Life & Annuity Insurance Industry 2022

Insurers must prepare for the future, but uncertainties make it difficult to predict. These scenarios explore how the life insurance and annuities (L&A) industry landscape may develop over the next one to three years and helps leaders explore some of the potential medium-term implications of COVID-19.

Life & Annuity Insurance202120222023
Revenue
Life insurance premiums$159.5$177.8$184.4
Annuity premiums and deposits285.8277.5280.5
Accident and health premiums189.2193.7195.9
Total premiums, consideration and deposits$637.8$650.8$655.5
Net investment income200.8216.7219.8
Total revenue$945.7$921.9$933.1
Expense
Benefits338.4345.5355.5
Surrenders362.7407.6447.1
Increase in reserves89.872.275.2
Commissions64.569.274.2
General and administrative expenses69.471.873.8
Total expenses$873.9$842.8$852.7
Policyholder dividends447904472944679
Net income before capital gains$45.7$63.6$68.6
Net income$37.4$63.7$69.7
Capital and surplus, end of year475.9514.7532.7
Source: NAIC data, sourced from S&P Global, Insurance Information Institute