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Life/Annuity Insurance Income Statement, 2019-2023

($ billions, end of year)
  2019 2020 2021 2022 2023 Percent change,
2022-2023 (1)
Revenue            
Life insurance premiums $149.4 $141.6 $159.1 $163.1 $121.5 -25.5%
Annuity premiums and deposits 347.4 301.2 290.2 350.6 360.7 2.9
Accident and health premiums 183.8 182.3 188.1 189.8 202.9 6.9
Other premiums and considerations (2) 6.7 6.5 6.0 7.3 0.7 -89.8
Total premiums, consideration and deposits $687.2 $631.6 $643.3 $710.8 $685.8 -3.5
Net investment income 193.0 192.2 208.3 205.6 225.3 9.6
Reinsurance allowance -29.7 -22.8 8.4 38.2 28.6 -25.2
Separate accounts revenue 37.5 38.1 41.8 39.2 38.1 -2.7
Other income 49.1 52.4 57.6 59.2 63.3 7.0
Total revenue $937.0 $891.4 $959.5 $1,053.0 $1,041.1 -1.1
Expense            
Benefits 306.4 318.0 343.4 327.8 347.7 6.1
Surrenders 344.5 327.9 367.5 353.0 416.2 17.9
Increase in reserves 123.1 110.3 89.3 131.6 67.9 -48.4
Transfers to separate accounts -72.7 -70.0 -76.3 -51.1 -82.8 61.9
Commissions 61.7 60.5 65.2 68.2 78.1 14.4
General and administrative expenses 69.3 68.4 71.1 72.3 77.6 7.2
Insurance taxes, licenses and fees 9.3 11.5 10.1 10.5 10.9 3.9
Other expenses 14.4 6.3 15.0 61.7 35.7 -42.2
Total expenses $856.1 $832.9 $885.2 $974.1 $951.3 -2.3
Net income            
Policyholder dividends 18.8 18.6 18.4 20.3 22.8 12.3
Net gain from operations before federal income tax 62.1 39.8 55.9 58.5 67.0 14.6
Federal income tax 9.4 5.2 8.2 8.5 13.1 55.6
Net income before capital gains $52.8 $34.6 $47.7 $50.0 $53.9 7.6
Net realized capital gains (losses) -6.7 -10.7 -7.6 -10.6 -15.4 44.4
Net income $46.0 $23.9 $40.1 $39.4 $38.5 -2.3
Pre-tax operating income 62.1 39.8 55.9 58.5 67.0 14.6
Capital and surplus, end of year 442.9 460.4 499.7 489.9 512.6 4.6

(1) Calculated from unrounded data.
(2) The NAIC introduced changes for the Analysis of Operations and Analysis of Increase in Reserves exhibits for 2019 and future periods.

NA=Not applicable.

Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute. 

Life/Annuity Insurance Income Statement, 2018-2022

($ billions, end of year)
  2018 2019 2020 2021 2022 Percent change,
2021-2022 (1)
Revenue            
Life insurance premiums $145.1 $151.0 $143.0 $159.5 $165.1 3.5%
Annuity premiums and deposits 269.7 339.8 294.6 285.8 343.3 20.1
Accident and health premiums 183.1 185.0 183.1 189.2 188.7 -0.3
Credit life and credit accident and health premiums 1.3 1.4 1.2 1.2 1.2 0.0
Total premiums, consideration and deposits $603.2 $679.4 $624.1 $637.8 $700.2 9.8%
Net investment income 187.4 186.7 186.0 200.9 199.1 -0.9
Reinsurance allowance 32.0 -29.7 -22.8 8.5 38.2 NA
Separate accounts revenue 37.3 36.8 37.4 41.0 38.4 -6.3
Other income 44.0 48.7 55.0 57.5 58.8 2.3
Total revenue $903.9 $921.9 $881.2 $945.7 $1,034.7 9.4%
Expense            
Benefits 289.5 301.8 313.2 338.4 321.0 -5.1
Surrenders 350.3 339.6 323.3 326.7 348.1 6.6
Increase in reserves 143.3 120.6 107.8 89.8 128.6 43.2
Transfers to separate accounts -89.6 -72.0 -69.2 -75.6 -50.1 -33.7
Commissions 58.3 61.2 60.0 64.5 67.5 4.7
General and administrative expenses 65.9 67.8 66.8 69.4 70.5 1.6
Insurance taxes, licenses and fees 10.7 9.3 11.4 10.1 10.4 3.0
Other expenses 11.3 14.4 6.3 14.8 61.6 316.2
Total expenses $839.7 $842.7 $819.6 $874.0 $957.6 9.6%
Net income            
Policyholder dividends 18.2 18.1 18.0 17.8 19.7 10.7
Net gain from operations before federal income tax 46.0 70.0 39.1 54.0 57.4 6.3
Federal income tax 3.4 9.4 5.2 8.2 8.5 3.7
Net income before capital gains $42.6 $51.6 $33.8 $45.8 $49.0 7.0%
Net realized capital gains (losses) -4.7 -6.9 -10.7 -8.3 -10.8 30.1
Net income $37.9 $44.7 $23.1 $37.5 $38.2 1.9%
Pre-tax operating income 46.0 61.0 39.1 54.0 57.4 6.3
Capital and surplus, end of year 399.9 421.7 441.2 477.5 467.0 -2.2

(1) Calculated from unrounded data.

NA=Not applicable.

Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.

Life/Annuity Insurance Income Statement, 2017-2021

($ billions, end of year)
  2017 2018 2019 2020 2021 Percent change,
2020-2021 (1)
Revenue            
Life insurance premiums $137.1 $145.1 $151.0 $143.1 $159.5 11.5%
Annuity premiums and deposits 287.2 269.7 339.8 294.6 285.8 -3.0
Accident and health premiums 169.3 183.1 185.0 184.7 189.2 2.4
Credit life and credit accident and health premiums 1.3 1.3 1.4 1.2 1.2 0.0
Other premiums and considerations 2.1 4.0 (2) (2) (2) 0.0
Total premiums, consideration and deposits $597.1 $603.2 $679.4 $625.7 $637.8 1.9%
Net investment income 182.3 187.4 186.7 186.0 200.8 8.0
Reinsurance allowance -25.1 32.0 -29.7 -22.8 8.5 NA
Separate accounts revenue 36.6 37.3 36.8 37.4 41.0 9.8
Other income 49.2 44.0 48.7 55.0 57.5 4.6
Total revenue $839.9 $903.9 $921.9 $881.2 $945.7 7.3%
Expense            
Benefits 281.4 289.5 301.8 314.2 338.4 7.7
Surrenders 308.9 350.3 339.6 323.4 362.7 12.2
Increase in reserves 106.4 143.3 120.6 109.8 89.8 -18.2
Transfers to separate accounts -65.8 -89.6 -72.0 -69.2 -75.6 9.2
Commissions 58.0 58.3 61.2 60.1 64.5 7.3
General and administrative expenses 65.9 65.9 67.8 67.0 69.4 3.5
Insurance taxes, licenses and fees 8.8 10.7 9.3 11.5 10.1 -12.3
Other expenses -4.1 11.3 14.4 8.4 14.8 76.5
Total expenses $759.4 $839.7 $842.8 $825.2 $873.9 5.9%
Net income            
Policyholder dividends 17.5 18.2 18.1 18.0 17.8 -1.3
Net gain from operations before federal income tax 63.0 46.0 61.0 38.0 53.9 41.8
Federal income tax 12.4 3.4 9.4 5.1 8.2 59.7
Net income before capital gains $50.6 $42.6 $51.6 $32.9 $45.7 39.0%
Net realized capital gains (losses) -8.6 -4.7 -6.9 -10.7 -8.3 -22.8
Net income $42.1 $37.9 $44.7 $22.1 $37.4 68.9%
Pre-tax operating income 63.0 46.0 61.0 38.0 53.9 41.8
Capital and surplus, end of year 395.0 399.9 421.7 440.5 475.9 8.0

(1) Calculated from unrounded data.
(2) Data not available.

NA=Not applicable.

Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.

Life/Annuity Insurance Income Statement, 2016-2020

($ billions, end of year)
  2016 2017 2018 2019 2020 Percent change,
2019-2020 (1)
Revenue            
Life insurance premiums $115.0 $137.1 $145.1 $151.0 $143.1 -5.3%
Annuity premiums and deposits 318.5 287.2 269.7 339.8 294.6 -13.3
Accident and health premiums 162.8 169.3 183.1 185.0 184.7 -0.2
Credit life and credit accident and health premiums 1.3 1.3 1.3 1.4 1.2 -16.3
Other premiums and considerations 2.2 2.1 4.0 (2) (2) (2)
Total premiums, consideration and deposits $599.9 $597.1 $603.2 $679.4 $625.7 -7.9%
Net investment income 173.0 182.3 187.4 186.7 186.0 -0.4
Reinsurance allowance -17.0 -25.1 32.0 -29.7 -22.8 -23.2
Separate accounts revenue 34.7 36.6 37.3 36.8 37.4 1.6
Other income 61.3 49.2 44.0 48.7 55.0 12.8
Total revenue $851.9 $839.9 $903.9 $921.9 $881.2 -4.4%
Expense            
Benefits 271.4 281.4 289.5 301.8 314.2 4.1
Surrenders 265.1 308.9 350.3 339.6 323.4 -4.8
Increase in reserves 133.1 106.4 143.3 120.6 109.8 -8.9
Transfers to separate accounts -38.0 -65.8 -89.6 -72.0 -69.2 -3.9
Commissions 64.6 58.0 58.3 61.2 60.1 -1.8
General and administrative expenses 62.4 65.9 65.9 67.8 67.0 -1.2
Insurance taxes, licenses and fees 10.8 8.8 10.7 9.3 11.5 23.8
Other expenses -2.7 -4.1 11.3 14.4 8.4 -41.8
Total expenses $766.6 $759.4 $839.7 $842.8 $825.2 -2.1%
Net income            
Policyholder dividends 18.2 17.5 18.2 18.1 18.0 -0.5
Net gain from operations before federal income tax 67.1 63.0 46.0 61.0 38.0 -37.7
Federal income tax 16.3 12.4 3.4 9.4 5.1 -45.6
Net income before capital gains $50.8 $50.6 $42.6 $51.6 $32.9 -36.2%
Net realized capital gains (losses) -11.4 -8.6 -4.7 -6.9 -10.7 56.6
Net income $39.4 $42.1 $37.9 $44.7 $22.1 -50.5%
Pre-tax operating income 67.1 63.0 46.0 61.0 38.0 -37.7
Capital and surplus, end of year 380.7 395.0 399.9 421.7 440.0 4.3

(1) Calculated from unrounded data.
(2) Data not available.

NA=Not applicable.

Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.

Life/Annuity Insurance Income Statement, 2015-2019

($ billions, end of year)
  2015 2016 2017 2018 2019 Percent change,
2018-2019 (1)
Revenue            
     Life insurance premiums $151.4 $115.0 $137.1 $145.1 $145.1 (2)
     Annuity premiums and deposits 324.0 318.5 287.2 269.7 341.9 26.8%
     Accident and health premiums 158.8 162.8 169.3 183.1 186.2 1.7
     Credit life and credit accident and health premiums 1.4 1.3 1.3 1.3 (3) NA
     Other premiums and considerations 2.5 2.2 2.1 4.0 6.7 67.4
     Total premiums, consideration and deposits $638.2 $599.9 $597.1 $603.2 $679.9 12.7%
     Net investment income 170.8 173.0 182.3 187.4 186.6 -0.4
     Reinsurance allowance -86.4 -17.0 -25.1 32.0 -29.7 NA
     Separate accounts revenue 35.2 34.7 36.6 37.3 36.8 -1.4
     Other income 90.5 61.3 49.2 44.0 48.8 10.7
     Total revenue $848.2 $851.9 $839.9 $903.9 $922.3 2.0%
Expense            
     Benefits 263.9 271.4 281.4 289.5 302.2 4.4
     Surrenders 273.0 265.1 308.9 350.3 339.6 -3.0
     Increase in reserves 80.5 133.1 106.4 143.3 120.6 -15.9
     Transfers to separate accounts 36.9 -38.0 -65.8 -89.6 -72.0 NA
     Commissions 55.5 64.6 58.0 58.3 61.2 4.9
     General and administrative expenses 60.1 62.4 65.9 65.9 67.9 3.0
     Insurance taxes, licenses and fees 10.5 10.8 8.8 10.7 9.3 -13.4
     Other expenses -4.9 -2.7 -4.1 11.3 14.4 27.1
     Total expenses $775.5 $766.6 $759.4 $839.8 $843.2 0.4%
Net income            
     Policyholder dividends 18.3 18.2 17.5 18.2 18.1 -0.4
     Net gain from operations before federal income tax 54.4 67.1 63.0 46.0 61.0 32.7
     Federal income tax 10.6 16.3 12.4 3.4 9.4 177.7
     Net income before capital gains $43.8 $50.8 $50.6 $42.6 $51.5 21.1%
     Net realized capital gains (losses) -3.5 -11.4 -8.6 -4.7 -6.9 44.6
     Net income $40.3 $39.4 $42.1 $37.8 $44.7 18.1%
     Pre-tax operating income 54.4 67.1 63.0 46.0 61.0 32.7
     Capital and surplus, end of year 354.0 367.2 380.7 394.9 400.0 5.5

(1) Calculated from unrounded data.
(2) Less than 0.1 percent.
(3) Data not available.

NA=Not applicable.

Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.

Life/Annuity Insurance Income Statement, 2014-2018

($ billions, end of year)
  2014 2015 2016 2017 2018 Percent change,
2017-2018 (1)
Revenue            
     Life insurance premiums $133.9 $151.4 $115.0 $137.1 $145.4 6.0%
     Annuity premiums and deposits 352.8 324.0 318.5 287.2 269.7 -6.1
     Accident and health premiums 156.6 158.8 162.8 169.3 184.2 8.8
     Credit life and credit accident and health  premiums 1.4 1.4 1.3 1.3 1.3 4.1
     Other premiums and considerations 2.6 2.5 2.2 2.1 4.0 90.1
     Total premiums, consideration and deposits $647.3 $638.2 $599.9 $597.1 $604.6 1.3%
     Net investment income 171.7 170.8 173.0 182.3 187.4 2.8
     Reinsurance allowance -15.0 -86.4 -17.0 -25.1 32.0 NA
     Separate accounts revenue 34.3 35.2 34.7 36.6 37.3 2.0
     Other income 39.7 90.5 61.3 49.0 44.0 -10.2
     Total revenue $878.0 $848.2 $851.9 $839.8 $905.4 7.8%
Expense            
     Benefits 251.8 263.9 271.4 281.4 290.7 3.3
     Surrenders 281.5 273.0 265.1 308.9 350.3 13.4
     Increase in reserves 108.7 80.5 133.1 106.4 143.4 34.8
     Transfers to separate accounts -16.5 36.9 -38.0 -65.8 -89.6 NA
     Commissions 52.1 55.5 64.6 58.0 58.4 0.6
     General and administrative expenses 59.0 60.1 62.4 65.9 66.0 0.1
     Insurance taxes, licenses and fees 10.0 10.5 10.8 8.8 10.8 22.0
     Other expenses 66.0 -4.9 -2.7 -4.3 11.3 NA
     Total expenses $812.5 $775.5 $766.6 $759.3 $841.1 10.8%
Net income            
     Policyholder dividends 16.4 18.3 18.2 17.5 18.2 4.0
     Net gain from operations before federal income tax 49.0 54.4 67.1 63.0 46.0 -26.9
     Federal income tax 10.1 10.6 16.3 12.4 3.4 -72.3
     Net income before capital gains $38.9 $43.8 $50.8 $50.6 $42.6 -15.8%
     Net realized capital gains (losses) -1.3 -3.5 -11.4 -8.6 -4.7 NA
     Net income $37.6 $40.3 $39.4 $42.1 $37.9 -10.0%
     Pre-tax operating income 49.0 54.4 67.1 63.0 46.0 -26.9
     Capital and surplus, end of year 354.0 367.2 380.7 394.9 400.0 1.3

(1) Calculated from unrounded data.

NA=Not applicable.

Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.

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.

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.

Life/Health Insurance Industry Income Statement, 2011-2015

($ billions, end of year)
  2011 2012 2013 2014 2015 Percent change,
2014-2015 (1)
Revenue            
Life insurance premiums $122.8 $130.5 $126.0 $133.8 $151.4 13.2%
Annuity premiums and deposits 327.0 339.9 279.4 352.8 324.0 -8.2
Accident and health premiums 151.1 151.4 153.3 156.6 158.8 1.4
Credit life and credit accident and health premiums 1.6 1.6 1.4 1.4 1.4 -0.4
Other premiums and considerations 2.1 2.2 2.3 2.6 2.5 -2.2
Total premiums, consideration and deposits $604.5 $625.7 $562.6 $647.3 $638.2 -1.4%
Net investment income 167.3 166.5 167.1 171.7 170.8 -0.6
Reinsurance allowance -16.3 -30.8 -21.2 -15.0 -86.4 NA
Separate accounts revenue 26.1 29.5 31.4 34.3 35.2 2.7
Other income 53.3 41.5 42.8 39.5 90.5 128.9
Total revenue $835.0 $832.5 $782.7 $877.8 $848.2 -3.4%
Expense            
Benefits 238.9 241.8 250.7 251.8 263.9 4.8
Surrenders 237.3 245.7 248.7 281.5 273.0 -3.0
Increase in reserves 141.2 83.8 86.2 108.7 80.5 -25.9
Transfers to separate accounts 32.4 61.6 -0.8 -16.5 36.9 NA
Commissions 51.4 52.6 53.0 52.1 55.5 6.6
General and administrative expenses 56.4 57.2 58.5 59.0 60.1 1.9
Insurance taxes, licenses and fees 7.8 8.0 8.2 10.0 10.5 5.0
Other expenses 8.1 6.7 -0.4 65.8 -4.9 NA
Total expenses $773.5 $757.4 $704.1 $812.4 $775.5 -4.5%
Net income            
Policyholder dividends 15.1 15.2 15.7 16.4 18.3 11.2
Net gain from operations before federal income tax 28.0 59.6 62.9 49.0 54.4 11.0
Federal income tax 4.7 9.9 8.6 10.1 10.6 4.6
Net income before capital gains $22.9 $49.7 $54.3 $38.9 $43.8 12.7%
Net realized capital gains (losses) -8.5 -9.4 -12.0 -1.3 -3.5 NA
Net income $14.4 $40.3 $42.3 $37.6 $40.3 7.3%
Pre-tax operating income 28.0 59.6 62.9 49.0 54.4 11.0

(1) Calculated from unrounded data.

NA=Not applicable.

Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.

LIFE/HEALTH INSURANCE INDUSTRY INCOME STATEMENT, 2010-2014

($ billions, end of year)
  2010 2011 2012 2013 2014 Percent change,
2013-2014 (1)
Revenue            
Life insurance premiums $100.3 $122.8 $130.5 $126.1 $133.8 6.2%
Annuity premiums and deposits 286.3 327.0 339.9 279.4 352.8 26.3
Accident and health premiums 150.8 151.1 151.4 153.3 156.6 2.2
Credit life and credit accident and health premiums 1.6 1.6 1.6 1.4 1.4 -3.9
Other premiums and considerations 23.1 2.1 2.2 2.3 2.6 8.9
Total premiums, consideration and deposits $562.1 $604.5 $625.7 $562.6 $647.3 15.1%
Net investment income 164.1 167.3 166.5 168.0 171.7 2.3
Reinsurance allowance -29.3 -16.3 -30.8 -21.2 -15.0 -29.5
Separate accounts revenue 23.4 26.1 29.5 31.4 34.3 9.1
Other income 53.0 53.3 41.5 43.0 39.5 -8.0
Total revenue $773.3 $835.0 $832.5 $783.7 $877.9 12.0%
Expense            
Benefits 231.6 239.0 241.8 250.8 251.8 0.4
Surrenders 216.8 237.3 245.7 248.7 281.5 13.2
Increase in reserves 96.2 141.2 83.8 86.2 108.7 26.1
Transfers to separate accounts 29.3 32.4 61.6 -0.8 -16.5 (2)
Commissions 48.9 51.4 52.6 53.0 52.1 -1.8
General and administrative expenses 54.7 56.4 57.2 58.5 59.0 0.8
Insurance taxes, licenses and fees 7.5 7.8 8.0 8.2 10.0 21.7
Other expenses 2.2 8.1 6.7 -0.4 65.8 (2)
Total expenses $687.2 $773.6 $757.4 $704.3 $812.4 15.4%
Net income            
Policyholder dividends 15.0 15.1 15.2 15.7 16.4 4.9
Net gain from operations before federal income tax 53.1 28.0 59.6 63.8 49.0 -23.1
Federal income tax 8.6 4.7 9.9 8.6 10.1 18.2
Net income before capital gains $44.1 $22.9 $49.7 $55.2 $38.9 -29.5%
Net realized capital gains (losses) -16.0 -8.5 -9.4 -12.0 -1.3 -89.1
Net income $28.0 $14.4 $40.3 $43.2 $37.6 -12.9%
Pre-tax operating income 53.1 28.0 59.6 63.8 49.0 -23.1

(1) Calculated from unrounded data.
(2) Not applicable.

Source: SNL Financial LC.

LIFE/HEALTH INSURANCE INDUSTRY INCOME STATEMENT, 2009-2013

($ billions, end of year)
  2009 2010 2011 2012 2013 Percent change,
2012-2013 (1)
Revenue            
Life insurance premiums $120.6 $100.3 $122.8 $130.5 $126.1 -3.4%
Annuity premiums and deposits 225.5 286.3 327.0 339.9 279.4 -17.8
Accident and health premiums 145.2 150.9 151.3 151.7 153.4 1.1
Credit life and credit accident and health premiums 1.6 1.6 1.6 1.6 1.4 -7.2
Other premiums and considerations 0.5 23.1 2.1 2.2 2.3 4.4
Total premiums, consideration and deposits $493.4 $562.2 $604.8 $626.0 $562.8 -10.1%
Net investment income 156.6 164.1 167.3 166.9 167.9 0.6
Reinsurance allowance 61.5 -29.3 -16.3 -30.8 -21.2 -31.0
Separate accounts revenue 20.4 23.4 26.1 29.5 31.4 6.5
Other income 44.9 52.9 53.1 60.3 43.1 -28.6
Total revenue $776.7 $773.3 $835.0 $851.9 $783.9 -8.0%
Expense            
Benefits 230.1 231.7 239.1 242.0 250.9 3.7
Surrenders 228.7 216.8 237.3 245.7 248.8 1.2
Increase in reserves 99.2 96.2 141.2 83.8 86.2 2.9
Transfers to separate accounts 11.1 29.3 32.4 61.6 -0.8 -101.3
Commissions 48.5 48.9 51.4 52.6 53.0 0.8
General and administrative expenses 52.1 54.7 56.5 57.3 58.5 2.2
Insurance taxes, licenses and fees 7.1 7.5 7.8 8.0 8.2 1.9
Other expenses 7.4 2.2 8.1 6.7 -0.4 -105.6
Total expenses $684.2 $687.3 $773.8 $757.7 $704.5 -7.0%
Net income            
Policyholder dividends 15.0 15.0 15.1 15.2 15.7 3.2
Net gain from operations before Federal income tax 61.0 53.1 28.0 60.5 63.7 5.4
Federal income tax 10.5 8.6 4.7 9.9 8.6 -13.2
Net income before capital gains $50.3 $44.1 $22.9 $50.3 $55.2 9.6%
Net realized capital gains (losses) -28.7 -16.0 -8.5 -9.4 -12.0 27.3
Net income $21.5 $28.0 $14.4 $40.9 $43.2 5.5%
Pre-tax operating income 61.0 53.1 28.0 60.5 63.7 5.4

(1) Calculated from unrounded data.

Source: SNL Financial LC.

LIFE/HEALTH INSURANCE INDUSTRY INCOME STATEMENT, 2008-2012

($ billions, end of year)
  2008 2009 2010 2011 2012 Percent change,
2011-2012 (1)
Revenue            
Life insurance premiums $142.7 $120.6 $100.3 $122.8 $130.6 6.3%
Annuity premiums and deposits 323.0 225.5 286.3 327.0 339.9 4.0
Accident and health premiums 154.5 160.0 167.8 168.3 170.7 1.4
Credit life and credit accident and health premiums 2.1 1.6 1.6 1.6 1.6 -1.7
Other premiums and considerations 0.8 0.5 23.1 2.1 2.2 8.5
Total premiums, consideration and deposits $623.1 $508.2 $579.1 $621.8 $645.0 3.7%
Net investment income 162.2 156.6 164.1 167.3 166.8 -0.3
Reinsurance allowance 17.8 61.5 -29.3 -16.3 -30.8 89.2
Separate accounts revenue 21.2 20.4 23.4 26.1 29.5 13.2
Other income 20.4 30.0 36.0 36.1 41.5 15.2
Total revenue $844.7 $776.7 $773.3 $835.0 $852.1 2.1%
Expense            
Benefits 238.4 242.2 245.2 252.8 257.8 2.0
Surrenders 291.5 228.7 216.8 237.3 245.7 3.6
Increase in reserves 144.2 99.2 96.2 141.2 83.8 -40.7
Transfers to separate accounts 22.7 11.1 29.3 32.4 61.6 89.8
Commissions 51.6 48.9 49.3 51.8 53.1 2.4
General and administrative expenses 53.3 54.0 56.6 58.3 59.3 1.7
Insurance taxes, licenses and fees 7.3 7.2 7.7 8.0 8.2 3.0
Other expenses 17.2 7.2 2.2 8.1 6.7 -17.9
Total expenses $826.1 $698.4 $703.3 $790.0 $776.1 -1.8%
Net income            
Policyholder dividends 17.7 15.0 15.0 15.1 15.2 0.7
Net gain from operations before Federal income tax -1.4 61.0 53.1 28.0 60.5 116.0
Federal income tax -0.1 10.7 9.0 5.1 10.2 101.0
Net income before capital gains
 -$1.4 $50.3 $44.1 $22.9 $50.3 119.8%
Net realized capital gains (losses) -50.9 -28.7 -16.0 -8.5 -9.4 10.7
Net income -$52.3 $21.5 $28.0 $14.4 $40.9 184.6%
Pre-tax operating income -1.4 61.0 53.1 28.0 60.5 116.0

(1) Calculated from unrounded data.

Source: SNL Financial LC.