[May 12, 2014]

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

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 Insrance - 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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