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.