World's Best Insurance Companies

($ billions)   2007 2008 2009 2010 2011 Total financial assets $4,949.7 $4,515.5 $4,823.9 $5,176.3 $5,340.2 Checkable deposits and currency 58.3 82.8 50.7 51.7 54.8 Money market fund shares 21.6 39.2 33.7 21.0 25.8 Security repurchase agreements (1) 2.7 8.0 10.2 10.9 10.7 Credit market instruments 2,871.2 2,882.8 3,022.6 3,174.2 3,323.9      Open market paper 41.7 38.3 49.8 40.9 40.9      U.S. government securities 453.5 471.9 505.4 532.6 549.8           Treasury 70.6 105.7 133.5 156.6 162.7           Agency- and GSE (2)-backed securities 382.9 366.2 371.9 376.0 387.1      Municipal securities 41.4 47.1 73.1 112.3 122.6      Corporate and foreign bonds 1,862.6 1,817.0 1,927.2 2,030.2 2,128.7      Other loans and advances 145.8 166.1 140.9 140.7 148.7      Mortgages 326.2 342.4 326.1 317.5 333.2 Corporate equities 1,464.6 1,001.7 1,208.5 1,402.6 1,443.0 Mutual fund shares 188.4 121.0 140.8 155.7 150.1 Miscellaneous assets 342.9 380.1 357.6 360.3

While the life insurance industry continued to face challenges from a sluggish economy and low interest rates in 2013 for the second year in a row, operating results and capitalization improved as conditions in the stock market eased, according to a May 2014 report by A.M. Best. Capital, as measured by policyholders' surplus, rose to $331.9 billion in 2013 from $329.0 billion in 2012 according to SNL Financial. The industry’s net gain from operations before federal income taxes rose slightly to $63.7 billion in 2013 or 5.4 percent from $60.5 billion in 2012. Net income rose from $40.9 billion to $43.2 billion during the same period, the highest level in at least a dozen years according to SNL. LIFE/HEALTH INSURANCE INDUSTRY INCOME STATEMENT, 2009-2013 ($ billions, end of year)   2009 2010 2011 2012 2013 Percent change, 2012-2013 (1) Revenue             Life insurance premiums $120.6 $100.3 $122.8 $130.5 $126.1 -3.4% Annuity premiums and deposits 225.