Annuity issuers with official homes in Ohio and Connecticut posted big premium gains for the first half of the year.
The National Association of Insurance Commissioners (NAIC), a group for state insurance regulators, has published some state-by-state issuer performance data in a new mid-year life, accident and health mid-year analysis.
(Related: The Second Quarter Was, Actually, OK: Life and Health Execs)
The NAIC bases its data on the reports that insurers must file with their state regulators, not on voluntary surveys. The NAIC uses an issuer’s official “state of domicile” when breaking results down by state, not the issuer’s main office address.
Here’s happened to direct written premiums for three categories of business between the first half of 2018 and the first half of 2019:
- Life: $94 billion. (Up 2.7%)
- Accident and health: $103 billion (Up 1.1%)
- Annuities: $142 billion (Up 9.5%)
In the life insurance market, Ohio and New York state showed the biggest gains in the dollar value of directed written premiums.
Life premiums increased by $5.2 billion, or 27%, in Ohio, to $25 billion.
In New York state, life premiums increased by $7.7 billion, or 18%, to $50 billion.
In the annuity market, direct earned premiums and deposits increased to $1.3 billion, or 56%, in Connecticut, to $3.6 billion.
In Ohio, annuity direct earned premiums and deposits increased by $1.5 billion, or 30%, to $6.6 billion.
In Florida, another state with high annuity revenue, directed earned premiums and deposits increased $890 million, or 10%, to $10 billion.
The NAIC results could be a sign that Nationwide Mutual, an annuity issuer based in Columbus, Ohio, had a good first half.
Resources
A link to the NAIC’s quarterly industry snapshot is available here.
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