{"id":2953,"date":"2022-09-12T19:45:08","date_gmt":"2022-09-12T19:45:08","guid":{"rendered":"https:\/\/www.amalgamatedbenefits.com\/amalgamated-life\/?p=2953"},"modified":"2024-07-01T07:50:07","modified_gmt":"2024-07-01T11:50:07","slug":"u-s-life-annuity-industry-recorded-a-60-net-income-increase-in-q1","status":"publish","type":"post","link":"https:\/\/www.amalgamatedbenefits.com\/amalgamated-life\/u-s-life-annuity-industry-recorded-a-60-net-income-increase-in-q1\/","title":{"rendered":"U.S. Life\/Annuity Industry Recorded a 60% Net Income Increase in Q1"},"content":{"rendered":"<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/www.amalgamatedbenefits.com\/amalgamated-life\/wp-content\/uploads\/sites\/3\/2022\/09\/Life-Insurance-Needs-1024x683.jpeg\" alt=\"Family in the back yard of their house smiling for a camera\" class=\"wp-image-2954\" srcset=\"https:\/\/www.amalgamatedbenefits.com\/amalgamated-life\/wp-content\/uploads\/sites\/3\/2022\/09\/Life-Insurance-Needs-1024x683.jpeg 1024w, https:\/\/www.amalgamatedbenefits.com\/amalgamated-life\/wp-content\/uploads\/sites\/3\/2022\/09\/Life-Insurance-Needs-300x200.jpeg 300w, https:\/\/www.amalgamatedbenefits.com\/amalgamated-life\/wp-content\/uploads\/sites\/3\/2022\/09\/Life-Insurance-Needs-768x512.jpeg 768w, https:\/\/www.amalgamatedbenefits.com\/amalgamated-life\/wp-content\/uploads\/sites\/3\/2022\/09\/Life-Insurance-Needs.jpeg 1124w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n<p class=\"leading\">According to AM Best\u2019s Special Report: \u201cFirst Look: Three-Month 2022 U.S. Life\/Annuity Financial Results,\u201d the U.S. life\/annuity industry had a very promising first quarter. The results are based on data compiled from life\/annuity companies\u2019 three-month 2022 interim statutory statements received by Best as of June 6, 2022 and reflect approximately 91% of the total life\/annuity industry\u2019s net premiums.<\/p>\n<h2 class=\"wp-block-heading\">Important data captured in the report includes:<\/h2>\n<ul>\n<li>A 3.9% increase in total U.S. life\/annuity income over the prior-year period<\/li>\n<li>A 2.7% increase in premiums and annuity considerations<\/li>\n<li>An 8.6% increase in net investment income<\/li>\n<li>A 7.8% in total expenses for the U.S. life\/annuity industry<\/li>\n<li>A 7.2% rise in incurred expenses<\/li>\n<\/ul>\n<p>Also conveyed in the Best report was the industry\u2019s 30.4% decrease in pretax net operating gain, which was reported at $15 billion, along with a lower tax burden and a $10.2 billion decrease in net realized capital losses. Together, they contributed to a net income increase to $13.4 billion.<\/p>\n<h3 class=\"wp-block-heading h2\">Always Room for Improvement<\/h3>\n<p>Despite its solid first quarter performance, the industry is not without the need for some improvements. For example, the J.D. Power \u201c2022 U.S. Group Life Insurance Study\u201d found group life insurance satisfaction to be 21 points higher (on a 1,000 point scale) than individual life insurance satisfaction across all performance factors except interactions.<\/p>\n<p>The study was based on the responses from 2,170 group life insurance customers conducted in March &#8211; April 2022. It measured overall customer satisfaction based on six performance factors: application and orientation, communications, interaction, price, product offerings and statements and found that carriers can increase their customer satisfaction by bolstering their one-on-one communication.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>According to AM Best\u2019s Special Report: \u201cFirst Look: Three-Month 2022 U.S. Life\/Annuity Financial Results,\u201d the U.S. life\/annuity industry had a very promising first quarter. The results are based on data compiled from life\/annuity companies\u2019 three-month 2022 interim statutory statements received by Best as of June 6, 2022 and reflect approximately 91% of the total life\/annuity&#8230;  <a class=\"excerpt-read-more\" href=\"https:\/\/www.amalgamatedbenefits.com\/amalgamated-life\/u-s-life-annuity-industry-recorded-a-60-net-income-increase-in-q1\/\" title=\"Read U.S. Life\/Annuity Industry Recorded a 60% Net Income Increase in Q1\">Read more &raquo;<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[5],"tags":[],"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.amalgamatedbenefits.com\/amalgamated-life\/wp-json\/wp\/v2\/posts\/2953"}],"collection":[{"href":"https:\/\/www.amalgamatedbenefits.com\/amalgamated-life\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.amalgamatedbenefits.com\/amalgamated-life\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.amalgamatedbenefits.com\/amalgamated-life\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.amalgamatedbenefits.com\/amalgamated-life\/wp-json\/wp\/v2\/comments?post=2953"}],"version-history":[{"count":3,"href":"https:\/\/www.amalgamatedbenefits.com\/amalgamated-life\/wp-json\/wp\/v2\/posts\/2953\/revisions"}],"predecessor-version":[{"id":4161,"href":"https:\/\/www.amalgamatedbenefits.com\/amalgamated-life\/wp-json\/wp\/v2\/posts\/2953\/revisions\/4161"}],"wp:attachment":[{"href":"https:\/\/www.amalgamatedbenefits.com\/amalgamated-life\/wp-json\/wp\/v2\/media?parent=2953"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.amalgamatedbenefits.com\/amalgamated-life\/wp-json\/wp\/v2\/categories?post=2953"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.amalgamatedbenefits.com\/amalgamated-life\/wp-json\/wp\/v2\/tags?post=2953"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}