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.