News Column

Fitch Releases Special Report on U.S. Life Insurers' GAAP Results

May 12, 2014



CHICAGO--(BUSINESS WIRE)-- Link to Fitch Ratings' Report: 2013 GAAP Results - U.S. Life Insurance

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=748117

Fitch Ratings today released a special report summarizing GAAP results for U.S. life insurance companies.

In this report, Fitch analyzes key drivers of 2013 operating results for publicly traded life insurance organizations. The report compiles data from 17 publicly traded life insurers in Fitch's debt rating universe.

Average operating results for the U.S. life insurance industry improved in 2013, driven by higher fee income, earnings from recent acquisitions, and the impact of expense control initiatives. However, investment margin pressures still remain a concern.

Most companies' pre-tax operating income and operating profitability increased in 2013, in contrast to 2012 when they were flat to down. Improvement was seen in variable annuities, retirement plan, and asset management businesses, which benefited from improved equity markets and higher account balances.

The full report 'U.S. Life Insurance - GAAP Results' dated May 12, 2014, is available at 'www.fitchratings.com' under 'Insurance' and 'Special Reports'.

Additional information is available at 'www.fitchratings.com'.

Applicable Criteria and Related Research:

--'Insurance Rating Methodology' (November 2013).

Applicable Criteria and Related Research:

Insurance Rating Methodology

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=723072

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Fitch Ratings

Bruce E. Cox

Director

+1-312-606-2316

Fitch Ratings, Inc.

70 West Madison St.

Chicago, IL 60602

or

R. Andrew Davidson

Senior Director

+1-312-368-3144

or

Douglas R. Baker

Analyst

+1-312-368-3207

or

Media Relations:

Brian Bertsch, New York, +1 212-908-0549

Email: brian.bertsch@fitchratings.com

Source: Fitch Ratings


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