U.S. life/health industry net premiums written ticked up 2.6 percent to $424.2 billion over nine months. It was the first increase for the industry since year-end 2008.
According to a statement released by A.M. Best Co.,admitted assets advanced 4.6 percent to $5.1 trillion from year-end 2009, aided by modest increases in separate account assets.
Capital and surplus, including the asset valuation reserve, continued to experience modest improvement, resulting in a 9 percent increase to $338.9 billion from year-end 2009.
An after-tax net operating gain of $26.0 billion was recorded, approximately 31 percent below the prior year period. The top 25 writers (ranked by nine-month 2010 admitted assets) accounted for the following percentages of key financial results for the U.S. life/health industry: admitted assets (78.2 percent); separate account assets (88.6 percent); net premiums written (67.0 percent); after-tax net operating gain (67.8 percent); realized capital losses (72.0 percent); and capital and surplus plus the asset valuation reserve (66.9 percent).
"The U.S. life/health industry continues to recover from the economic crisis with improvement in a majority of the key financial results reviewed in the statistical study. It will be interesting to track the progress in net premiums written relative to challenges posed by (but not limited to) high unemployment, modest U.S. economic growth and continued uncertainty," said Richard F. Kirk, senior business information analyst for A.M. Best's Financial Suite products.
These results are included in an in-depth study of the insurance industry's 2010 nine-month financial results, available to subscribers of Best's Statement File - Life/Health - US database.
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