THIRD QUARTER 2018 LIFE INSURANCE SALES
November 29, 2018 by Sheryl J. Moore
Indexed Life
Sales for the third quarter of 2018 were $528 million, compared with sales of $478 million for the third quarter of 2017. Third quarter indexed life sales were down more than 4% when compared with the previous quarter, and up nearly 11% as compared to the same period last year.
Total 3Q2018 indexed life sales were $528,594,732.
THE TOP FIVE INDEXED LIFE CARRIERS FOR THE THIRD QUARTER OF 2018:
1. Pacific Life Companies
2. National Life Group
3. Transamerica
4. Minnesota Life-Securian
5. AIG
AVERAGE TARGET PREMIUM:
The average indexed UL target premium reported for the quarter was $8,997, an increase of more than 1% from the prior quarter.
PRIMARY PRICING OBJECTIVE:
Nearly 83% 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 2018 were $325 million, compared with sales of $533 million for the third quarter of 2017. Third quarter universal life sales were down more than 20% when compared with the previous quarter and down more than 39% as compared to the same period last year.
Total 3Q2018 universal life sales were $325,016,535.
AVERAGE TARGET PREMIUM:
The average universal life target premium reported for the quarter was $5,744, an increase of 14% from the prior quarter.
PRIMARY PRICING OBJECTIVE:
Over 61% of sales were through products with a primary pricing objective of No Lapse Guarantee.
Whole Life
Sales for the third quarter of 2018 were $1,112 million, compared with sales of $1,042 million for the third quarter of 2017. Third quarter whole life sales were up down nearly 1% when compared with the prior quarter, and up nearly 7% as compared to the same period last year.
Total 3Q2018 whole life sales were $1,112,782,222.
AVERAGE ANNUAL PREMIUM:
The average annual whole life premium per policy reported for the quarter was $3,720, an increase of nearly 13% from the prior quarter.
PRIMARY PRICING OBJECTIVE:
Over 72% of sales were through products with a primary pricing objective of Cash Accumulation.
-sjm