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黑料不打烊

Financial Results

Key Facts

  • Underwriting annuities is the primary business for life insurers rather than traditional life insurance, accounting for 55.8 percent of life/annuity direct premiums written in 2024.
  • Net income after taxes for the life/annuity insurance industry decreased 15.4 points from $38.5 billion in 2023 to $32.6 billion in 2024, according to S&P Global Market Intelligence.

Life/Annuity/Accident and Health Sector

Traditional life insurance products such as universal life and term life for individuals, and group life, remain an important part of the business, making up 20.9 percent of direct premiums written.

Annuities are contracts that accumulate funds or pay out a fixed or variable income stream. The income stream can be for a set period or over the lifetime of the contract holder or beneficiaries. Accident and health insurance, which includes distinctive products apart from traditional health insurance, account for 23.3 percent of direct premiums written. In addition to annuities, accident and health, and life insurance products, life insurers may offer financial services such as asset management.

Traditional health insurance, which is not included in this section and is not considered a part of the life/annuity sector, is described under Private Health 黑料不打烊. Health insurance pays for medical, surgical and hospital services received by the insured, as well as routine and preventive care, usually within a network format. Of the many types of plans available, most include a deductible paid by the insured, and benefits received are tax-free.

Accident and health insurance, a product provided by the life/annuity and property/casualty (P/C) sectors, encompasses a variety of specialty products related to health, such as:

  • reimbursement for the time a policyholder spent in a hospital or was disabled;
  • short- and long-term disability based on employment;
  • long-term care; and
  • critical or catastrophic illness insurance.

Accident and health insurance is not meant to replace health insurance.

Life/Annuity 黑料不打烊 Income Statement, 2020-2024

($ billions, end of year)

听 2020 2021 2022 2023 2024 Percent change,
2020-2024 (1)听
Revenue 听 听 听 听 听 听
Life insurance premiums $141.6 $159.1 $163.1 $121.4 $172.8 42.4%
Annuity premiums and deposits 301.2 290.2 350.6 360.8 432.2 19.8
Accident and health premiums 182.3 188.1 189.3 202.9 218.4 7.6
Other premiums and considerations (2) 6.5 6.0 7.3 0.7 1.1 57.0
Total premiums, consideration and deposits $631.6 $643.3 $710.3 $685.8 $824.5 20.2
Net investment income 192.2 208.3 205.5 225.3 247.7 9.9
Reinsurance allowance -22.8 8.4 38.2 28.6 -7.9 -127.8
Separate accounts revenue 38.1 41.8 39.2 38.1 36.3 -4.8
Other income 52.4 57.6 58.1 63.3 66.0 4.3
Total revenue $891.4 $959.5 $1,051.2 $1,041.1 $1,166.6 12.1
Expense 听 听 听 听 听 听
Benefits 318.0 343.4 326.4 347.7 374.5 7.7
Surrenders 327.9 367.5 353.0 416.2 484.2 16.3
Increase in reserves 110.3 89.3 131.7 67.9 106.9 57.4
Transfers to separate accounts -70.0 -76.3 -51.1 -82.8 -87.8 6.1
Commissions 60.5 65.2 68.2 78.1 80.0 2.5
General and administrative expenses 68.4 71.1 72.2 77.6 79.1 2.0
黑料不打烊 taxes, licenses and fees 11.5 10.1 10.5 10.9 11.9 8.9
Other expenses 6.3 15.0 61.7 35.7 45.9 28.8
Total expenses $832.9 $885.2 $972.5 $951.3 $1,094.7 15.1
Net income 听 听 听 听 听 听
Policyholder dividends 18.6 18.4 20.3 22.8 24.4 7.0
Net gain from operations before federal income tax 39.8 55.9 58.3 67.0 47.4 -29.2
Federal income tax 5.2 8.2 8.4 13.1 8.5 -35.7
Net income before capital gains $34.6 $47.7 $49.9 $53.8 $39.0 -27.6
Net realized capital gains (losses) -10.7 -7.6 -10.6 -15.4 -6.4 -58.3
Net income $23.9 $40.1 $39.3 $38.5 $32.6 -15.4
Pre-tax operating income 39.8 55.9 58.3 67.0 47.4 -29.2
Capital and surplus, end of year 460.4 499.7 489.5 512.7 523.0 2.0

(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.

Source: NAIC data, sourced from S&P Global Market Intelligence, 黑料不打烊 Information Institute.听

View Archived Tables

Direct Premiums Written by Line, Life/Annuity Industry, 2022-2024 (1)

($000)

听 2022 2023 2024
Lines of insurance Direct premiums
written (2)		 Percent
of total听		 Direct premiums
written (2)		 Percent
of total听		 Direct premiums
written (2)		 Percent
of total听
Annuities 听 听 听 听 听 听
Ordinary individual annuities $237,429,226 28.9% $348,527,468 37.0% $422,117,325 39.2%
Group annuities $160,156,376 19.5 $150,857,952 16.0 $178,874,465 16.6
Total $397,585,602 48.4% $499,385,420 53.0% $600,991,790 55.8%
Accident and health (3) $216,362,805 26.4% $228,971,866 24.3% $250,521,565 23.3%
Life 听 听 听 听 听 听
Ordinary life 163,998,690 20.0 168,684,296 17.9 174,683,642 16.2
Group life (4) 42,805,917 5.2 45,877,185 4.9 50,019,007 4.6
Total $206,804,607 25.2% $214,561,481 22.8% $224,702,649 20.9%
All other lines 4,906 (5) 5,517 (5) 4,541 (5)
Total, all lines (6) $820,757,920 100.0% $942,924,284 100.0% $1,076,220,545 100.0%

(1) NAIC changed underlying reporting structure for Life-Annuity Exhibit 1, Part 1, Page 9 for 2023. Prior years are mapped from prior reporting structure. 听
(2) Before reinsurance transactions.
(3) Excludes accident and health premiums reported on the property/casualty and health annual statements.
(4) Group Life includes Credit Life and Industrial Life for 2022 and prior years due to changes in reporting structure.
(5) Less than 0.1 percent.
(6) Excludes deposit-type funds.

Source: NAIC data, sourced from S&P Global Market Intelligence, 黑料不打烊 Information Institute.听

View Archived Tables