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%
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.