Life/Annuity Insurance Industry Income Statement, 2013-2017

($ billions, end of year)

  2013 2014 2015 2016 2017 Percent change, 2016-2017 (1)
Revenue            
     Life insurance premiums $126.0 $133.9 $151.4 $115.0 $137.1 19.2%
     Annuity premiums and deposits 279.4 352.8 324.0 318.5 287.2 -9.8
     Accident and health premiums 153.3 156.6 158.8 162.8 169.3 4.0
     Credit life and credit accident and health premiums 1.4 1.4 1.4 1.3 1.3 (2)
     Other premiums and considerations 2.3 2.6 2.5 2.2 2.1 -4.3
     Total premiums, consideration and deposits $562.6 $647.3 $638.2 $599.9 $597.1 -0.5%
     Net investment income 167.1 171.7 170.8 173.0 182.3 5.3
     Reinsurance allowance -21.2 -15.0 -86.4 -17.0 -25.1 NA
     Separate accounts revenue 31.4 34.3 35.2 34.7 36.6 5.5
     Other income 42.8 39.7 90.5 61.3 49.0 -20.1
     Total revenue $782.7 $878.0 $848.2 $851.9 $839.8 -1.4%
Expense            
     Benefits 250.6 251.8 263.9 271.4 281.4 3.7
     Surrenders 248.7 281.5 273.0 265.1 308.9 16.5
     Increase in reserves 86.2 108.7 80.5 133.1 106.4 -20.1
     Transfers to separate accounts -0.8 -16.5 36.9 -38.0 -65.8 NA
     Commissions 53.0 52.1 55.5 64.6 58.0 -10.2
     General and administrative expenses 58.5 59.0 60.1 62.4 65.9 5.6
     Insurance taxes, licenses and fees 8.2 10.0 10.5 10.8 8.8 -18.6
     Other expenses -0.2 66.0 -4.9 -2.7 -4.3 NA
     Total expenses $704.3 $812.5 $775.5 $766.6 $759.3 -1.0%
Net income            
Policyholder dividends 15.7 16.4 18.3 18.2 17.5 -4.0
Net gain from operations before federal income tax 62.9 49.0 54.4 67.1 63.0 -6.1
Federal income tax 8.6 10.1 10.6 16.3 12.4 -24.1
Net income before capital gains $54.3 $38.9 $43.8 $50.8 $50.6 -0.3%
Net realized capital gains (losses) -12.0 -1.3 -3.5 -11.4 -8.6 NA
Net income $42.3 $37.6 $40.3 $39.4 $42.1 6.8%
Pre-tax operating income 62.9 49.0 54.4 67.1 63.0 -6.1
(1) Calculated from unrounded data. (2) Less than 0.1 percent. NA=Not applicable. Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.