Press Release - MARCH 19, 2018
Best’s Special Report: Preliminary 2017 Results Show Investment Gains Helped to Narrow U.S. L/H Industry Income Losses
FOR IMMEDIATE RELEASE
OLDWICK - MARCH 19, 2018
According to the report, notable changes in premium and annuity considerations in 2017 include a combined $17.0 billion decline reported by Prudential Annuities Life Assurance Corporation and MetLife, Inc., a total decline of $27.1 billion at Transamerica Life Insurance Company and Forethought Life Insurance Company, related to reinsurance agreements entered into in 2017 and a $14.7 billion increase at AGC Life Insurance Company, as $14.0 billion of reserves were ceded in 2016.
Pretax net operating gain for the industry declined to $53.2 billion in 2017, down 14.6% from the prior year. A $4.6 billion reduction in federal and foreign taxes and a $4.0 billion decrease in net realized losses resulted in 2017 total industry net income declining just 1.4% from 2016 to $33.9 billion. Capital and surplus for the industry increased $11.2 billion, reaching $372.5 billion as of year-end 2017.
To access the full copy of this special report, please visit http://www3.ambest.com/bestweek/purchase.asp?record_code=271766 .
A.M. Best is the world’s oldest and most authoritative insurance rating and information source.