Executives at Ameriprise Monetary and Globe Life are pleased with their corporations’ life insurance coverage and annuity operations — and the U.S. demise charge remains to be a bit increased than it was earlier than early 2020, when the COVID-19 pandemic confirmed up.

The businesses began life and annuity issuers’ third-quarter earnings launch season Wednesday, and the executives briefed securities analysts on the outcomes Thursday, throughout convention calls that have been streamed dwell and on-line.

Ameriprise Chief Govt Officer Jim Cracchiolo mentioned demand for the corporate’s registered index-linked annuities and variable annuities with out dwelling advantages ensures was sturdy. “Gross sales have been up 18% from a 12 months in the past,” he mentioned.

Tom Kalmbach, the chief monetary officer of Globe Life, touched on the matter of life insurance coverage claims. “We’re persevering with to see extra mortality even within the third quarter,” he mentioned. “It’s higher than what we assumed. However we nonetheless count on to see some extra mortality in 2024.”

What it means: Life and annuity issuers are doing effectively, and the lingering results of COVID-19 should not sufficiently big to have a lot impact on the businesses’ earnings, however the elevated mortality is including a somber notice to the earnings calls.

Ameriprise: Ameriprise, a diversified monetary providers firm, reported $872 million in internet revenue for the third quarter on $3.9 billion income in income, in contrast with $1.1 billion in internet revenue on $3.5 billion in income for the third quarter of 2022.

On the Minneapolis-based firm’s recommendation and wealth administration unit, adjusted working complete internet revenues elevated to $2.4 billion, from $2.2 billion.

Distribution charges fell to $559 million, from $579 million, however advisory charges elevated to $1.2 billion, from $1.1 billion, and monetary planning charges elevated to $102 million, from $97 million.

On the Retirement & Safety Options enterprise, which gross sales the life insurance coverage and annuities, adjusted working complete internet revenues rose to $876 million, from $783 million, thanks partly to a lift from increased rates of interest. The unit’s internet funding revenue climbed 42%, to $215 million.

Variable annuity deposits rose to $1.1 billion, from $923 million, and life insurance coverage policyholder reserves elevated to $15 billion, from $14 billion.

Life insurance coverage protection in power held regular at about $198 billion, and internet quantity in danger per life fell 4%, to $37,917.