Definition - What does Annual Statement mean?
An annual statement is a report that provides an overview of a company's financial information for the previous year. Annual statements are not only relevant for government regulation and helping a company understand its current financial condition, they are also used by investors to get information about companies.
Insurance companies are among the organizations that produce annual statements.
Insuranceopedia explains Annual Statement
An annual statement may contain many financial details, including a company's profit and loss account and its balance sheet. If an annual statement reveals a large profit in the past year, it can indicate that the company is going in the right direction, while declining profits can be a source of concern.