Best's News


SPECIAL REPORT

Best’s News & Research Service - September 12, 2022 12:08 PM (EDT)

Best’s Special Report: First-Half 2022 Net Income in U.S. Life/Annuity Insurance Industry Jumps by More Than 60%

  • September 12, 2022 12:08 PM (EDT)

Oldwick //BestWire// - Net income for U.S. life/annuity (L/A) insurance industry increased by 62% in the first half of 2022, rising to $20.9 billion from $12.9 billion in the same prior-year period, according to a new AM Best report.

This financial review is detailed in a new Best’s Special Report, titled, “First Look: Six-Month 2022 U.S. Life/Annuity Financial Results,” and the data is derived from companies’ six-month 2022 interim statutory statements that were received as of Sept. 8, 2022, representing an estimated 99% of total industry premiums and annuity considerations.

Total income in the L/A industry rose 3.2% to $478.8 billion from the prior-year period, driven by a 5.3% increase in net investment income and 161.9% rise in other income. Total expenses for the industry grew 4.6%, largely due to a $12.2 billion reduction in net transfers to separate accounts. The resulting pretax net operating gain was $24.1 billion, down 18.0% from first-half 2021. A $1.6 billion decrease in tax obligations and $11.7 billion decline in net realized capital losses contributed to the industry’s net income of $20.9 billion. Capital and surplus declined 1.9% from the end of 2021, to $481.1 billion.

To access the full copy of this special report, please visit http://www3.ambest.com/bestweek/purchase.asp?record_code=323829 .

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 London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.



Life And Annuity Insurance United States Press Release A.M. Best Rating Services, Inc. Insurance


Latest News

More from Best’s News


Trending

To Submit News go to - https://www.ambest.com/bestweek/submitnews.html