A big part of the working capital that helps Rhode Island open its doors to families, invest in new projects and grow its workforce comes from long-term investments by life insurers. Our companies have invested $18 billion in Rhode Island’s economy with mortgage loans, bond purchases for affordable housing and financing for education. We are here to strengthen communities and families across the Ocean State.
- $15 billion in stocks and bonds that help finance business development and create new jobs
- $3 billion in real estate, loans and other investments
- $785 million in mortgage loans on farms, residential, and commercial property
Investing in Education
Life insurers have purchased bonds valued at more than $36 million issued by education-based entities in the state in recent years. This includes bonds issued by the Rhode Island Student Loan Authority, a non-profit, quasi-state authority that has been providing affordable higher education solutions since 1981.
Investing in Apartment/ Multifamily
The industry has invested $172 million in mortgage loans for apartments and multi-family units across the state, helping more individuals and families call Rhode Island “home.”
Investing in Residential
More than $112 million in financing for residential homes in the Providence and Warwick metropolitan areas has come from life insurers.
Investing in Affordable Housing
Life insurers have $112 million invested today in bonds for affordable housing with the Rhode Island Housing and Mortgage Finance Corporation, which helps low and moderate-income residents own homes by offering low interest mortgages.
Investing in Infrastructure
Life insurers have invested $65 million in transportation and utilities through purchases of bonds issued by the state's Turnpike and Bridge Authority, the Narragansett Bay Commission and the Rhode Island Infrastructure Bank, among other agencies.
Investing in Retail
By providing nearly $192 million in retail mortgage loans, life insurers play a role in boosting employment in Rhode Island. The National Retail Federation says that 25 percent of jobs are supported by the retail industry in the state.