I am not including either Berkshire Hathaway or Loews here because even though they have substantial insurance operations, they also have substantial operations in other segments. Thus, I will be including them in with the Conglomerates.
I am not including the US Big Health Insurance Corps here because I already addressed them in an earlier separate post.
In deriving Pretax Income, I start with Pretax Income under Generally Accepted Accounting Principles (GAAP), and then exclude several clearly unusual very large items relative to Pretax Income, such as Intangible Asset Impairments. Also, three large Life Insurance Corps.....MetLife, AXA Equitable US, and Sun Life Assurance US.....all had very substantial Derivative Gains and Losses, and I excluded them in determining their Pretax Income or Pretax Loss.
For all of these 58 US Big Insurance Corps combined, the Total Pretax Income in 2011 was $38.8 bil, which was down 25% from 2010, but up 85% from 2009.
On the downside, the Big Property and Casualty Insurers had their earnings crushed in 2011 with all of the huge worldwide devastating catastrophes. Their 2011 Total Pretax Income dropped 50% from 2010 and 43% from 2009.
On the positive side, the Conglomerate Insurer AIG registered 2011 Pretax Income of $1.9 bil, as compared with only $0.3 bil for 2010, and as compared with a massive $13.0 bil loss in 2009, and as compared with an off-the-charts $103 bil loss in 2008. Believe or it not, with AIG's substantially improved performance, US taxpayers will now be getting their money back and even more from the US Government's bailout of AIG. What the new AIG did here, ably facilitated by the Obama Administration, was nearly miraculous, and US taxpayers should feel very good about this incredibly positive development.
The Total Pretax Income of the Big Life Insurance Corps for 2011 was precisely flat with 2010, but more than tripled from 2009.
Below here is the Pretax Income (PTI) or Pretax Loss (PTL) of these 58 US Big Insurance Corps for each of the most recent three years.
| PTI(L) | PTI(L) | ||||
| 1 Year | 2 Year | ||||
| PTI(L) | PTI(L) | PTI(L) | % | % | |
| 2011 | 2010 | 2009 | Change | Change | |
| mils $s | mils $s | mils $s | |||
| US Big Insurance | |||||
| Property Casualty Insurance | |||||
| Chubb | 2,199 | 2,988 | 2,962 | -26% | -26% |
| ACE Ltd | 2,091 | 3,667 | 3,077 | -43% | -32% |
| Progressive | 1,487 | 1,565 | 1,557 | -5% | -4% |
| Travelers | 1,352 | 4,306 | 4,711 | -69% | -71% |
| Allstate | 960 | 1,126 | 1,248 | -15% | -23% |
| CNA Financial | 877 | 1,112 | 540 | -21% | 62% |
| American Fincl | 560 | 689 | 812 | -19% | -31% |
| WR Berkley | 518 | 603 | 382 | -14% | 36% |
| Arch Capital Grp | 427 | 850 | 898 | -50% | -52% |
| Proassurance | 415 | 333 | 319 | 25% | 30% |
| HCC Insurance | 355 | 490 | 519 | -28% | -32% |
| Mercury General | 245 | 182 | 572 | 35% | -57% |
| HartfordFinclSvcs | 230 | 2,356 | (1,721) | -90% | 113% |
| AmtrustFinclSvcs | 229 | 171 | 132 | 34% | 73% |
| Alleghany | 191 | 277 | 395 | -31% | -52% |
| Markel | 190 | 296 | 199 | -36% | -5% |
| Cincinnati Fincl | 176 | 501 | 582 | -65% | -70% |
| Kemper | 83 | 237 | 228 | -65% | -64% |
| OneBeacon Insur | 83 | 139 | 508 | -40% | -84% |
| WhiteMountnsIns | 62 | 153 | 797 | -59% | -92% |
| Hanover Insur Grp | 22 | 211 | 271 | -90% | -92% |
| XL Group | 8 | 685 | 135 | -99% | -94% |
| Transatlantic | (215) | 473 | 596 | -145% | -136% |
| PlatinumUndrwritrs | (227) | 259 | 388 | -188% | -159% |
| Everest Re Grp | (234) | 591 | 939 | -140% | -125% |
| Total all 25 | 12,084 | 24,260 | 21,046 | -50% | -43% |
| Life Insurance | |||||
| MetLife | 5,202 | 4,177 | 505 | 25% | 930% |
| Prudential Fincl | 5,117 | 4,392 | 1,524 | 17% | 236% |
| Lincoln National | 1,346 | 1,234 | 209 | 9% | 544% |
| AXAEquitableUS | 961 | 3,299 | 0 | -71% | NM |
| SunLifeAssur US | 804 | 354 | 1,252 | 127% | -36% |
| Torchmark | 756 | 779 | 577 | -3% | 31% |
| Protective Life | 507 | 389 | 417 | 30% | 22% |
| ING Life Ins US | 340 | 578 | 404 | -41% | -16% |
| Genworth Fincl | 314 | 76 | (792) | 313% | 140% |
| Symetra Fincl | 279 | 289 | 181 | -3% | 54% |
| Primerica | 276 | 399 | 760 | -31% | -64% |
| Amer Natl Insur | 254 | 203 | (10) | 25% | 2640% |
| Delphi Financial | 233 | 220 | 106 | 6% | 120% |
| Total all 13 | 16,389 | 16,389 | 5,133 | 0% | 219% |
| Accident and Health Insurance | |||||
| AFLAC | 2,992 | 3,585 | 2,235 | -17% | 34% |
| Principal Financial | 988 | 841 | 746 | 17% | 32% |
| Reinsurance Grp | 834 | 864 | 592 | -3% | 41% |
| Assurant | 715 | 912 | 793 | -22% | -10% |
| CNO Financial | 379 | 294 | 174 | 29% | 118% |
| Unum Group | 257 | 1,331 | 1,292 | -81% | -80% |
| Stancorp Financial | 195 | 283 | 316 | -31% | -38% |
| Total all 7 | 6,360 | 8,110 | 6,148 | -22% | 3% |
| Surety Insurance | |||||
| AssuredGuaranty | 1,034 | 549 | 117 | 88% | 784% |
| Radian Group | 369 | (1,580) | (242) | 123% | -252% |
| Triad Guaranty | (108) | 102 | (612) | -206% | 82% |
| Old Republic | (237) | 28 | (274) | -946% | 14% |
| MGIC Investmnt | (484) | (359) | (1,765) | -35% | 73% |
| MBIA | (2,239) | (95) | 1,217 | -2257% | -284% |
| Total all 6 | (1,665) | (1,355) | (1,559) | -23% | -7% |
| Insurance Agent/Brokers | |||||
| Marsh&McLennan | 1,404 | 1,169 | 1,109 | 20% | 27% |
| Aon | 1,384 | 1,059 | 949 | 31% | 46% |
| Arthur Gallagher | 208 | 203 | 211 | 2% | -1% |
| Total all 3 | 2,996 | 2,431 | 2,269 | 23% | 32% |
| Insurance Conglomerate | |||||
| AIG | 1,917 | 273 | (13,036) | 602% | 115% |
| Specialty Insurance | |||||
| Erie Indemnity | 358 | 999 | 524 | -64% | -32% |
| Brown & Brown | 271 | 266 | 255 | 2% | 6% |
| First Amer Fincl | 130 | 212 | 204 | -39% | -36% |
| Total all 3 | 759 | 1,477 | 983 | -49% | -23% |
| Grand Total all 58 | 38,840 | 51,585 | 20,984 | -25% | 85% |
