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Life/Annuity Insurance Income Statement, 2020-2024

($ billions, end of year)
2020 2021 2022 2023 2024 Percent change,
2020-2024 (1)
Revenue
Life insurance premiums $141.6 $159.1 $163.1 $121.4 $172.8 42.4%
Annuity premiums and deposits 301.2 290.2 350.6 360.8 432.2 19.8
Accident and health premiums 182.3 188.1 189.3 202.9 218.4 7.6
Other premiums and considerations (2) 6.5 6.0 7.3 0.7 1.1 57.0
Total premiums, consideration and deposits $631.6 $643.3 $710.3 $685.8 $824.5 20.2
Net investment income 192.2 208.3 205.5 225.3 247.7 9.9
Reinsurance allowance -22.8 8.4 38.2 28.6 -7.9 -127.8
Separate accounts revenue 38.1 41.8 39.2 38.1 36.3 -4.8
Other income 52.4 57.6 58.1 63.3 66.0 4.3
Total revenue $891.4 $959.5 $1,051.2 $1,041.1 $1,166.6 12.1
Expense
Benefits 318.0 343.4 326.4 347.7 374.5 7.7
Surrenders 327.9 367.5 353.0 416.2 484.2 16.3
Increase in reserves 110.3 89.3 131.7 67.9 106.9 57.4
Transfers to separate accounts -70.0 -76.3 -51.1 -82.8 -87.8 6.1
Commissions 60.5 65.2 68.2 78.1 80.0 2.5
General and administrative expenses 68.4 71.1 72.2 77.6 79.1 2.0
Insurance taxes, licenses and fees 11.5 10.1 10.5 10.9 11.9 8.9
Other expenses 6.3 15.0 61.7 35.7 45.9 28.8
Total expenses $832.9 $885.2 $972.5 $951.3 $1,094.7 15.1
Net income
Policyholder dividends 18.6 18.4 20.3 22.8 24.4 7.0
Net gain from operations before federal income tax 39.8 55.9 58.3 67.0 47.4 -29.2
Federal income tax 5.2 8.2 8.4 13.1 8.5 -35.7
Net income before capital gains $34.6 $47.7 $49.9 $53.8 $39.0 -27.6
Net realized capital gains (losses) -10.7 -7.6 -10.6 -15.4 -6.4 -58.3
Net income $23.9 $40.1 $39.3 $38.5 $32.6 -15.4
Pre-tax operating income 39.8 55.9 58.3 67.0 47.4 -29.2
Capital and surplus, end of year 460.4 499.7 489.5 512.7 523.0 2.0

(1) Calculated from unrounded data.
(2) The NAIC introduced changes for the Analysis of Operations and Analysis of Increase in Reserves exhibits for 2019 and future periods.

Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.

Life/Annuity Insurance Income Statement, 2019-2023

($ billions, end of year)
  2019 2020 2021 2022 2023 Percent change,
2022-2023 (1)
Revenue            
Life insurance premiums $149.4 $141.6 $159.1 $163.1 $121.5 -25.5%
Annuity premiums and deposits 347.4 301.2 290.2 350.6 360.7 2.9
Accident and health premiums 183.8 182.3 188.1 189.8 202.9 6.9
Other premiums and considerations (2) 6.7 6.5 6.0 7.3 0.7 -89.8
Total premiums, consideration and deposits $687.2 $631.6 $643.3 $710.8 $685.8 -3.5
Net investment income 193.0 192.2 208.3 205.6 225.3 9.6
Reinsurance allowance -29.7 -22.8 8.4 38.2 28.6 -25.2
Separate accounts revenue 37.5 38.1 41.8 39.2 38.1 -2.7
Other income 49.1 52.4 57.6 59.2 63.3 7.0
Total revenue $937.0 $891.4 $959.5 $1,053.0 $1,041.1 -1.1
Expense            
Benefits 306.4 318.0 343.4 327.8 347.7 6.1
Surrenders 344.5 327.9 367.5 353.0 416.2 17.9
Increase in reserves 123.1 110.3 89.3 131.6 67.9 -48.4
Transfers to separate accounts -72.7 -70.0 -76.3 -51.1 -82.8 61.9
Commissions 61.7 60.5 65.2 68.2 78.1 14.4
General and administrative expenses 69.3 68.4 71.1 72.3 77.6 7.2
Insurance taxes, licenses and fees 9.3 11.5 10.1 10.5 10.9 3.9
Other expenses 14.4 6.3 15.0 61.7 35.7 -42.2
Total expenses $856.1 $832.9 $885.2 $974.1 $951.3 -2.3
Net income            
Policyholder dividends 18.8 18.6 18.4 20.3 22.8 12.3
Net gain from operations before federal income tax 62.1 39.8 55.9 58.5 67.0 14.6
Federal income tax 9.4 5.2 8.2 8.5 13.1 55.6
Net income before capital gains $52.8 $34.6 $47.7 $50.0 $53.9 7.6
Net realized capital gains (losses) -6.7 -10.7 -7.6 -10.6 -15.4 44.4
Net income $46.0 $23.9 $40.1 $39.4 $38.5 -2.3
Pre-tax operating income 62.1 39.8 55.9 58.5 67.0 14.6
Capital and surplus, end of year 442.9 460.4 499.7 489.9 512.6 4.6

(1) Calculated from unrounded data.
(2) The NAIC introduced changes for the Analysis of Operations and Analysis of Increase in Reserves exhibits for 2019 and future periods.

NA=Not applicable.

Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute. 

Life/Annuity Insurance Income Statement, 2018-2022

($ billions, end of year)
  2018 2019 2020 2021 2022 Percent change,
2021-2022 (1)
Revenue            
Life insurance premiums $145.1 $151.0 $143.0 $159.5 $165.1 3.5%
Annuity premiums and deposits 269.7 339.8 294.6 285.8 343.3 20.1
Accident and health premiums 183.1 185.0 183.1 189.2 188.7 -0.3
Credit life and credit accident and health premiums 1.3 1.4 1.2 1.2 1.2 0.0
Total premiums, consideration and deposits $603.2 $679.4 $624.1 $637.8 $700.2 9.8%
Net investment income 187.4 186.7 186.0 200.9 199.1 -0.9
Reinsurance allowance 32.0 -29.7 -22.8 8.5 38.2 NA
Separate accounts revenue 37.3 36.8 37.4 41.0 38.4 -6.3
Other income 44.0 48.7 55.0 57.5 58.8 2.3
Total revenue $903.9 $921.9 $881.2 $945.7 $1,034.7 9.4%
Expense            
Benefits 289.5 301.8 313.2 338.4 321.0 -5.1
Surrenders 350.3 339.6 323.3 326.7 348.1 6.6
Increase in reserves 143.3 120.6 107.8 89.8 128.6 43.2
Transfers to separate accounts -89.6 -72.0 -69.2 -75.6 -50.1 -33.7
Commissions 58.3 61.2 60.0 64.5 67.5 4.7
General and administrative expenses 65.9 67.8 66.8 69.4 70.5 1.6
Insurance taxes, licenses and fees 10.7 9.3 11.4 10.1 10.4 3.0
Other expenses 11.3 14.4 6.3 14.8 61.6 316.2
Total expenses $839.7 $842.7 $819.6 $874.0 $957.6 9.6%
Net income            
Policyholder dividends 18.2 18.1 18.0 17.8 19.7 10.7
Net gain from operations before federal income tax 46.0 70.0 39.1 54.0 57.4 6.3
Federal income tax 3.4 9.4 5.2 8.2 8.5 3.7
Net income before capital gains $42.6 $51.6 $33.8 $45.8 $49.0 7.0%
Net realized capital gains (losses) -4.7 -6.9 -10.7 -8.3 -10.8 30.1
Net income $37.9 $44.7 $23.1 $37.5 $38.2 1.9%
Pre-tax operating income 46.0 61.0 39.1 54.0 57.4 6.3
Capital and surplus, end of year 399.9 421.7 441.2 477.5 467.0 -2.2

(1) Calculated from unrounded data.

NA=Not applicable.

Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.

Life/Annuity Insurance Income Statement, 2017-2021

($ billions, end of year)
  2017 2018 2019 2020 2021 Percent change,
2020-2021 (1)
Revenue            
Life insurance premiums $137.1 $145.1 $151.0 $143.1 $159.5 11.5%
Annuity premiums and deposits 287.2 269.7 339.8 294.6 285.8 -3.0
Accident and health premiums 169.3 183.1 185.0 184.7 189.2 2.4
Credit life and credit accident and health premiums 1.3 1.3 1.4 1.2 1.2 0.0
Other premiums and considerations 2.1 4.0 (2) (2) (2) 0.0
Total premiums, consideration and deposits $597.1 $603.2 $679.4 $625.7 $637.8 1.9%
Net investment income 182.3 187.4 186.7 186.0 200.8 8.0
Reinsurance allowance -25.1 32.0 -29.7 -22.8 8.5 NA
Separate accounts revenue 36.6 37.3 36.8 37.4 41.0 9.8
Other income 49.2 44.0 48.7 55.0 57.5 4.6
Total revenue $839.9 $903.9 $921.9 $881.2 $945.7 7.3%
Expense            
Benefits 281.4 289.5 301.8 314.2 338.4 7.7
Surrenders 308.9 350.3 339.6 323.4 362.7 12.2
Increase in reserves 106.4 143.3 120.6 109.8 89.8 -18.2
Transfers to separate accounts -65.8 -89.6 -72.0 -69.2 -75.6 9.2
Commissions 58.0 58.3 61.2 60.1 64.5 7.3
General and administrative expenses 65.9 65.9 67.8 67.0 69.4 3.5
Insurance taxes, licenses and fees 8.8 10.7 9.3 11.5 10.1 -12.3
Other expenses -4.1 11.3 14.4 8.4 14.8 76.5
Total expenses $759.4 $839.7 $842.8 $825.2 $873.9 5.9%
Net income            
Policyholder dividends 17.5 18.2 18.1 18.0 17.8 -1.3
Net gain from operations before federal income tax 63.0 46.0 61.0 38.0 53.9 41.8
Federal income tax 12.4 3.4 9.4 5.1 8.2 59.7
Net income before capital gains $50.6 $42.6 $51.6 $32.9 $45.7 39.0%
Net realized capital gains (losses) -8.6 -4.7 -6.9 -10.7 -8.3 -22.8
Net income $42.1 $37.9 $44.7 $22.1 $37.4 68.9%
Pre-tax operating income 63.0 46.0 61.0 38.0 53.9 41.8
Capital and surplus, end of year 395.0 399.9 421.7 440.5 475.9 8.0

(1) Calculated from unrounded data.
(2) Data not available.

NA=Not applicable.

Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.

Life/Annuity Insurance Income Statement, 2016-2020

($ billions, end of year)
  2016 2017 2018 2019 2020 Percent change,
2019-2020 (1)
Revenue            
Life insurance premiums $115.0 $137.1 $145.1 $151.0 $143.1 -5.3%
Annuity premiums and deposits 318.5 287.2 269.7 339.8 294.6 -13.3
Accident and health premiums 162.8 169.3 183.1 185.0 184.7 -0.2
Credit life and credit accident and health premiums 1.3 1.3 1.3 1.4 1.2 -16.3
Other premiums and considerations 2.2 2.1 4.0 (2) (2) (2)
Total premiums, consideration and deposits $599.9 $597.1 $603.2 $679.4 $625.7 -7.9%
Net investment income 173.0 182.3 187.4 186.7 186.0 -0.4
Reinsurance allowance -17.0 -25.1 32.0 -29.7 -22.8 -23.2
Separate accounts revenue 34.7 36.6 37.3 36.8 37.4 1.6
Other income 61.3 49.2 44.0 48.7 55.0 12.8
Total revenue $851.9 $839.9 $903.9 $921.9 $881.2 -4.4%
Expense            
Benefits 271.4 281.4 289.5 301.8 314.2 4.1
Surrenders 265.1 308.9 350.3 339.6 323.4 -4.8
Increase in reserves 133.1 106.4 143.3 120.6 109.8 -8.9
Transfers to separate accounts -38.0 -65.8 -89.6 -72.0 -69.2 -3.9
Commissions 64.6 58.0 58.3 61.2 60.1 -1.8
General and administrative expenses 62.4 65.9 65.9 67.8 67.0 -1.2
Insurance taxes, licenses and fees 10.8 8.8 10.7 9.3 11.5 23.8
Other expenses -2.7 -4.1 11.3 14.4 8.4 -41.8
Total expenses $766.6 $759.4 $839.7 $842.8 $825.2 -2.1%
Net income            
Policyholder dividends 18.2 17.5 18.2 18.1 18.0 -0.5
Net gain from operations before federal income tax 67.1 63.0 46.0 61.0 38.0 -37.7
Federal income tax 16.3 12.4 3.4 9.4 5.1 -45.6
Net income before capital gains $50.8 $50.6 $42.6 $51.6 $32.9 -36.2%
Net realized capital gains (losses) -11.4 -8.6 -4.7 -6.9 -10.7 56.6
Net income $39.4 $42.1 $37.9 $44.7 $22.1 -50.5%
Pre-tax operating income 67.1 63.0 46.0 61.0 38.0 -37.7
Capital and surplus, end of year 380.7 395.0 399.9 421.7 440.0 4.3

(1) Calculated from unrounded data.
(2) Data not available.

NA=Not applicable.

Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.

Life/Annuity Insurance Income Statement, 2015-2019

($ billions, end of year)
  2015 2016 2017 2018 2019 Percent change,
2018-2019 (1)
Revenue            
     Life insurance premiums $151.4 $115.0 $137.1 $145.1 $145.1 (2)
     Annuity premiums and deposits 324.0 318.5 287.2 269.7 341.9 26.8%
     Accident and health premiums 158.8 162.8 169.3 183.1 186.2 1.7
     Credit life and credit accident and health premiums 1.4 1.3 1.3 1.3 (3) NA
     Other premiums and considerations 2.5 2.2 2.1 4.0 6.7 67.4
     Total premiums, consideration and deposits $638.2 $599.9 $597.1 $603.2 $679.9 12.7%
     Net investment income 170.8 173.0 182.3 187.4 186.6 -0.4
     Reinsurance allowance -86.4 -17.0 -25.1 32.0 -29.7 NA
     Separate accounts revenue 35.2 34.7 36.6 37.3 36.8 -1.4
     Other income 90.5 61.3 49.2 44.0 48.8 10.7
     Total revenue $848.2 $851.9 $839.9 $903.9 $922.3 2.0%
Expense            
     Benefits 263.9 271.4 281.4 289.5 302.2 4.4
     Surrenders 273.0 265.1 308.9 350.3 339.6 -3.0
     Increase in reserves 80.5 133.1 106.4 143.3 120.6 -15.9
     Transfers to separate accounts 36.9 -38.0 -65.8 -89.6 -72.0 NA
     Commissions 55.5 64.6 58.0 58.3 61.2 4.9
     General and administrative expenses 60.1 62.4 65.9 65.9 67.9 3.0
     Insurance taxes, licenses and fees 10.5 10.8 8.8 10.7 9.3 -13.4
     Other expenses -4.9 -2.7 -4.1 11.3 14.4 27.1
     Total expenses $775.5 $766.6 $759.4 $839.8 $843.2 0.4%
Net income            
     Policyholder dividends 18.3 18.2 17.5 18.2 18.1 -0.4
     Net gain from operations before federal income tax 54.4 67.1 63.0 46.0 61.0 32.7
     Federal income tax 10.6 16.3 12.4 3.4 9.4 177.7
     Net income before capital gains $43.8 $50.8 $50.6 $42.6 $51.5 21.1%
     Net realized capital gains (losses) -3.5 -11.4 -8.6 -4.7 -6.9 44.6
     Net income $40.3 $39.4 $42.1 $37.8 $44.7 18.1%
     Pre-tax operating income 54.4 67.1 63.0 46.0 61.0 32.7
     Capital and surplus, end of year 354.0 367.2 380.7 394.9 400.0 5.5

(1) Calculated from unrounded data.
(2) Less than 0.1 percent.
(3) Data not available.

NA=Not applicable.

Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.

Life/Annuity Insurance Income Statement, 2014-2018

($ billions, end of year)
  2014 2015 2016 2017 2018 Percent change,
2017-2018 (1)
Revenue            
     Life insurance premiums $133.9 $151.4 $115.0 $137.1 $145.4 6.0%
     Annuity premiums and deposits 352.8 324.0 318.5 287.2 269.7 -6.1
     Accident and health premiums 156.6 158.8 162.8 169.3 184.2 8.8
     Credit life and credit accident and health  premiums 1.4 1.4 1.3 1.3 1.3 4.1
     Other premiums and considerations 2.6 2.5 2.2 2.1 4.0 90.1
     Total premiums, consideration and deposits $647.3 $638.2 $599.9 $597.1 $604.6 1.3%
     Net investment income 171.7 170.8 173.0 182.3 187.4 2.8
     Reinsurance allowance -15.0 -86.4 -17.0 -25.1 32.0 NA
     Separate accounts revenue 34.3 35.2 34.7 36.6 37.3 2.0
     Other income 39.7 90.5 61.3 49.0 44.0 -10.2
     Total revenue $878.0 $848.2 $851.9 $839.8 $905.4 7.8%
Expense            
     Benefits 251.8 263.9 271.4 281.4 290.7 3.3
     Surrenders 281.5 273.0 265.1 308.9 350.3 13.4
     Increase in reserves 108.7 80.5 133.1 106.4 143.4 34.8
     Transfers to separate accounts -16.5 36.9 -38.0 -65.8 -89.6 NA
     Commissions 52.1 55.5 64.6 58.0 58.4 0.6
     General and administrative expenses 59.0 60.1 62.4 65.9 66.0 0.1
     Insurance taxes, licenses and fees 10.0 10.5 10.8 8.8 10.8 22.0
     Other expenses 66.0 -4.9 -2.7 -4.3 11.3 NA
     Total expenses $812.5 $775.5 $766.6 $759.3 $841.1 10.8%
Net income            
     Policyholder dividends 16.4 18.3 18.2 17.5 18.2 4.0
     Net gain from operations before federal income tax 49.0 54.4 67.1 63.0 46.0 -26.9
     Federal income tax 10.1 10.6 16.3 12.4 3.4 -72.3
     Net income before capital gains $38.9 $43.8 $50.8 $50.6 $42.6 -15.8%
     Net realized capital gains (losses) -1.3 -3.5 -11.4 -8.6 -4.7 NA
     Net income $37.6 $40.3 $39.4 $42.1 $37.9 -10.0%
     Pre-tax operating income 49.0 54.4 67.1 63.0 46.0 -26.9
     Capital and surplus, end of year 354.0 367.2 380.7 394.9 400.0 1.3

(1) Calculated from unrounded data.

NA=Not applicable.

Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.

Life/Annuity Insurance Industry Income Statement, 2013-2017

($ billions, end of year)
  2013 2014 2015 2016 2017 Percent change,
2016-2017 (1)
Revenue            
     Life insurance premiums $126.0 $133.9 $151.4 $115.0 $137.1 19.2%
     Annuity premiums and deposits 279.4 352.8 324.0 318.5 287.2 -9.8
     Accident and health premiums 153.3 156.6 158.8 162.8 169.3 4.0
     Credit life and credit accident and health premiums 1.4 1.4 1.4 1.3 1.3 (2)
     Other premiums and considerations 2.3 2.6 2.5 2.2 2.1 -4.3
     Total premiums, consideration and deposits $562.6 $647.3 $638.2 $599.9 $597.1 -0.5%
     Net investment income 167.1 171.7 170.8 173.0 182.3 5.3
     Reinsurance allowance -21.2 -15.0 -86.4 -17.0 -25.1 NA
     Separate accounts revenue 31.4 34.3 35.2 34.7 36.6 5.5
     Other income 42.8 39.7 90.5 61.3 49.0 -20.1
     Total revenue $782.7 $878.0 $848.2 $851.9 $839.8 -1.4%
Expense            
     Benefits 250.6 251.8 263.9 271.4 281.4 3.7
     Surrenders 248.7 281.5 273.0 265.1 308.9 16.5
     Increase in reserves 86.2 108.7 80.5 133.1 106.4 -20.1
     Transfers to separate accounts -0.8 -16.5 36.9 -38.0 -65.8 NA
     Commissions 53.0 52.1 55.5 64.6 58.0 -10.2
     General and administrative expenses 58.5 59.0 60.1 62.4 65.9 5.6
     Insurance taxes, licenses and fees 8.2 10.0 10.5 10.8 8.8 -18.6
     Other expenses -0.2 66.0 -4.9 -2.7 -4.3 NA
     Total expenses $704.3 $812.5 $775.5 $766.6 $759.3 -1.0%
Net income            
Policyholder dividends 15.7 16.4 18.3 18.2 17.5 -4.0
Net gain from operations before federal income tax 62.9 49.0 54.4 67.1 63.0 -6.1
Federal income tax 8.6 10.1 10.6 16.3 12.4 -24.1
Net income before capital gains $54.3 $38.9 $43.8 $50.8 $50.6 -0.3%
Net realized capital gains (losses) -12.0 -1.3 -3.5 -11.4 -8.6 NA
Net income $42.3 $37.6 $40.3 $39.4 $42.1 6.8%
Pre-tax operating income 62.9 49.0 54.4 67.1 63.0 -6.1

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

NA=Not applicable.

Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.

Life/Health Insurance Industry Income Statement, 2012-2016

($ billions, end of year)
  2012 2013 2014 2015 2016 Percent change,
2015-2016 (1)
Revenue            
     Life insurance premiums $130.5 $126.0 $133.9 $151.4 $115.0 -24.0%
     Annuity premiums and deposits 339.9 279.4 352.8 324.0 318.5 -1.7
     Accident and health premiums 151.4 153.3 156.6 158.8 162.9 2.5
     Credit life and credit accident and health premiums 1.6 1.4 1.4 1.4 1.3 -8.6
     Other premiums and considerations 2.2 2.3 2.6 2.5 2.2 -12.2
     Total premiums, consideration and deposits $625.6 $562.6 $647.3 $638.2 $599.9 -6.0%
     Net investment income 166.5 167.1 171.7 170.8 173.0 1.3
     Reinsurance allowance -30.8 -21.2 -15.0 -86.4 -17.0 NA
     Separate accounts revenue 29.5 31.4 34.3 35.2 34.7 -1.5
     Other income 41.6 42.8 39.7 90.5 61.3 -32.2
     Total revenue $832.5 $782.7 $878.0 $848.2 $851.9 0.4%
Expense            
     Benefits 241.8 250.6 251.8 263.9 271.4 2.8
     Surrenders 245.7 248.7 281.5 273.0 265.1 -2.9
     Increase in reserves 83.8 86.2 108.7 80.5 133.1 65.3
     Transfers to separate accounts 61.6 -0.8 -16.5 36.9 -38.0 -203.0
     Commissions 52.6 53.0 52.1 55.5 64.6 16.3
     General and administrative expenses 57.2 58.5 59.0 60.1 62.4 3.8
     Insurance taxes, licenses and fees 8.0 8.2 10.0 10.5 10.8 3.3
     Other expenses 7.1 -0.2 66.0 -4.9 -2.7 NA
     Total expenses $757.8 $704.3 $812.5 $775.5 $766.6 -1.1%
Net income            
Policyholder dividends 15.2 15.7 16.4 18.3 18.2 -0.2
Net gain from operations before federal income tax 59.6 62.9 49.0 54.4 67.1 23.3
Federal income tax 9.9 8.6 10.1 10.6 16.3 54.1
Net income before capital gains $49.7 $54.3 $38.9 $43.8 $50.8 15.9%
Net realized capital gains (losses) -9.4 -12.0 -1.3 -3.5 -11.4 NA
Net income $40.3 $42.3 $37.6 $40.3 $39.4 -2.2%
Pre-tax operating income 59.6 62.9 49.0 54.4 67.1 23.3

(1) Calculated from unrounded data.

NA=Not applicable.

Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.

Life/Health Insurance Industry Income Statement, 2011-2015

($ billions, end of year)
  2011 2012 2013 2014 2015 Percent change,
2014-2015 (1)
Revenue            
Life insurance premiums $122.8 $130.5 $126.0 $133.8 $151.4 13.2%
Annuity premiums and deposits 327.0 339.9 279.4 352.8 324.0 -8.2
Accident and health premiums 151.1 151.4 153.3 156.6 158.8 1.4
Credit life and credit accident and health premiums 1.6 1.6 1.4 1.4 1.4 -0.4
Other premiums and considerations 2.1 2.2 2.3 2.6 2.5 -2.2
Total premiums, consideration and deposits $604.5 $625.7 $562.6 $647.3 $638.2 -1.4%
Net investment income 167.3 166.5 167.1 171.7 170.8 -0.6
Reinsurance allowance -16.3 -30.8 -21.2 -15.0 -86.4 NA
Separate accounts revenue 26.1 29.5 31.4 34.3 35.2 2.7
Other income 53.3 41.5 42.8 39.5 90.5 128.9
Total revenue $835.0 $832.5 $782.7 $877.8 $848.2 -3.4%
Expense            
Benefits 238.9 241.8 250.7 251.8 263.9 4.8
Surrenders 237.3 245.7 248.7 281.5 273.0 -3.0
Increase in reserves 141.2 83.8 86.2 108.7 80.5 -25.9
Transfers to separate accounts 32.4 61.6 -0.8 -16.5 36.9 NA
Commissions 51.4 52.6 53.0 52.1 55.5 6.6
General and administrative expenses 56.4 57.2 58.5 59.0 60.1 1.9
Insurance taxes, licenses and fees 7.8 8.0 8.2 10.0 10.5 5.0
Other expenses 8.1 6.7 -0.4 65.8 -4.9 NA
Total expenses $773.5 $757.4 $704.1 $812.4 $775.5 -4.5%
Net income            
Policyholder dividends 15.1 15.2 15.7 16.4 18.3 11.2
Net gain from operations before federal income tax 28.0 59.6 62.9 49.0 54.4 11.0
Federal income tax 4.7 9.9 8.6 10.1 10.6 4.6
Net income before capital gains $22.9 $49.7 $54.3 $38.9 $43.8 12.7%
Net realized capital gains (losses) -8.5 -9.4 -12.0 -1.3 -3.5 NA
Net income $14.4 $40.3 $42.3 $37.6 $40.3 7.3%
Pre-tax operating income 28.0 59.6 62.9 49.0 54.4 11.0

(1) Calculated from unrounded data.

NA=Not applicable.

Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.

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.

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 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.

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 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, 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, 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: 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/Annuity Insurance Income Statement, 2021-2025

($ billions, end of year)
2021 2022 2023 2024 2025 Percent change,
2021-2025 (1)
Revenue
Life insurance premiums $159.1 $163.1 $121.4 $172.9 $160.5 -7.2%
Annuity premiums and deposits 290.2 350.6 360.8 432.4 445.0 2.9
Accident and health premiums 188.1 165.1 176.0 191.2 191.7 0.3
Other Premiums & Considerations 6.0 7.3 0.8 1.0 0.8 -19.3
Total premiums, consideration and deposits $643.3 $686.0 $659.0 $797.5 $798.0 0.1
Net investment income 208.3 205.5 225.8 249.5 266.5 6.8
Reinsurance allowance 8.4 38.2 28.6 -8.0 92.6 -1260.7
Separate accounts revenue 41.8 39.2 38.1 36.3 36.3 0.1
Other income 57.6 82.3 63.0 65.7 83.2 26.6
Total revenue $959.5 $1,051.2 $1,014.5 $1,141.0 $1,276.5 11.9
Expense
Benefits 343.4 305.6 325.1 350.3 365.0 4.2
Surrenders 367.5 353.0 416.2 484.2 487.2 0.6
Increase in reserves 89.3 131.5 67.9 107.3 134.7 25.5
Transfers to separate accounts -76.3 -51.1 -82.8 -87.8 -96.1 9.4
Commissions 65.2 67.8 77.5 79.5 85.5 7.5
General and administrative expenses 71.1 72.0 77.3 79.0 82.2 4.0
Insurance taxes, licenses and fees 10.1 9.7 10.0 11.0 10.9 -0.2
Other expenses 15.0 61.7 35.7 46.0 128.5 179.7
Total expenses $885.2 $950.2 $926.9 $1,069.5 $1,197.9 12.0
Net income
Policyholder dividends 18.4 20.3 22.8 24.4 26.0 6.5
Net gain from operations before federal income tax 55.9 58.3 64.7 47.1 52.6 11.6
Federal income tax 8.2 7.9 12.5 8.0 6.6 -17.0
Net income before capital gains $47.7 $49.9 $52.2 $39.1 $46.0 17.4
Net realized capital gains (losses) -7.6 -10.2 -15.3 -5.8 -6.3 7.6
Net income $40.1 $39.3 $36.9 $33.3 $39.7 19.1
Pre-tax operating income 55.9 58.3 64.7 47.1 52.6 11.6
Capital and surplus, end of year 499.7 489.5 513.0 523.1 552.2 5.6

(1) Calculated from unrounded data.
(2) The NAIC introduced changes for the Analysis of Operations and Analysis of Increase in Reserves exhibits for 2019 and future periods.

Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.

Life/Health Insurance Industry: Selected Operating Data, 2005-2007

($ millions)
2005 2006 2007
Net premiums and annuity considerations (1) $528,143.0 $583,601.8 $616,729.9
Net investment income 154,600.0 160,359.7 168,192.0
Net gain from operations (2) 41,480.7 40,951.1 45,536.9
Federal and foreign income taxes (3) 8,660.0 11,246.8 11,795.6
Net realized capital gains/losses 3,115.1 6,538.3 -1,751.7
Net income 35,935.7 36,242.6 31,989.6
Dividends to policyholders 15,939.5 16,450.2 17,497.1
Capital and surplus (end of year) 231,115.0 244,386.5 252,846.7

(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: Selected Operating Data, 2005-2007

($ millions)
2005 2006 2007
Net premiums and annuity considerations (1) $528,143.0 $583,601.8 $616,729.9
Net investment income 154,600.0 160,359.7 168,192.0
Net gain from operations (2) 41,480.7 40,951.1 45,536.9
Federal and foreign income taxes (3) 8,660.0 11,246.8 11,795.6
Net realized capital gains/losses 3,115.1 6,538.3 -1,751.7
Net income 35,935.7 36,242.6 31,989.6
Dividends to policyholders 15,939.5 16,450.2 17,497.1
Capital and surplus (end of year) 231,115.0 244,386.5 252,846.7

(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.