This financial review is detailed in a new Best’s Special Report, “First Look: Nine-Month 2023 Life/Annuity Financial Results,” and the data is derived from companies’ nine-month 2023 interim statutory statements that were received as of Dec. 8, representing an estimated 99% of total U.S. life/annuity industry premiums and annuity considerations.

According to the report, the U.S. life/annuity industry’s total income increased to $800.9 billion, up from $732.5 billion in the same prior year period. Total expenses for the industry increased 8.0%, largely due to a $48.1 billion increase in surrender benefits. The resulting pretax net operating gain of $56.0 billion increased 30.7% from the prior year period. Including $14.2 billion of net realized capital losses, the industry’s net income of $31.6 billion declined slightly from the same period in 2022.

To access the full copy of this special report, please visit http://www3.ambest.com/bestweek/purchase.asp?record_code=339000.

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