Most life insurers are organized as either stock or mutual companies. Stock life insurance companies issue stock and are owned by their stockholders. Mutual companies are legally owned by their policyholders and consequently do not issue stock. Stock life insurers can be owned by other stock life insurance companies, mutual life insurance companies, or companies outside the life insurance industry. Only policyholders own a mutual company. Most life insurers are stock companies, accounting for 92 percent of the industry. Many life insurance companies are affiliated with other insurance companies in fleets with a single owner. Together, stock and mutual insurers provide 94 percent of all insurance and annuities underwritten by U.S. organizations. The remainder is underwritten by fraternal societies and the U.S. Department of Veterans Affairs.