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Net income in US L/A insurance industry increases by 7%

Written by Adam Cadle
20/09/2024

Net income for the US life/annuity (L/A) insurance industry increased by 7.1% in H1 2024 over the same prior-year period to $14.1bn, driven largely by lower realised capital losses, according to AM Best.

The L/A industry’s total income increased by 7.7% from H1 2023 to $578.3bn, as premiums and annuity considerations increased by 10.6% and net investment income rose by 10%.

Total expenses for the industry increased by nearly 10%, largely due to a $55.6bn spike in surrender and other benefits. As a result, the pretax net operating gain of $21.8bn represented a 26% decline from the same prior-year period.


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