Best’s Special Report: U.S. Life/Annuity Industry’s Net Income Drops 80% in First-Quarter 2024
17 Junio 2024 - 10:28AM
Business Wire
The U.S. life/annuity industry saw its net income drop by 80% in
the first quarter of 2024 compared with the same prior-year period,
according to preliminary financial results. This financial review
is detailed in a new AM Best report, “First Look:
Three-Month 2024 US Life/Annuity Financial Results,” and the data
is derived from companies’ three-month 2024 interim statutory
statements that were received as of June 7, 2024, representing an
estimated 98% of total industry premiums and annuity
considerations.
According to the Best’s Special Report, the U.S. life/annuity
segment saw total revenue increase 16% over first-quarter 2023,
driven by a 21% increase in premiums and annuity considerations, a
44% rise in other income and an 8% increase in net investment
income. However, expenses for the life/annuity segment increased by
just shy of 20%, largely due to a $40.9 billion increase in
surrender and other benefits. The resulting pretax net operating
gain of $6.9 billion is half of what the industry recorded in the
same prior-year period. Factoring in $2.5 billion of net realized
capital losses, the industry’s net income of $1.6 billion
represents a $6.5 billion decline from the same period in 2023.
To access the full copy of this special report, please visit
http://www3.ambest.com/bestweek/purchase.asp?record_code=343763.
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. For more
information, visit www.ambest.com.
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