The spike in profitability was largely the result of lower levels of net realized capital losses rather than dramatically improved business fundamentals or strong top-line growth
Charlottesville, Va. (Vocus) December 6, 2010
An SNL Financial analysis of third-quarter 2010 statutory insurance data reveals that statutory net income of the largest U.S. life insurance groups more than doubled on a combined basis year over year in the third quarter.
“The spike in profitability was largely the result of lower levels of net realized capital losses rather than dramatically improved business fundamentals or strong top-line growth,” said Jon Wright, SNL’s Director of Insurance.
SNL compiled third-quarter statutory financial results for 25 of the 27 largest U.S. life groups based on year-end 2009 net admitted cash and invested assets. SNL’s analysis found material divergence in the year-over-year comparisons for net income, which spiked 108.2% to nearly $8.7 billion, and pretax operating income, which declined 4.4% to $11.6 billion. Year-to-date results reflect a similar divergence, with pretax operating income down 43.2% from the first nine months of 2009 to $17.2 billion but net income up 6.4% to $9.3 billion.
SNL’s statutory data includes detailed financial data on each filer, reinsurance, investment and loss reserve schedules, data by state and line of business and hundreds of ratios, snapshots and analytics, available exclusively as part of SNL Unlimited service for Financial Institutions. SNL is the only information provider to offer clients a comprehensive insurance product, linking statutory data with public company data, mergers & acquisitions data, proprietary news, documents and more. To find out more about SNL Unlimited, contact sales(at)snl(dot)com or call +1.866.296.3743.
About SNL Financial
SNL Financial is a leading provider of financial information on more than 3,300 public companies and 50,000 private companies in the business sectors critical to the global economy: Banking, Financial Services, Insurance, Real Estate, Energy and Media & Communications. The SNL information service integrates breaking news, comprehensive data and expert analysis into an electronic database available online and updated around the clock. For more information, visit http://www.snl.com.
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