THIRD QUARTER 2017 LIFE INSURANCE SALES
November 16, 2017 by Sheryl J. Moore
Indexed Life
Sales for the third quarter of 2017 were $479 million, compared with sales of $452 million for the third quarter of 2016. Third quarter indexed life sales were down just more than 1% when compared with the previous quarter, and up nearly 6% as compared to the same period last year.
Total 3Q2017 indexed life sales were $479,571,882.
THE TOP FIVE INDEXED LIFE CARRIERS FOR THE THIRD QUARTER OF 2017:
1. Pacific Life Companies
2. National Life Group
3. Transamerica
4. Minnesota Life-Securian
5. Zurich American Life (est)
AVERAGE TARGET PREMIUM:
The average target premium paid was $8,602; a trend that was up nearly 7% from the prior quarter.
PRIMARY PRICING OBJECTIVE:
Nearly 81% of sales were through products with a primary pricing objective of Cash Accumulation.
3RD QUARTER LEADERS BY CHANNEL:
Bank- Pacific Life Companies
Career- RiverSource Life
Direct Response- AIG
Independent Agent- Pacific Life Companies
Independent Broker Dealer- Protective Life Companies
National Broker Dealer– Nationwide
3RD QUARTER TOP SELLING PRODUCTS BY CHANNEL:
Overall- Pacific Life Pacific Discovery Xelerator IUL
Bank- Pacific Life Pacific Discovery Xelerator IUL
Career- RiverSource Life RiverSource Multi-Index UL
Direct Response- American General Life AG Extend IUL
Independent Agent- Pacific Life Pacific Discovery Xelerator IUL
Independent Broker Dealer: Protective Life Protective Indexed Choice UL
National Broker Dealer– Nationwide Nationwide YourLife IUL Accumulator
Universal Life
Sales for the third quarter of 2017 were $533 million. Third quarter universal life sales were up more than 7% when compared with the previous quarter.
Total 3Q2017 universal life sales were $533,647,491.
AVERAGE TARGET PREMIUM:
The average target premium paid was $7,676; a reduction of 2% from the prior quarter.
PRIMARY PRICING OBJECTIVE:
Nearly 53% of sales were through products with a primary pricing objective of No Lapse Guarantee.
Whole Life
Sales for the third quarter of 2017 were $1,042 million. Third quarter whole life sales were up more than 3% when compared with the previous quarter.
Total 3Q2017 whole life sales were $1,042,708,767.
AVERAGE ANNUAL PREMIUM:
The average annual whole life premium per policy reported for the quarter was $2,989; a decline of more than 18% from the prior quarter.
PRIMARY PRICING OBJECTIVE:
Over 54% of sales were through products with a primary pricing objective of Cash Accumulation.