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.