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LIFE/HEALTH INSURANCE INDUSTRY INCOME STATEMENT, 2009-2013

($ billions, end of year)

  2009 2010 2011 2012 2013 Percent change,
2012-2013 (1)
Revenue            
Life insurance premiums $120.6 $100.3 $122.8 $130.5 $126.1 -3.4%
Annuity premiums and deposits 225.5 286.3 327.0 339.9 279.4 -17.8
Accident and health premiums 145.2 150.9 151.3 151.7 153.4 1.1
Credit life and credit accident and health premiums 1.6 1.6 1.6 1.6 1.4 -7.2
Other premiums and considerations 0.5 23.1 2.1 2.2 2.3 4.4
Total premiums, consideration and deposits $493.4 $562.2 $604.8 $626.0 $562.8 -10.1%
Net investment income 156.6 164.1 167.3 166.9 167.9 0.6
Reinsurance allowance 61.5 -29.3 -16.3 -30.8 -21.2 -31.0
Separate accounts revenue 20.4 23.4 26.1 29.5 31.4 6.5
Other income 44.9 52.9 53.1 60.3 43.1 -28.6
Total revenue $776.7 $773.3 $835.0 $851.9 $783.9 -8.0%
Expense            
Benefits 230.1 231.7 239.1 242.0 250.9 3.7
Surrenders 228.7 216.8 237.3 245.7 248.8 1.2
Increase in reserves 99.2 96.2 141.2 83.8 86.2 2.9
Transfers to separate accounts 11.1 29.3 32.4 61.6 -0.8 -101.3
Commissions 48.5 48.9 51.4 52.6 53.0 0.8
General and administrative expenses 52.1 54.7 56.5 57.3 58.5 2.2
Insurance taxes, licenses and fees 7.1 7.5 7.8 8.0 8.2 1.9
Other expenses 7.4 2.2 8.1 6.7 -0.4 -105.6
Total expenses $684.2 $687.3 $773.8 $757.7 $704.5 -7.0%
Net income            
Policyholder dividends 15.0 15.0 15.1 15.2 15.7 3.2
Net gain from operations before Federal income tax 61.0 53.1 28.0 60.5 63.7 5.4
Federal income tax 10.5 8.6 4.7 9.9 8.6 -13.2
Net income before capital gains $50.3 $44.1 $22.9 $50.3 $55.2 9.6%
Net realized capital gains (losses) -28.7 -16.0 -8.5 -9.4 -12.0 27.3
Net income $21.5 $28.0 $14.4 $40.9 $43.2 5.5%
Pre-tax operating income 61.0 53.1 28.0 60.5 63.7 5.4

(1) Calculated from unrounded data.

Source: SNL Financial LC.

 
LIFE/HEALTH INSURANCE INDUSTRY: SELECTED OPERATING DATA, 2006-2008

($ millions)

   2006 2007 2008
Net premiums and annuity considerations (1) $583,593.8 $616,771.8 $627,594.4
Net investment income 160,359.7 168,190.9 162,788.3
Net gain from operations (2) 40,943.2 45,481.7 79.3
Federal and foreign income taxes (3) 11,245.7 11,803.9 113.9
Net realized capital gains/losses 6,538.3 -1,751.1 -50,663.9
Net income 36,235.8 31,926.7 -50,712.0
Dividends to policyholders 16,450.2 17,497.1 17,729.6
Capital and surplus (end of year) 255,608.8 269,402.9 253,237.7

(1) Annuities, life, and accident and health policies and contracts.   
(2) After dividends to policyholders and before federal income taxes.   
(3) Incurred (excluding tax on capital gain).    
   
Source: National Association of Insurance Commissioners (NAIC) Annual Statement Database, via Highline Data, LLC. Copyrighted information. No portion of this work may be copied or redistributed without the express written permission of Highline Data, LLC.

 
LIFE/HEALTH INSURANCE INDUSTRY INCOME ANALYSIS, 2005-FIRST QUARTER 2010

($ millions, end of period)

  2005 2006 2007 2008 2009 First quarter,
2010
Income statement            
Premiums, consideration and deposits $526,289.9 $578,970.4 $617,692.0 $632,201.3 $512,901.4 $135,628.3
Net investment income 155,173.0 161,862.0 167,744.7 161,737.5 156,449.9 39,926.5
Separate accounts revenue 16,373.5 20,169.0 22,897.6 21,177.3 20,375.3 5,597.3
Total revenue $731,239.3 $791,929.7 $821,582.6 $851,658.9 $779,032.6 $183,473.6
               
Benefits 191,439.6 216,113.5 233,126.9 245,492.7 246,015.8 62,125.90
Surrenders 226,013.2 272,108.8 305,165.6 291,708.9 228,671.2 52,567.27
Increase in reserves and deposits 103,615.1 69,776.8 35,284.6 144,163.6 99,045.4 16,037.48
Commissions 48,104.8 49,847.9 51,057.7 51,993.5 49,031.7 11,702.23
General and administrative expense 46,877.9 49,490.4 52,558.5 54,093.9 54,364.5 13,272.75
Net transfers to separate accounts 42,753.8 60,911.4 66,100.6 22,654.6 11,098.0 4,891.41
Policyholder dividends 15,939.5 16,450.2 17,497.0 17,736.4 15,005.0 3,778.44
Income tax 8,612.2 11,090.7 11,848.7 187.2 11,280.4 2,742.56
Net realized capital gains (losses) 3,151.4 6,532.0 -1,498.8 -50,471.2 -28,746.1 -6,232.3
Net income 36,474.9 37,689.9 31,832.3 -51,834.6 21,108.5 6,099.4
               
Pre-tax operating income 41,935.5 42,365.7 45,179.9 -1,174.8 61,135.0 14,973.9

Source: SNL Financial LC.

 
LIFE/HEALTH INSURANCE INDUSTRY INCOME ANALYSIS, 2005-THIRD QUARTER 2010

($ millions, end of period)

  2005 2006 2007 2008 2009 First quarter, 2010 Second quarter, 2010 Third quarter, 2010
Income statement                
Premiums, consideration and deposits $521,514,924 $576,610,020 $611,220,202 $625,174,903 $510,448,713 $135,743,099 $147,391,051 $170,228,190
Net investment income 155,644,768 161,534,352 168,035,232 162,189,779 156,618,379 39,627,730 40,928,816 40,650,316
Separate accounts revenue 16,373,538 20,168,249 22,908,499 21,177,404 20,375,256 5,597,284 5,753,382 5,803,280
Total revenue $726,496,586 $785,643,697 $815,086,533 $844,654,719 $776,740,653 $182,641,920 $197,029,715 $195,853,474
                 
Benefits 187,958,947 214,234,506 228,334,392 240,185,875 244,142,234 62,164,704 61,543,930 61,578,614
Surrenders 226,012,081 271,991,585 305,165,095 291,562,349 228,695,583 52,567,725 52,630,600 51,706,152
Increase in reserves and deposits 103,577,818 69,793,034 35,327,056 144,209,482 99,040,250 16,108,446 37,939,915 23,085,333
Commissions 47,824,184 49,732,236 50,688,371 51,652,763 48,913,210 11,705,391 11,944,081 12,002,986
General and administrative expense 46,533,914 49,309,002 52,085,473 53,596,284 54,217,508 13,280,185 13,603,707 13,904,927
Net transfers to separate accounts 42,754,675 61,028,569 66,100,829 22,654,948 11,116,048 4,891,411 9,154,995 9,421,858
Policyholder dividends 15,939,513 16,450,216 17,497,121 17,739,431 15,004,998 3,778,443 4,137,321 3,679,901
Income tax 8,353,689 10,976,627 11,495,920 (61,657) 10,714,369 3,194,532 1,542,450 2,299,481
Net realized capital gains (losses) 3,151,958 6,538,344 (1,488,754) (50,949,974) (28,729,648) -6,231,886 -1,449,021 -2,986,776
Net income 36,594,652 37,008,441 31,630,947 (52,312,286) 21,528,259 5,254,701 -875,791 12,389,565
                 
Pre-tax operating income  41,796,382 41,446,724 44,615,621 (1,423,877) 60,972,276 14,681,119 2,115,680 17,675,822

Source: SNL Financial LC.

 
LIFE/HEALTH INSURANCE INDUSTRY INCOME ANALYSIS, 2006-2010

($ billions, end of year)

Income statement 2006 2007 2008 2009 2010 Percent change,  2009- 2010 (1)
Premiums, consideration and deposits            
     Life insurance $145.1 $138.3 $142.8 $120.5 $101.7 -15.6%
     Annuities 298.5 310.4 323.0 225.4 286.3 27.0
     Accident and health 131.9 143.5 156.6 162.4 171.5 5.6
     Credit life and credit accident and health 2.1 2.2 2.1 1.6 1.6 -2.0
     Supplementary contracts and other premiums, consideration and deposits  -0.9 16.8 0.8 0.5 23.1 4,166.0
Total premiums, consideration and deposits  $576.6 $611.2 $625.2 $510.4 $582.6 14.1%
Net investment income earned 161.5 168.0 162.2 156.6 164.0 4.7
Reserve adjustments: reinsurance ceded -4.7 -22.4 17.8 61.5 -29.3 -147.6
Fee income: investment management and separate account contracts   20.2 22.9 21.2 20.4 23.4 14.7
Other income   32.0 35.3 18.3 27.8 33.8 21.8
Total revenue   $785.6 $815.1 $844.7 $776.7 $774.5 -0.3%
Benefits 214.2 228.3 240.2 244.1 248.1 1.6
Surrenders 272.0 305.2 291.6 228.7 216.7 -5.2
Increase in reserves and deposits 69.8 35.3 144.2 99.0 96.2 -2.9
Commissions 49.7 50.7 51.7 48.9 49.2 0.6
General and administrative expense 49.3 52.1 53.6 54.2 56.9 4.9
Net transfers to separate accounts 61.0 66.1 22.7 11.1 29.3 163.6
Policyholder dividends 16.5 17.5 17.7 15.0 15.0 (2)
Income tax 11.0 11.5 -0.1 10.7 9.0 -16.0
Net realized capital gains (losses) 6.5 -1.5 -50.9 -28.7 -16.0 44.3
Net income 37.0 31.6 -52.3 21.5 28.1 30.5
Pre-tax operating income 41.4 44.6 -1.4 61.0 53.1 -12.9

(1) Calculated from unrounded data.
(2) Less than 0.1 percent.

Source: SNL Financial LC.

 
LIFE/HEALTH INSURANCE INDUSTRY INCOME ANALYSIS, 2008-THIRD QUARTER 2011

($000, end of period)

Income statement 2008 2009 2010 First quarter, 2011 Second quarter, 2011 Third quarter, 2011 First nine months, 2011
Premiums, consideration
and deposits
$625,174,903 $510,448,713 $581,194,491 $157,708,439 $157,734,981 $161,397,932 $476,811,544
Net investment income 162,189,779 156,618,379 164,137,870 40,957,214 42,306,410 42,131,521 125,382,851
Separate accounts revenue 21,177,404 20,375,256 23,360,670 6,328,865 6,565,473 6,403,096 19,297,434
Total revenue $844,654,719 $776,740,653 $773,322,505 $206,140,538 $207,907,944 $215,226,535 $629,228,085
Benefits 240,185,875 244,142,234 246,942,971 65,185,413 63,745,535 63,236,012 192,146,963
Surrenders 291,562,349 228,695,583 216,846,811 58,777,983 58,963,264 58,450,620 176,187,529
Increase in reserves and deposits 144,209,482 99,040,250 96,168,553 24,463,605 30,653,887 58,636,531 113,750,486
Commissions 51,652,763 48,913,210 49,293,593 11,990,057 13,028,400 13,500,735 38,511,112
General and administrative expense 53,596,284 54,217,508 56,814,057 13,987,619 14,410,025 14,568,820 42,954,180
Net transfers to separate accounts 22,654,948 11,116,048 29,273,192 10,484,529 7,354,914 5,902,666 23,742,109
Policyholder dividends 17,739,431 15,004,998 14,985,542 3,823,854 3,845,366 3,843,782 11,512,769
Income tax (61,657) 10,714,369 9,009,219 3,030,616 3,019,775 (4,001,563) 2,048,514
Net realized capital gains (losses) (50,949,974) (28,729,648) (16,025,852) (3,152,086) (2,072,469) 2,274,862 (2,949,780)
Net income (52,312,286) 21,528,259 28,049,199 8,763,465 4,934,954 (3,849,590) 9,851,982
Pre-tax operating income (1,423,877) 60,972,276 53,084,270 14,946,167 10,027,198 (10,126,015) 14,850,276

Source: SNL Financial LC.

 
LIFE/HEALTH INSURANCE INDUSTRY INCOME STATEMENT, 2007-2011

($ billions, end of year)

  2007 2008 2009 2010 2011 Percent change,
2010-2011 (1)
Revenue            
Life insurance premiums $138.3 $142.8 $120.5 $100.2 $122.8 22.5%
Annuity premiums and deposits 310.4 323.0 225.4 286.3 327.0 14.2
Accident and health premiums 143.5 156.6 162.4 169.9 171.0 0.7
Credit life and credit accident and health premiums 2.2 2.1 1.6 1.6 1.6 1.0
Other premiums and considerations 16.8 0.8 0.5 23.1 2.1 -91.0
Total premiums, consideration and deposits $611.2 $625.2 $510.4 $581.2 $623.9 7.3%
Net investment income 168.0 162.2 156.6 164.1 167.3 1.9
Reinsurance allowance -22.4 17.8 61.5 -29.3 -16.3 -44.5
Separate accounts revenue 22.9 21.2 20.4 23.4 26.1 11.7
Other income 35.3 18.3 27.8 33.9 34.0 0.2
Total revenue $815.1 $844.7 $776.7 $773.3 $835.0 8.0%
Expense            
Benefits 228.3 240.2 244.1 246.9 254.7 3.2
Surrenders 305.2 291.6 228.7 216.8 237.3 9.4
Increase in reserves 35.3 144.2 99.0 96.2 141.0 46.6
Transfers to separate accounts 66.1 22.7 11.1 29.3 32.4 10.8
Commissions 50.7 51.7 48.9 49.3 51.8 5.1
General and administrative expenses 52.1 53.6 54.2 56.8 58.5 3.0
Insurance taxes, licenses and fees 7.3 7.3 7.3 7.7 8.0 3.6
Other expenses 8.0 17.2 7.4 2.2 8.1 269.2
Total expenses $753.0 $828.3 $700.8 $705.3 $791.9 12.3%
Net income            
Policyholder dividends 17.5 17.7 15.0 15.0 15.1 0.8
Net gain from operations before Federal income tax 44.6 -1.4 61.0 53.1 28.0 -47.2
Federal income tax 11.5 -0.1 10.7 9.0 5.1 -43.3
Net income before capital gains $33.1 $-1.4 $50.3 $44.1 $22.9 -48.1%
Net realized capital gains (losses) -1.5 -50.9 -28.7 -16.0 -8.5 -46.8
Net income $31.6 -$52.3 $21.5 $28.0 $14.4 -48.8%
Pre-tax operating income 44.6 -1.4 61.0 53.1 28.0 -47.2

(1) Calculated from unrounded data.

Source: SNL Financial LC.

 
LIFE/HEALTH INSURANCE INDUSTRY INCOME STATEMENT, 2008-2012

($ billions, end of year)

  2008 2009 2010 2011 2012 Percent change,
2011-2012 (1)
Revenue            
Life insurance premiums $142.7 $120.6 $100.3 $122.8 $130.6 6.3%
Annuity premiums and deposits 323.0 225.5 286.3 327.0 339.9 4.0
Accident and health premiums 154.5 160.0 167.8 168.3 170.7 1.4
Credit life and credit accident and health premiums 2.1 1.6 1.6 1.6 1.6 -1.7
Other premiums and considerations 0.8 0.5 23.1 2.1 2.2 8.5
Total premiums, consideration and deposits $623.1 $508.2 $579.1 $621.8 $645.0 3.7%
Net investment income 162.2 156.6 164.1 167.3 166.8 -0.3
Reinsurance allowance 17.8 61.5 -29.3 -16.3 -30.8 89.2
Separate accounts revenue 21.2 20.4 23.4 26.1 29.5 13.2
Other income 20.4 30.0 36.0 36.1 41.5 15.2
Total revenue $844.7 $776.7 $773.3 $835.0 $852.1 2.1%
Expense            
Benefits 238.4 242.2 245.2 252.8 257.8 2.0
Surrenders 291.5 228.7 216.8 237.3 245.7 3.6
Increase in reserves 144.2 99.2 96.2 141.2 83.8 -40.7
Transfers to separate accounts 22.7 11.1 29.3 32.4 61.6 89.8
Commissions 51.6 48.9 49.3 51.8 53.1 2.4
General and administrative expenses 53.3 54.0 56.6 58.3 59.3 1.7
Insurance taxes, licenses and fees 7.3 7.2 7.7 8.0 8.2 3.0
Other expenses 17.2 7.2 2.2 8.1 6.7 -17.9
Total expenses $826.1 $698.4 $703.3 $790.0 $776.1 -1.8%
Net income            
Policyholder dividends 17.7 15.0 15.0 15.1 15.2 0.7
Net gain from operations before Federal income tax -1.4 61.0 53.1 28.0 60.5 116.0
Federal income tax -0.1 10.7 9.0 5.1 10.2 101.0
Net income before capital gains
-$1.4 $50.3 $44.1 $22.9 $50.3 119.8%
Net realized capital gains (losses) -50.9 -28.7 -16.0 -8.5 -9.4 10.7
Net income -$52.3 $21.5 $28.0 $14.4 $40.9 184.6%
Pre-tax operating income -1.4 61.0 53.1 28.0 60.5 116.0

(1) Calculated from unrounded data.

Source: SNL Financial LC.