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July 01, 2002 at 08:00 PM
NU Online News Service, July 1, 4:45 p.m. – Total net profits for all U.S. life insurers fell to $15 billion in 2001, from $26 billion in 2000. according to Weiss Ratings Inc., Palm Beach, Gardens, Fla.
About 38% of the drop in earnings was caused by losses on sales of bad investments, but 62% was caused by a drop in net operating income, the rating agency reports.
Net profits fell the most in the group health business, to $880 million, from $2.1 billion.
Profits in the individual annuity business fell to $1.6 billion, from $3.8 billion, and profits in the group annuity business fell to $2.1 billion, from $4.3 billion, Weiss says.
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