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June 24, 2003 at 08:00 PM
NU Online News Service, June 24, 2003, 5:22 p.m. EDT – U.S. life and health insurers reported $7.3 billion in total net income in 2002, 53% less than they reported in 2001, according to Weiss Ratings Inc., Palm Beach Gardens, Fla.
Profits were down mainly because the stock slump and bond defaults caused life and health insurers to post $15.5 billion in losses on the sale of invested assets, Weiss says.
Although life and health insurers earned less, the individual annuity line was the only line of business that actually suffered a loss in 2002, Weiss says.
