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  • Best’s Special Report: Preliminary 2019 Results Show 13% Net Income Increase for U.S. Life/Annuity Industry

    March 13, 2020 by AM Best

    OLDWICK, N.J.–(BUSINESS WIRE)–The U.S. life/health industry saw growth in pre-tax and net operating profits in 2019, with net income increasing by 12.6% year over year to $45.6 billion. These preliminary financial results are detailed in a new Best’s Special Report, titled, “First Look: 12-Month 2019 Life/Annuity Financial Results,” and the data is derived from companies’ annual statutory statements that were received by March 10, 2019, representing an estimated 95% of total industry premiums and annuity considerations.

    According to the report, the life/annuity industry’s total income for 2019 increased by 3.0% to $872.3 billion compared with the previous year, as a $59.5 billion increase in premiums and annuity considerations was offset by a $38.0 billion decline in other income. These significant swings were primarily the result of modified coinsurance agreements and the recapture of retrocessions from foreign affiliates at American General Life Insurance Company, Hannover Life Reassurance Company of America and United States Life Insurance in the City of New York.

    Income growth slightly outpaced a 2.5% increase in total expenses, leading to a pre-tax operating gain of $55.1 billion, 11.8% higher than in the previous year. A $4.2 billion increase in taxes was offset by a $3.5 billion reduction in net realized capital losses, resulting in the $5.1-billion year-over-year increase in net income. Capital and surplus for the industry increased by 6.2% from the end of 2018, reaching $415.6 billion at year-end 2019.

    To access the full copy of this special report, please visit http://www3.ambest.com/bestweek/purchase.asp?record_code=295354.

    AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

    Copyright © 2020 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

    Contacts

    Matthew Coppola
    Director, Corporate Data Management
    +1 908 439 2200, ext. 5627
    matthew.coppola@ambest.com

    Christopher Sharkey
    Manager, Public Relations
    +1 908 439 2200, ext. 5159
    christopher.sharkey@ambest.com

    Jim Peavy
    Director, Public Relations
    +1 908 439 2200, ext. 5644
    james.peavy@ambest.com

    Originally Posted at Business Wire on March 12, 2020 by AM Best.

    Categories: Industry Articles
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