US L/A annuity industry posts 5.6% increase in net income

Written by Adam Cadle

06/04/2023

The US life/annuity (L/A) industry posted a 5.6% increase in net income to $36.8bn in 2022, largely driven by increases in premiums, annuity considerations and other income, according to AM Best.

The L/A industry’s total income rose 11% in 2022 from the prior year to $989.2bn.

Data is derived from companies’ annual statutory statements received as of 3 April 2023, representing an estimated 97% of the total L/A industry’s premiums and annuity considerations.

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