3-33 During the most recent financial crisis,life insurance companies with large proportions of separate accounts business were well-protected from the decline in the debt and equity markets.

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While life insurance companies with separate accounts are often considered less risky than those with general accounts, they were not completely immune to the financial crisis. Separate account investments still suffered losses, albeit to a lesser extent than those in general accounts. Additionally, some companies experienced redemptions from their separate accounts, further impacting their bottom line.

3-33 During the Most Recent Financial Crisis,life Insurance Companies with Large