Top US Annuity Companies Report Strong 3Q Earnings
Top U.S. individual life and annuity companies reported strong sales in the third quarter.
Brighthouse Financial said in a news release annuity sales increased eight percent, driven by sales of Shield annuities, which increased 67 percent quarter-over-quarter.
Overall, Brighthouse reported a third quarter net loss of $943 million, compared to a net loss of $158 million in the third quarter of 2016. Brighthouse said the net loss includes a $1,073 million non-cash tax expense triggered prior to its separation from MetLife.
Prudential Financial said individual annuity adjusted operating income earnings fell $11 million to $577 million as compared to third quarter 2016, but Prudential said excluding adjustments, profits increased $80 million from third quarter 2016.
Overall, the company said its net income was $2.2 billion for third quarter 2017, as compared to $1.8 billion for third quarter 201