NAIC2017年人壽保險、互保行業分析報告（11頁）.pdf

1、 2018 National Association of Insurance Commissioners 1 Industry Overview Table 1 illustrates the life insurance industrys aggregate financial results for insurers filing with the NAIC on the life, accident & health annual statement blank. The life insurance industry reported an increase in overall

2、profitability from year-end 2016 of 12.7% to $38.3 billion from 34.0 billion in 2016 as the decrease in revenues to $850.0 billion were surpassed the decrease in benefits and expenses to $762.6 billion. Additional items of note include the following: Ceded premium increased 15.9% ($30.7 billion) to

3、$223.5 billion and assumed premium increased 9.4% ($10.8 bil- lion) to $126.5 billion from 2016 Several categories of net annuity considerations reported declines from 2016 Capital and surplus increased 3.3% to $393.2 billion from $380.8 billion at year-end 2016 net income of $38.3 billion unrealize

4、d capital gains of $3.7 billion Realized losses of $6.4 billion were an improvement over losses of $11.4 billion reported in 2016 2017 Life, A&H and Fraternal Insurance Industry Analysis Report Table 1Financial Synopsis: December 31, 2017-2008 Life and Accident & Health Insurance Industry ($ In Bill

5、ions)Change2017201620152014201320122011201020092008 Operations Direct Written Premium2.9%$848.1$824.4$815.0$777.4$771.1$818.6$774.4$721.3$722.1$802.8 Life Direct Written Premium4.3%$182.5$175.0$173.7$166.9$165.1$174.0$166.4$158.4$152.4$169.8 A&H Direct Written Premium6.1%$190.8$179.7$172.0$168.3$182

6、.8$179.6$178.4$176.6$172.1$167.8 Annuities(2.6)%$241.7$248.1$258.7$255.4$243.0$267.0$249.3$230.3$240.2$260.6 Other Considerations(5.6)%$73.9$78.2$75.3$70.5$77.1$90.3$85.8$68.3$64.4$84.2 Deposits11.1%$159.2$143.3$135.5$116.4$103.2$107.7$94.4$87.7$93.0$120.5 Assumed Premium9.4%$126.5$115.6$147.0$82.0$

7、99.5$89.7$79.5$66.9$70.9$70.3 Ceded Premium15.9%$223.5$192.8$190.7$103.2$199.0$151.1$135.3$122.0$184.2$129.1 Net Earned Premium(0.8)%$597.1$601.8$640.5$647.6$580.7$642.9$621.7$581.4$511.5$631.3 Net Investment Income3.9%$176.9$170.2$167.1$169.3$165.0$164.1$164.7$161.4$154.4$161.2 Benefits3.7%$280.3$2

8、70.4$262.6$249.9$265.5$255.7$252.4$246.7$244.6$244.1 Commissions & General Expenses(4.0)%$124.4$129.6$116.2$111.4$114.3$112.2$109.9$106.3$103.5$106.2 Operating Income(1.5)%$44.7$45.4$39.2$33.9$52.8$47.5$20.2$41.3$48.2($2.0) Realized Gains/(Losses)44.0%($6.4)($11.4)($3.5)($1.3)($12.0)($9.4)($8.5)($16

9、.0)($28.7)($51.1) Net Income/(Loss)12.7%$38.3$34.0$35.7$32.6$40.7$38.1$11.6$25.3$19.5($53.1) Net Cash From Operations(7.7)%$166.1$179.9$160.8$133.3$141.2$130.5$152.0$130.4$132.7$136.7 Number of Filers(1.8)% 725 738 745 763 771 787 812 830 855 883 Capital and Surplus Unrealized Gains/(Losses)233.0%$3

10、.7($2.8)($10.2)$22.9($4.3)$5.0$14.0$8.0($19.1)($47.8) Capital and Surplus3.3%$393.2$380.7$367.0$352.2$329.4$323.4$305.2$303.8$287.1$250.2 Stockholder Dividends(16.6)%($36.5)($43.7)($33.1)($39.1)($31.0)($22.2)($27.2)($24.1)($9.4)($24.4) ROE0.8 pts.9.7%8.9%9.7%9.2%12.4%11.8%3.8%8.3%6.8%(21.2)% Assets

11、Cash & Invested Assets4.5%$4,079.7$3,902.3$3,712.3$3,636.2$3,481.4$3,401.9$3,357.3$3,194.1$3,069.3$3,018.5 Net Admitted Assets (excl. S. A.)4.1%$4,326.6$4,154.7$3,942.0$3,858.5$3,678.3$3,587.7$3,531.2$3,354.6$3,228.2$3,179.9 Separate Account Assets8.8%$2,712.2$2,492.8$2,413.1$2,423.5$2,328.9$2,053.2

12、$1,835.6$1,840.2$1,623.8$1,369.0 Total Net Admitted Assets5.9%$7,038.8$6,647.5$6,355.0$6,282.0$6,007.2$5,640.9$5,366.8$5,194.8$4,851.9$4,548.9 Net Investment Yield(0.1) pts.4.4%4.5%4.5%4.8%4.8%4.9%5.0%5.2%5.1%5.4% ROA0.1 pts.0.9%0.8%0.9%0.9%1.1%1.1%0.3%0.8%0.6%(1.7)% Note: Adjustments to exclude aff

13、iliated amounts were made where appropriate. Note: Figures reflect filings received as of April 18, 2018, and may change due to additional filings or amendments. 2018 National Association of Insurance Commissioners 2 Filings As shown in Figure 1, for year-end 2017, a total of 725 companies filed wit

14、h the NAIC on the life, accident & health annual statement blank. The continued decline in filings over the years is largely from mergers. There were 6 companies that reported to be party to a merger, half of what was reported for 2016 and the lowest number in over ten years. Premium Table 2 shows t

15、otal direct written, assumed, ceded and net premium by line of business for the last two years. The life industry reported an increase of 2.9% ($23.7 billion) in di- rect written premium and deposits to $848.1 billion in 2017. Net written premium and deposits were relatively flat with an increase of

16、 0.5% ($3.8 billion) to $751.0 bil- lion. While on an aggregate basis, the life industry did not see much movement in premiums, there were many com- panies that experienced significant changes in assumed and ceded premiums. Reinsurance Ceded premium increased 15.9% ($30.7 billion), of which the larg

17、est increase was seen in the annuities line of busi- ness with an increase of 136.9% or $28.7 billion to $49.7 billion for 2017. There were 3 companies that reported increases from 2016 greater than $10 billion and 1 compa- ny that reported a decrease greater than $15 billion. As- sumed premium incr

18、eased 9.4%, or $10.8 billion which was in the life line of business with an increase of $5.8 billion to $73.1 billion and annuities with an increase of $4.6 billion to $23.2 billion for 2017. There were two com- panies that reported increases from 2016 greater than $10 billion and two companies that

19、 reported declines of greater than $7 billion. Of the 414 companies that reported assumed premiums, 39 companies with over $100.0 million in assumed premi- um reported changes of over 25% from 2016. Of the 597 companies that reported ceded premiums, 63 companies with over $100.0 million in ceded pre

20、miums reported changes of over 25% from 2016. Life Insurance The life insurance line of business reported a 16.6% or $19.7 million to $138.3 million on a net basis due to the $5.8 million increase in assumed premium and the $6.4 million decline in ceded premiums for 2017. Deposit-type Contracts Depo

21、sit-type contracts of $159.2 million experienced an Figure 1 883 855 830 812 787 771 763 745 738 725 0 200 400 600 800 1000 2008200920102011201220132014201520162017 Number of Filers Life Insurance% Chg.$ Chg.20172016 Direct Premium4.3%$7.5 $182.5 $175.0 Assumed Premium8.7%$5.8 $73.1 $67.2 Gross Prem

22、ium5.5%$13.3 $255.6 $242.3 Ceded Premiums(5.1)%($6.4)$117.3 $123.7 Net Premium16.6%$19.7 $138.3 $118.6 Annuity Considerations% Chg.$ Chg.20172016 Direct Premium(2.6)%($6.5)$241.7 $248.1 Assumed Premium24.7%$4.6 $23.2 $18.6 Gross Premium(0.7)%($1.9)$264.8 $266.7 Ceded Premiums136.9%$28.7 $49.7 $21.0

23、Net Premium(12.4)%($30.6)$215.2 $245.7 A&H Insurance% Chg.$ Chg.20172016 Direct Premium6.1%$11.0 $190.8 $179.7 Assumed Premium2.1%$0.5 $26.7 $26.2 Gross Premium5.6%$11.6 $217.5 $205.9 Ceded Premiums15.3%$6.3 $47.6 $41.2 Net Premium3.2%$5.3 $169.9 $164.6 Other% Chg.$ Chg.20172016 Direct Premium(5.6)%

24、($4.4)$73.9 $78.2 Assumed Premium(0.3)%($0.0)$1.4 $1.4 Gross Premium(5.5)%($4.4)$75.2 $79.6 Ceded Premiums(40.7)%($2.2)$3.2 $5.4 Net Premium(3.0)%($2.2)$72.0 $74.2 Deposit-type Contracts% Chg.$ Chg.20172016 Direct Premium11.1%$15.9 $159.2 $143.3 Assumed Premium(5.4)%($0.1)$2.2 $2.3 Gross Premium10.9

25、%$15.8 $161.4 $145.6 Ceded Premiums275.0%$4.2 $5.7 $1.5 Net Premium8.1%$11.6 $155.7 $144.1 Table 2Total Written Premium by LOB ($ in Billions) 2018 National Association of Insurance Commissioners 3 11.1% or $15.9 million increase over what was reported in 2016, a 54.3% increase over the $103.2 milli

26、on reported in 2013, and an 81.5% increase over its 10-year low of $87.8 million reported in 2010, illustrated in Figure 2. Out of 106 insurance groups, 1 group accounted for 41.9% of direct premiums for 2017 and the top 3 groups accounted for 66.9%. There were 8 groups that accounted for the majori

27、ty of the increase in deposit-type contracts. On an earned basis, the industry reported a 1.2% ($8.0 billion) increase in direct earned premium to $691.3 billion. Fig- ure 3 illustrates the industrys 2017 direct earned premium allocation by sector. Individual annuities accounted for 57.1% of annuity

28、 premiums, group A&H accounted for 66.5% of A&H premiums, and ordinary life insurance accounted for 78.2% of life premiums. Annuities Table 3 shows the distribution of annuity considerations for the past five years. There has been an overall downward trend in net annuity considerations over the past

29、 five years, largely driven by individual variable annuities in the sepa- rate account and group variable annuities in the separate account. Annuity reserves increased 2.8% to $1.6 trillion compared to $1.5 trillion for 2016. Until 2017, individual fixed and indexed annuities had experienced an upwa

30、rd trend over the same time period. Group fixed annuities has continued its upward trend. The annuities market may continue to experience a downward trend going forward. What interest rates do in 2018 will have an impact on movement in the market. $ In Billions% Change20172016201520142013 Total Net

31、Annuity Considerations(9.8)%$287.2$318.5$324.1$352.7$278.8 Individual Fixed Annuities(16.9)%$39.6$47.7$39.2$40.4$32.5 Individual Indexed Annuities(7.6)%$45.8$49.5$48.9$43.3$19.5 Individual Variable Annuities General Account(47.0)%$13.9$26.3$19.1$58.6$19.0 Individual Variable Annuities Separate Accou

32、nt(6.9)%$64.7$69.5$90.9$95.6$98.5 Group Fixed Annuities13.4%$41.2$36.3$29.2$28.0$19.0 Group Variable Annuities General Account(21.2)%$10.4$13.2$12.0$11.4$11.0 Group Variable Annuities Separate Account(13.5)%$46.3$53.6$57.5$56.0$52.6 Other Annuities12.5%$25.2$22.4$27.3$19.4$26.6 Source: As filed on t

33、he Analysis of Annuity Operations by Line of Business supplement. Table 3Annuity Considerations Distribution Life 26.5% Credit 0.2% Annuities 45.7% A&H 27.5% 2017 Direct Earned Premium by Sector Figure 3 $120.5 $87.7 $159.2 $0 $50 $100 $150 $200 2008200920102011201220132014201520162017 Deposit-type

34、Contracts Figure 2 2018 National Association of Insurance Commissioners 4 Table 4 illustrates state detail for 2017 and 2016 by premium type with the three largest states for each premium type highlighted. California has the largest percentage of premiums in life insurance, annuity considerations, a

35、nd other con- siderations. Texas has the largest percentage of premiums in A&H insurance. Delaware has the largest percentage of premiums in deposit-type contracts. Table 4Premiums by State ($ in Millions) State% Chg20172016% Chg20172016% Chg20172016% Chg20172016% Chg20172016 Alabama(2%)$2,191$2,237

36、(5%)$2,667$2,81313%$1,723$1,52717%$514$44114%$322$284 Alaska1%$429$4237%$394$3674%$336$32228%$270$211(31%)$26$37 Arizona3%$2,384$2,312(1%)$4,564$4,617(6%)$3,836$4,078(8%)$1,537$1,6762%$345$340 Arkansas(6%)$1,106$1,182(5%)$1,346$1,417(1%)$986$9938%$331$3061%$84$83 California8%$17,455$16,158(6%)$22,28

37、6$23,6144%$14,371$13,754(0%)$8,738$8,744(15%)$2,385$2,800 Colorado8%$2,678$2,4899%$4,982$4,5847%$3,770$3,51725%$999$797(17%)$1,069$1,287 Connecticut4%$2,599$2,4904%$4,409$4,225(1%)$2,781$2,8220%$2,092$2,08327%$9,978$7,838 Delaware19%$1,406$1,17921%$3,274$2,70319%$736$616(6%)$370$39418%$61,910$52,358

38、 Dist. Columbia1%$430$426(2%)$680$691(6%)$828$87921,808%$550-$3(6%)$1,275$1,355 Florida6%$9,867$9,343(6%)$16,959$17,9906%$13,702$12,924(16%)$4,076$4,835(1%)$1,456$1,467 Georgia8%$5,098$4,726(7%)$4,987$5,38333%$7,642$5,728(2%)$3,122$3,17552%$1,486$975 Hawaii7%$788$7344%$1,348$1,29631%$1,328$1,013(11%

39、)$323$3633%$69$67 Idaho2%$576$5671%$895$88317%$721$61626%$277$2208%$66$61 Illinois1%$6,842$6,7835%$9,882$9,41312%$6,169$5,511(16%)$2,670$3,1766%$1,837$1,728 Indiana4%$2,835$2,738(15%)$4,965$5,8083%$4,275$4,15612%$1,026$91396%$3,132$1,595 Iowa2%$1,783$1,742(2%)$2,869$2,9175%$1,421$1,36016%$2,324$2,01

40、223%$13,853$11,303 Kansas(2%)$1,369$1,398(1%)$2,126$2,1480%$3,391$3,375(5%)$419$44280%$2,751$1,528 Kentucky1%$1,582$1,5709%$2,660$2,4353%$1,701$1,654(45%)$724$1,306(17%)$236$286 Louisiana(1%)$2,336$2,357(8%)$3,102$3,3681%$2,047$2,0336%$631$59819%$292$246 Maine(6%)$439$4662%$1,055$1,033(5%)$847$895(1

41、0%)$195$218(35%)$61$94 Maryland4%$3,047$2,942(8%)$4,773$5,1827%$3,625$3,398(25%)$1,218$1,623(13%)$653$750 Massachusetts5%$3,798$3,632(7%)$6,970$7,4626%$3,413$3,2271%$3,268$3,235(30%)$599$853 Michigan3%$4,645$4,4916%$9,804$9,2861%$3,467$3,42014%$1,761$1,5426%$1,072$1,010 Minnesota7%$4,889$4,570(6%)$4

42、,515$4,7857%$1,640$1,5282%$1,861$1,82915%$848$739 Mississippi2%$1,246$1,216(3%)$1,368$1,4164%$1,474$1,420(4%)$191$19919%$141$119 Missouri2%$2,767$2,717(7%)$5,716$6,1528%$4,256$3,957(5%)$1,070$1,132(21%)$683$867 Montana6%$374$351(3%)$495$5107%$371$3463%$135$13235%$50$37 Nebraska(3%)$1,049$1,087(5%)$1

43、,506$1,5827%$1,418$1,324(14%)$392$45523%$365$297 Nevada16%$1,200$1,030(7%)$1,402$1,5006%$1,210$1,1447%$384$359(46%)$174$320 New Hampshire5%$642$610(14%)$1,710$1,9871%$677$668(78%)$262$1,216(25%)$219$293 New Jersey9%$6,700$6,133(5%)$10,045$10,53212%$6,887$6,154(12%)$2,355$2,684(12%)$1,431$1,625 New M

44、exico(0%)$677$679(8%)$902$98433%$1,107$8302%$435$4250%$83$83 New York6%$12,697$11,9761%$17,402$17,1511%$9,702$9,576(4%)$8,192$8,5716%$31,666$29,817 North Carolina20%$5,469$4,5572%$6,939$6,78111%$5,731$5,178(11%)$2,915$3,27819%$893$749 North Dakota9%$437$402(9%)$543$5952%$302$295(5%)$178$188(17%)$65$

45、79 Ohio1%$5,108$5,03310%$10,724$9,7734%$7,474$7,154(4%)$2,379$2,48676%$7,451$4,230 Oklahoma(13%)$1,411$1,621(6%)$1,750$1,8634%$1,699$1,62710%$581$52640%$289$207 Oregon2%$1,257$1,232(7%)$2,254$2,4316%$1,932$1,815(16%)$970$1,158(31%)$198$286 Pennsylvania3%$6,571$6,368(1%)$12,611$12,7367%$7,101$6,624(4

46、1%)$2,532$4,285(69%)$2,363$7,639 Rhode Island(0%)$451$4533%$1,131$1,1020%$480$4788%$249$230(42%)$70$121 South Carolina8%$2,268$2,093(4%)$3,457$3,61578%$3,642$2,04421%$653$54213%$216$191 South Dakota43%$1,153$808(6%)$528$5603%$390$37712%$124$111213%$235$75 Tennessee7%$3,152$2,949(4%)$4,328$4,51610%$3

47、,469$3,141(7%)$1,164$1,256(0%)$888$888 Texas6%$11,895$11,212(6%)$14,898$15,836(1%)$17,366$17,59613%$3,610$3,208(0%)$3,294$3,299 Utah11%$1,482$1,331(10%)$1,983$2,19614%$1,322$1,164(5%)$466$492(11%)$319$358 Vermont2%$258$2549%$612$5603%$371$3596%$181$17199%$105$53 Virginia7%$4,545$4,251(11%)$5,755$6,4

48、827%$4,529$4,24812%$1,580$1,408(22%)$744$949 Washington2%$2,593$2,5472%$4,336$4,27211%$3,561$3,2228%$1,606$1,480(15%)$403$473 West Virginia6%$640$606(21%)$1,046$1,3304%$758$727(11%)$146$165(13%)$93$107 Wisconsin5%$2,700$2,574(0%)$4,738$4,752(1%)$3,549$3,570(6%)$1,183$1,253(17%)$580$701 Wyoming2%$277$271(16%)$362$4333%$350$340(9%)$55$6018%$25$21 American Samoa(1%)$3$314%$0$0(95%)$0$00%$0$00%$0$0 Guam(6%)$51$54(41%)$5$8(35%)$29$44(1%)$3$399%$0$0 Puerto Rico(7%)$472$509(19%)$537$659(2%)$841$859(27%)$100$137(50%