A big part of the working capital that helps Maine open its doors, invest in new projects and grow its workforce comes from long-term investments by life insurers. Our companies have invested $22 billion in Maine’s economy with agricultural loans, education bonds, residential and retail mortgages and more. We are here to strengthen businesses and communities across the Pine Tree State.
Investing in Retail
Retail is big in Maine. Nearly 30 percent of the jobs in the state are supported by the retail industry, says the National Retail Federation. And life insurers strongly support retail, providing $382 million in retail mortgage loans to businesses in the state.
Investing in Agriculture
The life insurance industry invests heavily in Aroostook County agriculture – more than $105 million in mortgages -- where potatoes, broccoli, canola and grains are planted in large amounts annually. Industry-provided agriculture mortgages overall in the state totals $141 million.
Investing in Affordable Housing
Life insurers purchased $87 million in bonds issued by the Maine Housing Authority, which provides affordable home ownership and rental housing opportunities for the people of Maine.
Investing in Education
Life insurers have purchased $62 million in bonds issued for school construction and other education-related purposes, helping promote safer schools and enhanced technologies for students and teachers.
Investing in Office Space
With $27 million in investments in office space in Portland, Lewiston, Biddeford, Auburn and other cities, life insurers are boosting business and commerce in Maine.
Investing in Residential
Life insurers have invested $16 million in mortgages in Bangor, Augusta, South Portland and in other cities for single-family homes, helping individuals and families call The Pine Tree State “home.”