Board of Governors of the Federal Reserve System

Stocks outstanding from annual financial statements compiled by and purchased from S&P Global. Year-end stocks outstanding are sum of Annual Statement, table Liabilities, Surplus, and Other Funds, line 1, Aggregate reserve for life policies and contracts, and exhibit 7, Deposit type contracts, column 4, Supplementary Contracts, line 14, Net balance at end of current year after reinsurance, less exhibit 5, Annuities, column Total, line Totals (net). Series is converted to quarterly using quarterly statement data for general account liabilities. Transactions are calculated as the change in the stocks outstanding. Data for the most recent ten years show no significant seasonality.