WASHINGTON, Oct. 29 — The American Council of Life Insurers issued the following news release:
America’s life insurers set new records last year for life insurance and annuity benefit payouts, coverage issued and investments in corporate bonds, continuing their strong commitment to families’ financial security and investing in America. These and other industry highlights are included in the American Council of Life Insurers (ACLI) 2018 Life Insurers Fact Book released today.
According to the Fact Book, life insurance companies paid $77 billion to beneficiaries of life insurance policies and $82 billion to owners of annuities in 2017. In addition, life insurers issued a record-high $3 trillion in individual life insurance coverage to help families protect their financial futures from the unexpected death of a parent or spouse.
Meanwhile, the industry’s investments in corporate bonds rose to $2.4 trillion, making it the largest institutional investor in these debt instruments that finance innovation, foster job growth and fuel the economy.
“The new data tells a familiar but important story – life insurers provide invaluable assistance to American families and the U.S. economy,” said ACLI President & CEO Susan Neely.
“In very real terms the data illustrates life insurers’ vital role as a private-sector safety net. They are helping millions of families remain financially strong after the death of a loved one. They are helping retirees obtain guaranteed lifetime income – that’s a guarantee unavailable anywhere else in the private marketplace. America’s life insurers are helping 90 million families every day,” Neely said.
The 2018 Fact Book features statistics from 2017, the most recent data available, on life insurance and annuities as well as information on disability income insurance, long-term care insurance and reinsurance. The Fact Book also details the industry’s assets, expenditures, income and liabilities.