Part 1: Historical Overview1 Germania: Origins and Progress to World War I2 Retreat: The German Problem and Its Painful Resolution3 Boom and Bust4 Good Times, Hard Times in the Postwar Era Part 2: Product, Distribution, and Expense Management 5 Product Development: The Actuarial Problem and Individual Insurance6 Product Development: Group, Bene?ts, and Reinsurance7 Spreading the Word8 Selling Insurance9 Administration: Process and People10 Managing Administrative Expenses: Regionalization and Automation11 Burdens of Corporate Citizenship: Regulation and Taxes Part 3: Investments 12 Investing the Premiums: Asset Management to the Mid-Twentieth Century13 Flexibility and Quality: George Conklin's Legacy Part 4: Mutuality and Performance 14 Swimming against the Tide