Life/Annuity Industry’s 2020 Net Income Falls 66%, A.M. Best Finds

September 2, 2020 by Staff Reports

The life/annuity industry’s net income fell by 66% in the first half of 2020, compared with the year-ago period, A.M. Best reported today, driven by a major reinsurance agreement inked between Jackson National and Athene.

This financial review is detailed in a new Best’s Special Report, titled, “First Look— Six-Month 2020 Life/Annuity Financial Results.”

Although some life insurers provided COVID-19-related premium refunds to policyholders, the primary reason for the steep premium decline was Jackson National’s ceded coinsurance agreement with Athene Life Re, the report concluded.

Click HERE to read the full story via INN

Originally Posted at InsuranceNewsNet on September 1, 2020 by Staff Reports.