Net Premiums up for First Time in 2 Years
A new report released by A.M. Best & Co shows that the American life/ health industry’s nine-month net premiums risen increased 2.6% to $424.2 billion, the first such increase since the end of 2008. The same report also shows that admitted assets have improved 4.6 percent to $5.1 trillion since year-end 2009, aided by what Best calls “modest increases” in separate account assets.
Speaking on behalf of his company, Richard F. Kirk, senior business information analyst for A.M. Best’s Financial Suite products said, “”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.”
Here is the list of percentages accounted for by the top 25 writers, as reported by the Insurance Journal:
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)
These results are included in an in-depth study of the insurance industry’s 2010 nine-month financial results. The U.S. property/casualty industry study is expected to be released shortly.