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.