Some of the insurers that released earnings this week reported net losses for the first quarter, but others reported positive net income.

Prudential Financial Inc., Newark, N.J.

1 Q 2009 Results

NET INCOME: $14 million

NET REALIZED FINANCIAL SERVICES INVESTMENT CHANGE: $145 million

REVENUE: $8.6 billion

1 Q 2008 Results

NET INCOME: $60 million

NET REALIZED FINANCIAL SERVICES INVESTMENT CHANGE: $262 million loss

REVENUE: $7.6 billion

- The individual annuities unit is reporting $17 million in adjusted operating income, down from $115 million.

- Individual annuity results include charges of $215 million to strengthen reserves for guaranteed minimum death and income benefits and a $112 million net increase in amortization of deferred policy acquisition costs.

- “Mark-to-market of embedded derivatives and related hedge positions associated with living benefits, after amortization of deferred policy acquisition and other costs, resulted in a net benefit of $261 million to current quarter adjusted operating income,” Prudential says.

American International Group Inc., New York

1 Q 2009 Results

NET INCOME: $5.1 billion loss

REVENUE: $20 billion

LIFE AND RETIREMENT OPERATING INCOME: $1.9 billion loss

LIFE AND RETIREMENT PREMIUM REVENUE: $8.3 billion

1 Q 2008 Results

NET INCOME: $7.7 billion loss

REVENUE: $14 billion

LIFE AND RETIREMENT OPERATING INCOME: $1.8 billion loss

LIFE AND RETIREMENT PREMIUM REVENUE $9.3 billion

- In the domestic retirement operations, “new business has slowed principally due to several distribution partners and plan sponsors suspending or de-emphasizing sales of AIG products pending clarification of the future ownership of these businesses,” AIG says. “Similarly, the sales outlook in Domestic Life Insurance continues to remain challenging due to the current economic environment, current ratings and the negative press surrounding AIG.”

Lincoln National Corp., Radnor, Pa.

1 Q 2009 Results

NET INCOME: $579 million loss

IMPAIRMENT OF INTANGIBLES: $604 million loss

REVENUE: $2.2 billion

1 Q 2008 Results

NET INCOME: $289 million

IMPAIRMENT OF INTANGIBLES: 0

REVENUE: $2.6 billion

- Deposits increased 3%, to $9.1 billion.

- The company retired $500 million in long-term debt and $100 million in commercial paper.

- The intangibles impairment charge is “related to the company’s annuity business,” Lincoln says. “The write-down recognizes the current equity market level and its impact on sales and account values, as well as higher discount rates used in valuing the annuity line of business. The charge will have no material impact on leverage ratios due to recent reductions in outstanding debt obligations and does not affect insurance company capital ratios.”

- Net flows into variable annuities fell to $430 million, from $1.2 billion. Net flows into fixed and indexed annuities increased to about $600 million, from about $300 million.

Principal Financial Group Inc., Des Moines, Iowa

1 Q 2009 Results

NET INCOME: $123 million

NET REALIZED CAPITAL CHANGE: $63 million loss

NET INVESTMENT INCOME: $828 million

REVENUE: $2.2 billion

1 Q 2008 Results

NET INCOME: 178 million

NET REALIZED CAPITAL CHANGE: $126 million loss

NET INVESTMENT INCOME: $960 million

REVENUE: $2.5 billion

- Life and health operating earnings fell to $72 million, from $79 million.

Phoenix Companies Inc., Hartford

1 Q 2009 Results

NET INCOME: $75 million loss

NET REALIZED INVESTMENT CHANGE: $64 million gain

OTHER-THAN-TEMPORARY IMPAIRMENT LOSSES: $38 million loss

REVENUE: $542 million

1 Q 2008 Results

NET INCOME: $14 million loss

NET REALIZED INVESTMENT CHANGE: $6.3 million loss

OTHER-THAN-TEMPORARY IMPAIRMENT LOSSES: $40 million loss

REVENUE: $531 million

- Annuity deposits fell to $98 million, from $169 million.

- Life insurance sales fell to $19 million, from $113 million.

American Equity Investment Life Holding Company, West Des Moines, Iowa

1 Q 2009 Results

NET INCOME: $26 million

NET INVESTMENT INCOME: $221 million

NET CHANGE IN DERIVATIVES VALUE: $44 million loss

REVENUE: $183 million

1 Q 2008 Results

NET INCOME: 48 million

NET INVESTMENT INCOME: $195 million

NET CHANGE IN DERIVATIVES VALUE: $157 million loss

REVENUE: $51 million

- Annuity sales increased 27%, to $653 million.

- Demand for equity indexed annuities and fixed-rate annuity products was strong, and pending applications for new products tripled.

- “American Equity is exploring a variety of initiatives to increase sales capacity including an industry-leading program to restructure sales agent commission payments,” according to American Equity Chairman David Noble.

Health Net Inc., Woodland Hills, Calif.

1 Q 2009 Results

NET INCOME: $22 million

HEALTH PLAN MEMBERS: 3.6 million

REVENUE: $3.9 million

1 Q 2008 Results

NET INCOME: $36 million loss

HEALTH PLAN MEMBERS: 3.9 million

REVENUE: $3.8 million

- Health Net signed 120,000 new commercial plan enrollees. Commercial enrollment was the strongest in 3 years.

- Overall enrollment in insured commercial plans fell to 2 million, from 2.2 million. “The quarter-over-quarter and sequential commercial membership declines are primarily the result of in-group decreases in membership due to the current economic environment,” according to Jim Woys, Health Net’s chief operating officer. “We continue to expect commercial enrollment to decrease by 3% to 5% for the full year 2009.”

Triple-S Management Corp., San Juan, Puerto Rico

1 Q 2009 Results

NET INCOME: $3.9 million

NET REALIZED INVESTMENT CHANGE: $1.7 million loss

HEALTH PLAN MEMBERS: 1.8 million

REVENUE: $469 million

1 Q 2008 Results

NET INCOME: $1.2 million

NET REALIZED INVESTMENT CHANGE: $609,000 gain

HEALTH PLAN MEMBERS: 1.7 million

REVENUE: $414 million

- Medicare Advantage business was particularly strong, with enrollment increasing 26%.

Kansas City Life Insurance Company, Kansas City, Mo.

1 Q 2009 Results

NET INCOME: $4.5 million loss

NET REALIZED INVESTMENT CHANGE: $x

NET CHANGE IN DERIVATIVES VALUE: x

REVENUE: $102 million

1 Q 2008 Results

NET INCOME: $3.6 million

NET REALIZED INVESTMENT CHANGE: x loss

NET CHANGE IN DERIVATIVES VALUE: $140 million loss

REVENUE: $108 million

- Sales of new immediate annuities increased 47%, to $4.4 million. The increase “large reflects consumer preferences toward more secure products that pay a fixed rate of return,” Kansas City Life says.

- New individual life insurance premiums increased 4%, to $3.3 million.

- New sales of fixed deferred annuities increased to $15 million, from $5.5 million.