Ohio’s Share of U.S. Employment in Selected Financial Industries Share NAICS Code: Title of U.S.

Private sector total (except farms & railroads) 3.7%

521-3, 5: Finance industry total 3.7%

521: Cleveland Federal Reserve Bank 5.2%

522: Credit intermediation & related activities 4.2% 52211: Commercial banks 4.9% 52212: Savings-and-loans 6.5% 52221: Credit card issuing 11.3% 52232: Financial transactions processing, etc. 4.7%

523: Securities, etc. 2.0% 525: Funds, trusts, etc. 0.4%

Source: U.S. Census Bureau, 2019

521-2: Banking, etc., $27,764, 87%

523: Securities,

etc., $4,042, 12%

525: Funds,Trusts, etc., $209, 1%

Total: $32,015

521: Cleveland

FRB, 1.0, 1%

52211: Banks, 76.1,

54%

5221R: S&Ls, CUs, 15.3, 11%

5222: Financing & Credit, 17.4, 12%

5223: Processing,

etc., 12.0, 9%

523, 5: Securities, etc., 17.7,

13%

Finance Total: 139.6

Financial Services: Finance Trends & Projections GDP Trends in Ohio

• Industry services in Ohio contracted 2 percent, drifting from $25.8 to $22.7 billion after adjusting for inflation (NAICS 521-3, 5, green and gray column figures sum-med) according to the latest GDP figures from the U.S. Bureau of Economic Analysis (BEA).

• The chart at right shows the industry trend is due to the contraction in the banking, etc. subsector (521-2, green columns), which decreased 15.2 percent from $23.0 to $19.5 billion. However, the portion of U.S. subsector activity in Ohio (green dots) remained nearly constant after 2012, suggesting changes seen here were part of nationwide changes.

• Services provided by the securities-and-funds subsector (523 and 525 combined, gray) have fluctuated around $3 billion, with the portion of such from Ohio holding steady at 1.4 percent of the national total.

Employment Trends in Ohio

• Total industry employment has fluctuated between 128,700 and 143,300, a range of 14,600. The changing levels are reflected in the percentage U.S. employment here, which ranged from 3.8 in 2013 to 3.5 in 2015.

• The bulk of variation was seen in the coinciding expan-sions and contractions of two groups: banks-savings-and-loans-credit unions (5221), with a range of 9,800, and financing and credit (5222), varying by 7,100.

• Smaller variations not coinciding with the largest two groups were seen in the processing group (5223, olive green) and the securities-and-funds subsector. Cleve-land Federal Reserve Bank employment levels (521, not shown) fluctuated around 1,000.

• Current data from the U.S. Bureau of Labor Statistics show banking and securities employment increasing 1.1 and 3.6 percent, respectively, from 2017 to 2018.

Ohio Employment Projections

• Collective employment for the largest industry subsec-tors (522-3) is projected grow 6.5 percent from 110,810 to 117,970 during the 2016-2026 decade according to the Ohio Dept. of Job and Family Services’ Labor Market Information division (ODJFS-LMI).*

• These summary figures mask divergent predictions for the constituent groups. The greatest number of new jobs and the fastest growth – 23.8 percent – are forecast for the securities subsector, followed by processing, etc. – 20.8 percent, and non-depository financing and credit – 10.0 percent. These contrast with an expected in 3.5 percent decrease in banking, etc. No projections were made for the Cleveland Fed or the funds subsector.

Note: * – 2016 Census Bureau and ODJFS-LMI figures differ due to different methodologies and site classifications.

Ohio GDP Trends (in billions, standardized on 2012)

Source: U.S. BEA

Ohio Employment Trends (in thousands)^

Note: ^ - all employment figures are estimates. Source: U.S. Census Bureau

Employment Projections for Selected Industries

Source: ODJFS-LMI, 2018

$23.0$20.6 $21.0 $20.9 $21.7 $20.0 $19.5

$2.7

$3.4 $3.6 $3.1$2.8

$3.1 $3.2

4.8%

4.0%

4.5%4.4%

4.5% 4.4% 4.5%

0.0%

0.7%

1.4%

2.1%

2.9%

3.6%

4.3%

5.0%

$0.0

$5.0

$10.0

$15.0

$20.0

$25.0

$30.0

$35.0

2011 2012 2013 2014 2015 2016 2017

Ba

nk

ing

as

Pe

rce

nt

of

U.S

.

GD

P

521, 2: Banking, etc. 523, 5: Securities, etc.

Banking as Percent of U.S.

86.1 89.2 92.3 87.7 81.6 88.391.4

17.620.1

24.721.9

18.118.4 17.4

9.29.5

8.99.4

9.511.1 12.0

18.817.3

16.516.4

18.1

18.8 17.7

0.0

20.0

40.0

60.0

80.0

100.0

120.0

140.0

160.0

2011 2012 2013 2014 2015 2016 2017

5221: Banks, S&Ls, CUs 5222: Financing & Credit

5223: Processing, etc. 523, 5: Securities, Funds, etc.^

136.4128.7

137.7 139.6132.8

137.1143.3

58,690 56,640

20,150 22,160

13,760 16,620

18,21022,550

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

2016 2026

5221: Banks, S&Ls, CUs 5222: Financing & Credit

5223: Processing, etc. 523: Securities, etc.

110,810117,970

Financial Services: Finance Companies and Projects The Biggest Companies in Ohio

• 220 depository organizations (NAICS 5221, banks, sav-ings-and-loans, credit unions, etc.) had 3,573 active of-fices in Ohio according to the latest data from the Feder-al Deposit Insurance Corp. (FDIC); however, the vast majority are branches with less than 20 employees ac-cording to the latest Census Bureau data.

• Despite these big numbers, the industry is dominated by a few very large organizations. The chart at top-right shows the total state employment of the seven largest employers, all of whom are on Fortune’s U.S.-1,000 list. JP Morgan Chase is the largest of the six depository companies (dark green), while 5th/3rd, Huntington and KeyCorp have their world headquarters here. The six also have the largest number of offices, combining for 50.7 percent of the total according to the FDIC.

• Other companies on Fortune’s U.S.-1,000 or Global-500 list employing at least 500 here in the industry (but not shown at right) include BMW1 Financial Services, Dis-cover Financial Services, Fidelity National Information Services (fka World Pay or Vantiv), Macy’s1 Credit, Na-tionwide1, Synchrony, and Union Bank of Switzerland. At least 13 more Fortune-listed companies have smaller operations. At least six non-Fortune banks may may employ 500 or more here: Citizens Financial, First Fi-nancial, Park National, Peoples, WesBanco and Wood-forest National.2

Major Projects in Ohio

• 24 companies announced 30 major projects with inten-tions to invest $333.6 million beginning in 2015. 3,220 new jobs were anticipated at announcement. 2016 was the peak year for project values – $283.1 million – and anticipated new jobs – 2,260-plus.3

• Of the $333.6 million, $294.5 million was intended for depository banking (5221) with 2,170-plus new jobs; $7 million was for non-depository financing (5222) with 310 jobs; $2.7 million was for support and related activities (5223) with 195 jobs; and $29.9 million was planned by securities and funds companies (523 and 525) with 530-plus jobs.

• JP Morgan Chase announced the largest aggregate investments – $205 million. EF Hutton and Huntington National Bank also announced projects totaling at least $20 million. Huntington also planned to add the greatest number of jobs – nearly 1,200; it was followed by U.S. Bancorp with 560, Morgan-Stanley with 375, and Quick-en Loans and Synchrony Financial with at least 250.

Notes: 1 – finance (522, 3, 5) is not the principal activity of the company; conversely, a few credit intermediation com-panies (522) have smaller operations elsewhere in the sector (52); 2 – exact counts are impossible due to data source limi-tations; 3 – a major project involves an investment of at least $1 million, an addition of at least 20,000 square feet, or 20 new jobs; projects often extend for more than one year, and jobs may be phased-in or realized at completion.

Industry Employers in Ohio’s 100 Largest*

Ohio-based Financial Companies on Fortune’s U.S.-1,000 List (2018 revenues in billions)*

Notes: dark green – depository; light green – non-depository; * - most revenues and jobs are in credit intermediation (522), but may include some outside the industry. Sources: For-tune, 2019; Ohio Development Services Agency, 2019

Announced Investments and Anticipated New Jobs

Source: Ohio Development Services Agency

The Largest 2018 Announcements Dollars Jobs Company (millions) Anticipated

U.S. Bancorp $14.5 400 Kemba Credit Union $9.3 40 Lendkey Technologies n.a. 60

Note: n.a. – not available. Source: Ohio Development Ser-vices Agency, 2019

4,800

5,300

6,400

7,000

8,800

10,600

21,000

0 5,000 10,000 15,000 20,000 25,000

Alliance DataSystems

US Bancorp

KeyCorp

PNC

Fifth/Third

Huntington

JP Morgan Chase

$5.27

$7.39

$7.79

$7.97

$0.00 $2.00 $4.00 $6.00 $8.00 $10.00

Huntington

KeyCorp

Alliance Data

Fifth/Third

$12.6

$283.1

$5.9 $32.029

2,268

383540

0

500

1,000

1,500

2,000

2,500

3,000

$0.0

$50.0

$100.0

$150.0

$200.0

$250.0

$300.0

2015 2016 2017 2018

Jo

bs A

nti

cip

ate

d

An

no

un

ce

d I

nvestm

en

ts(m

illio

ns)

Announced Investments Jobs Anticipated

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Ross348

Stark3,435

Pike191

Wood534

Darke448

Knox353

Scioto369

Licking1,244

Adams74

Gallia275

Wayne477

Perry109

Clark581

Huron317

Allen838

Butler1,742

Lorain1,454

Seneca287

Logan225

Brown123

Athens314

Union269

Trumbull1,222

Meigs110

Ashtabula397

Hardin168

Henry186

Franklin28,107

Noble57

Preble181

Mercer279

Portage544

Miami440

Fulton304

Erie487

Belmont435

Vinton77

Hancock511

Fairfield625

Putnam165

Highland521

Lucas2,810

Carroll47

Shelby238

Monroe79

Richland749

Clinton409

Greene1,172

Muskingum585

Marion264

Medina690

Warren2,497

Fayette118

Holmes299

Guernsey192

Pickaway235

Madison99

Morgan87

Washington628

Coshocton139

Geauga401

Summit4,913

Jackson215

Hocking105

Ashland169

Morrow52

Tuscarawas499

Delaware12,169

Williams216

Harrison43

Paulding68

Defiance575

Lawrence214

Van Wert151

Auglaize229

Cuyahoga22,627

Wyandot198

Hamilton21,817

Columbiana343

Crawford286

Sandusky364

Mahoning1,590

Champaign163

Ottawa221

Clermont750

Lake1,105

Jefferson 259

Montgomery6,508

KeyCorp*

Synchrony

U.S.Bank

Nationwide

Alliance Data Systems*

Macy's Credit

Federal ReserveBank of Cleveland

Fidelity NationalInformation

Third FederalSavings & Loan*

Discover Financial Services

NY CommunityBank

BMW Financial Services

PNCFifth Third Bank

Fifth ThirdBank*

JP MorganChase

Huntington*

Synchrony

R112719A

Finance IndustryEmployment by CountyStatewide: 137,653

Source: 2016 County Business Patterns, U.S.Census Bureau; Hoover's Online; FDIC 2019;and Fortune Magazine 2019

Prepared by: Ohio Development Services Agency,Office of Research (December 2019)

Finance IndustryEmploymentin County**

! ! ! ! ! ! !

! ! ! ! ! ! !

! ! ! ! ! ! !

! ! ! ! ! ! !

! ! ! ! ! !

! ! ! ! ! !

! ! ! ! ! !

! ! ! ! ! !

10,001 - 28,107

! ! ! !

! ! ! !

! ! ! !

! ! !

! ! ! 1,001 - 10,000

! !

! !

! ! 401 - 1,000

! !

! 201 - 400

43 - 200

**County figures are estimatesand do not sum to statewide total

*An asterisk (*) indicatescorporate headquarters

!Finance Industry Establishment*Believed to Employ 500 or More

Financial Services: The Variety of Insurance Activities Contributions to the Economies

• Ohio's insurance industry (NAICS 524) provided ser-vices valued at $26.6 billion in 2017. This was 4.1 per-cent of Ohio’s total Gross Domestic Product (GDP) and 4.9 percent of the U.S. industry total. By comparison, Ohio’s total GDP was 3.3 percent of U.S. GDP, indi-cating the insurance industry’s concentration here.

• In the absence of more detailed GDP data, the chart at right uses aggregate wages as proxies to illustrate the relative value-contributions of specific industries to the subsector total. It suggests: 1. 75.6 percent originated with insurance carriers

(5241, gold, yellow and black) and 2. 24.4 percent may be credited to agencies, broker-

ages, claims adjusters, third-party administrators, etc. (5242, green slices).*

The Distribution of Industry Employment in Ohio

• 70.9 percent of the 118,100 industry jobs in Ohio in 2017 were with carriers (5241) – the businesses writing the policies and the assuming risks. Of this group, close to 31,300, or 26.5 percent, worked at establishments on the life-health-medical side (52411), while 52,300-plus, or 44.3 percent, worked on property-casualty-title side (52412). About 50 worked for reinsurance carriers (52413).

• Agencies and brokerages (52421) comprise most in-dustry establishments: 4,891 of 7,125, or 68.6 percent. They usually are small operations, employing an aver-age of about five people per establishment, but collec-tively provided 25,100 jobs – 21.3 percent of the industry total.

• Close to 9,300 people – 7.9 percent of industry employ-ment – worked in other insurance-related establishments (52429). Of these, 6,400-plus worked in the 3rd-party administration of insurance and pension funds (524292).

Ohio’s Shares of U.S. Industry Employment

• Overall insurance industry employment (524) is some-what concentrated in Ohio: 4.5 percent of the industry jobs are located here, compared with 3.7 percent of al-most all private sector employment in the U.S.

• The overall industry concentration is principally driven by the large property-and-casualty industry (524116) with 8.8 percent of the corresponding national industry total.

• Other industries moderately concentrated here are

claims adjusting services (524291) and life insurance carriers (524113) with 4.3 and 3.9 percent of corre-sponding U.S. totals.

Note: * - Carriers underwrite the policies sold by agencies and brokerages.

Ohio Insurance Industry Wages (in millions)

Source: U.S. Census Bureau, 2019

Insurance Industry Employment (in thousands)

Source: U.S. Census Bureau, 2019

Ohio’s Share of U.S. Insurance Employment, 2017 Share NAICS Code: Title of U.S.

Private sector total (except farms & railroads) 3.7%

524: Insurance industry total 4.5%

524113: Life insurance carriers 3.9% 524114: Health insurance carriers 3.3% 524126: Property & casualty carriers 8.8% 524127: Title carriers 2.3% 524128: Other direct carriers 1.5% 52413: Reinsurance carriers 0.4%

52421: Agencies & brokerages 3.5% 524291: Claims adjusting 4.3% 524292: 3rd-party fund administration 2.6% 524298: All other activities 3.0%

Source: U.S. Census Bureau, 2019

52411: Life-Health-Medical Carriers,

$2,306, 27%

52412: Property-Casualty-

Title Carriers,

$4,236, 49%

52413: Reinsurance,

$10, 0%

52421: Agencies-

Brokerages, $1,513, 17%

52429: 3rd Party Fund Admin., Claims Adjstng., etc., $596, 7%

Total: $8,662

52411: Life-Health-Medical Carriers, 31.3, 27%

52412: Property-Casualty-

Title Carriers, 52.3, 44%

52413: Reinsurance, 0.1,

0%

52421: Agencies-

Brokerages, 25.1, 21%

52429: 3rd Party Fund

Admin., Claims

Adjstng., etc., 9.3, 8%

Total: 118.0

Financial Services: Insurance Trends and Projections GDP Trends in Ohio

• Industry services (NAICS 524) in Ohio rose almost without interruption from $16.4 to $26.4 billion after adjusting for inflation, a 54.9 percent growth rate that helped drive Ohio’s overall 9.7 percent rate. Conse-quently, the industry’s contribution to Ohio’s total GDP rose from 3.0 to 4.3 percent.

• The 54.9 percent growth rate also outpaced the indus-try’s national average of 31.9. Consequently, the portion of U.S. industry services originating in Ohio rose from 4.2 to 4.9 percent.

Employment Trends in Ohio

• Total industry employment increased 10.1 percent, a steady gain from less than 107,200 to 118,000. How-ever, the growth rate was slightly less than the national industry average. Consequently, the percentage of U.S. industry employment in Ohio slipped from 4.8 to 4.5 per-cent.

• Nearly all the employment growth was seen in the pro-perty and casualty carrier subgroup (52412, yellow), which rose 23.8 percent from close to 42,300 to 52,300. (The reinsurance carrier subgroup – 52413 – usually had less than 100 jobs.) Employment in other subgroups fluctuated, with net additions of about 900 in life-health-medical (52411, gold, 2.8 percent) and about 400 at agencies and brokerages (52421, dark green, 1.6 per-cent).

• Current data from the U.S. Bureau of Labor Statistics show industry employment increased 2.5 percent from 2017 to 2018, with the carrier group growing faster than the agencies-brokerage-third-party group – 3.2 vs. 1.3 percent.

Ohio Employment Projections

• Industry employment is forecast to grow 5.7 percent from 124,250 in 2016 to 131,360 in 2026 according to the Ohio Dept. of Job and Family Services’ Labor Market Information division (ODJFS-LMI).

• Most of the predicted new jobs – 5,970 of the 7,110 – are expected at agencies, brokerages, etc., an increase of 13.2 percent. This contrasts with 1,150 jobs antici-pated in the larger carriers group, an increase of 1.5 per-cent.*

Notes: * – 2016 employment figures from the Census Bureau and ODJFS-LMI are not the same due to differences in es-tablishment classifications and data collection methods; fig-ures may not sum to totals due to rounding.

Ohio GDP Trends (in billions, standardized on 2012)

Source: U.S. BEA

Employment Trends in Ohio (in thousands)

Source: U.S. Census Bureau Ohio Employment Projections by Group

Source: ODJFS-LMI, 2018

$16.4 $17.2 $15.9

$21.9$24.2 $25.2 $25.4

4.2% 4.3% 4.2%

4.7% 4.7% 4.8%4.9%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

$0.0

$5.0

$10.0

$15.0

$20.0

$25.0

$30.0

2011 2012 2013 2014 2015 2016 2017

Perc

en

t o

f U

.S.

GD

P

GDP Percent of U.S.

30.4 31.0 30.5 32.2 31.0 35.0 31.3

42.3 43.9 45.445.5 47.5

47.3 52.4

24.7 24.2 24.523.9 24.2

24.4 25.19.7 8.8 9.3

10.3 10.410.8 9.3

0.0

20.0

40.0

60.0

80.0

100.0

120.0

140.0

2011 2012 2013 2014 2015 2016 2017

52429: Claims Adjstng., 3rd Party Fund Admin., etc.

52421: Agencies-Brokerages

52412-3: Property-Casualty, etc. Carriers

52411: Life-Health, etc. Carriers

111.9 113.1117.5 118.0

107.2 108.0 109.6

79,180 80,330

45,06051,030

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

2016 2026

5241: Insurance Carriers 5242: Agencies, Brokerages, etc.

124,250131,360

Financial Services: Insurance Companies and Projects The Biggest Companies in Ohio

• Seven insurance carriers (NAICS 5241) on Fortune’s U.S.-1,000 list have their world headquarters in Ohio, ranking the state second in the nation. Medical Mutual of Ohio, Ohio National Mutual, and Western & Southern focus on life-health-medical policies (52411, gold), while the other four focus on property-casualty-title policies (52412, yellow).

• The very largest industry employers appear in the sec-ond chart at right. Additional Fortune U.S.-1,000 or Glo-bal-500 companies thought to employ at least 500 here either directly or through subsidiaries include Allstate, Anthem, Assurant, Cigna, CVS’s Aetna, Liberty Mutual, MetLife, Molina Healthcare, Munich Re, National Gener-al, State Farm, UnitedHealth1 and the Zurich Insurance Group. At least 29 more Fortune-listed firms appear to have smaller operations here.2

• Non-Fortune companies thought to employ at least 500 here include Ameritas, CareSource, Central Mutual, Grange, Motorists, Westfield’s Ohio Farmers, Sedgwick Claims Management Services and State Auto.2

Major Projects in Ohio

• 27 companies announced 29 major projects with inten-tions to invest $486.8 million and create 4,020-plus new jobs beginning in 2015. 2018 was the peak year for planned investments while the largest number of new jobs were anticipated in 2017.3

• $471.9 million – 96.9 percent of the total – was intended for carrier services (5241) and anticipated 3,515 new jobs – 87.4 percent of that total. The remaining $14.9 million was intended for agency, brokerage and related services (5242), but anticipated adding 500-plus jobs – 12.6 percent of the 4,020-plus total.

• Nationwide and Progressive announced investments each totaling at least $130 million. Ohio Farmers (aka Westfield) announced an investment of $90 million, while Medical Mutual and National Interstate each announced investments in the $20 to $25 million range. All are car-riers.

• Seven companies anticipated at least new 200 jobs at the times of announcement: Progressive (two announce-ments) – 915, UnitedHealth – 700, Aetna – 650, Root – 463, CareSource – 300, CareWorks – 259, and Ameri-can Financial’s National Interstate – 217. All but Care-Works are carriers.

Notes: 1 - the principal business is not strictly limited to insur-ance; 2 – exact counts are impossible due to data source li-mitations, including the inability to distinguish between agen-cies that are subsidiaries of carriers vs. those that are inde-pendent companies offering policies underwritten by carriers; 3 – a major project involves an investment of at least $1 mil-lion, an addition of at least 20,000 square feet, or 20 new jobs; projects often extend for more than one year, and jobs may be phased-in or realized at completion.

Ohio-based Insurance Companies on Fortune’s U.S.-1,000 List (2018 revenues in billions)*

Industry Employers in Ohio’s 100 Largest*

Notes: gold – life/health; yellow – property/casualty; * - most revenues and jobs are in insurance (524), but may include some from securities (523); Fortune’s managed care com-panies are excluded. Sources: Fortune, 2019; Ohio Develop-ment Services Agency, 2019.

Announced Investments and Anticipated New Jobs

Source: Ohio Development Services Agency

The Largest 2018 Announcements Dollars Jobs Company (millions) Anticipated

Progressive $100.0 15 Westfield $90.0 30 Medical Mutual of Ohio $23.0 50 Root $1.0 463 Sedgwick Claims Mgt. $0.4 109 Matic $0.4 50

Source: Ohio Development Services Agency, 2019

$2.39

$3.26

$5.41

$7.15

$7.21

$31.98

$43.27

$0.00 $10.00 $20.00 $30.00 $40.00 $50.00

Ohio National Mutual

Medical Mutual of Ohio

Cincinnati Financial

American Financial Group

Western & Southern

Progressive

Nationwide

3,350

3,500

3,700

11,000

14,000

0 4,000 8,000 12,000 16,000

Cincinnati Financial

UnitedHealth

Anthem

Progressive

Nationwide

$20.9 $34.0

$213.0

$238.9

425

576

1,600

1,423

0

300

600

900

1,200

1,500

1,800

$0.0

$40.0

$80.0

$120.0

$160.0

$200.0

$240.0

2015 2016 2017 2018

Jo

bs A

nti

cip

ate

d

An

no

un

ce

d I

nvestm

en

ts(m

illio

ns)

Announced Investments Jobs Anticipated

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!k

k

#

!k !

k

#

k

#!#

k

!

#!

!

k

#

#

k

#

k

k

k

k

Stark2,215

Licking2,205

Wayne581

Butler6,350

Clark2,002 Franklin

29,508

Mercer309

Belmont469

Medina1,834

Warren1,928

Summit6,180

Delaware2,532

Van Wert646

Hamilton11,612

Crawford313

Clermont1,691

Cuyahoga21,938

Montgomery4,424

Ross101

Pike32

Wood314

Darke134

Knox94

Scioto133

Adams30

Gallia70

Perry28

Huron104

Allen335

Lorain431

Seneca114

Logan85

Brown61

Athens84

Union99

Trumbull390

Meigs20

Ashtabula178

Hardin39

Henry54

Noble32

Preble63

Portage178

Miami244

Fulton63

Erie146

Vinton10

Hancock180

Fairfield213

Putnam76

Highland52

Lucas3,332

Carroll34

Shelby80

Monroe81

Richland319

Clinton45

Greene172

Muskingum177

Marion124

Fayette41

Holmes89

Guernsey62

Pickaway67

Madison49

Morgan5

Washington148

Coshocton65

Geauga279

Jackson54

Hocking24

Ashland144

Morrow9

Lake773

Tuscarawas148

Williams60

Harrison12

Paulding39

Defiance89

Lawrence66

Auglaize109

Wyandot75 Columbiana

195

Sandusky96

Mahoning797

Champaign49

Ottawa68

Jefferson 82

Assurant

Caresource

NationalGeneral

StateFarm

Nationwide

Molina

Ohio National

CincinnatiFinancial

Medical Mutualof Ohio

State AutomobileMotorists

CentralMutual

AmericanFinancial

AmericanModern

Medical Mutualof Ohio

AmericanFinancial

Western& Southern

Allstate

LibertyMutual

Progressive

Westfield

Ameritas

MetLife

Grange

Anthem

CVSUnitedHealthZurich

Insurance

R112719A

Source: 2016 County Business Patterns, US CensusBureau; Hoover's Online; and Fortune Magazine 2019

Prepared by: Ohio Development Services Agency,Office of Research (December 2019)

Insurance IndustryEmployment by CountyStatewide 117,478

County Employment*Predominantly Insurance

Carriers

7,501 - 29,508

2,001 - 7,500

309 - 2,000

*County figures are estimates andrepresent total industry employmentincluding carriers and agencies andbrokerages. Nearly 8,500 employeescould not be assigned to particularcounties.

Insurance Industry Establishment

! Fortune 1000 company headquarters

Fortune 1000 company with Ohio headquartersk Fortune 1000 company, headquarters not in Ohio

# Non-Fortune 1000 company

County Employment*Predominantly Insurance

Brokerages/Agencies

! ! ! !

! ! ! !

! ! ! !

! ! ! !

! ! ! ! 1,001 - 3,332

! ! !

! ! !

! ! !

! ! !

251 - 1,000

! !

!101 - 250

5 - 100