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