LIFE/HEALTH INSURANCE INDUSTRY INCOME STATEMENT, 2010-2014

($ billions, end of year)

  2010 2011 2012 2013 2014 Percent change, 2013-2014 (1)
Revenue            
Life insurance premiums $100.3 $122.8 $130.5 $126.1 $133.8 6.2%
Annuity premiums and deposits 286.3 327.0 339.9 279.4 352.8 26.3
Accident and health premiums 150.8 151.1 151.4 153.3 156.6 2.2
Credit life and credit accident and health premiums 1.6 1.6 1.6 1.4 1.4 -3.9
Other premiums and considerations 23.1 2.1 2.2 2.3 2.6 8.9
Total premiums, consideration and deposits $562.1 $604.5 $625.7 $562.6 $647.3 15.1%
Net investment income 164.1 167.3 166.5 168.0 171.7 2.3
Reinsurance allowance -29.3 -16.3 -30.8 -21.2 -15.0 -29.5
Separate accounts revenue 23.4 26.1 29.5 31.4 34.3 9.1
Other income 53.0 53.3 41.5 43.0 39.5 -8.0
Total revenue $773.3 $835.0 $832.5 $783.7 $877.9 12.0%
Expense            
Benefits 231.6 239.0 241.8 250.8 251.8 0.4
Surrenders 216.8 237.3 245.7 248.7 281.5 13.2
Increase in reserves 96.2 141.2 83.8 86.2 108.7 26.1
Transfers to separate accounts 29.3 32.4 61.6 -0.8 -16.5 (2)
Commissions 48.9 51.4 52.6 53.0 52.1 -1.8
General and administrative expenses 54.7 56.4 57.2 58.5 59.0 0.8
Insurance taxes, licenses and fees 7.5 7.8 8.0 8.2 10.0 21.7
Other expenses 2.2 8.1 6.7 -0.4 65.8 (2)
Total expenses $687.2 $773.6 $757.4 $704.3 $812.4 15.4%
Net income            
Policyholder dividends 15.0 15.1 15.2 15.7 16.4 4.9
Net gain from operations before federal income tax 53.1 28.0 59.6 63.8 49.0 -23.1
Federal income tax 8.6 4.7 9.9 8.6 10.1 18.2
Net income before capital gains $44.1 $22.9 $49.7 $55.2 $38.9 -29.5%
Net realized capital gains (losses) -16.0 -8.5 -9.4 -12.0 -1.3 -89.1
Net income $28.0 $14.4 $40.3 $43.2 $37.6 -12.9%
Pre-tax operating income 53.1 28.0 59.6 63.8 49.0 -23.1
(1) Calculated from unrounded data. (2) Not applicable. Source: SNL Financial LC.