US L/A insurance industry net income jumps by more than 60% in H1

Written by Adam Cadle

12/09/2022

Net income for the US life/annuity (L/A) insurance industry increased by 62% in H1 2022, rising to $20.9bn from $12.9bn in the same prior-year period, according to AM Best’s latest financial review analysing the market.

Total income rose by 3.2% to $478.8bn from the prior-year period, driven by a 5.3% increase in net investment income and a 161.9% rise in other income.

Capital and surplus declines 1.9% from the end of 2021, to $481.1bn.

The financial review’s data is derived from companies’ six-month 2022 interim statutory statements that were received as of 8 September 2022, representing an estimated 99% of total industry premiums and annuity considerations.

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