OLDWICK, N.J.--(BUSINESS WIRE)--The U.S. life/annuity industry reported a 25% increase in net income during the first nine months of 2022, to $31.4 billion from $25.2 billion, according to a new AM Best report,
This financial review is detailed in a new Best’s Special Report, “First Look: Nine-Month 2022 Life/Annuity Financial Results,” and the data is derived from companies’ nine-month 2022 interim statutory statements that were received as of Dec. 1, representing an estimated 99% of total U.S. life/annuity industry premiums and annuity considerations.
According to the report, the U.S. life/annuity industry’s total income rose by 4.1% from the same prior-year period, driven by a 7.0% increase in premiums and annuity considerations and a 2.6% increase in net investment income. Total expenses for the industry grew 4.2%, largely due to a $38.6 billion reduction in net transfers to separate accounts. The resulting pretax net operating gain was $42.0 billion, up 2.5% compared with the first nine months of 2021. A $4.6 billion decline in net realized capital losses contributed to the industry’s higher net income.
To access the full copy of this special report, please visit http://www3.ambest.com/bestweek/purchase.asp?record_code=326878.
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.
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