FOURTH QUARTER 2019 LIFE INSURANCE SALES
March 23, 2020 by Sheryl J. Moore
Non-Variable UL
Sales for the fourth quarter of 2019 were $1,076 million, compared with sales of $981 million for the fourth quarter of 2018. Fourth quarter non-variable life sales were up more than 28% when compared to the previous quarter and up nearly 10% as compared to the same period last year.
Indexed Life
Sales for the fourth quarter of 2019 were $725 million, compared with sales of $632 million for the fourth quarter of 2018. Fourth quarter indexed life sales were up nearly 31% when compared with the previous quarter, and up nearly 15% as compared to the same period last year.
This was a record-setting year for indexed life sales, topping the previous 2018 record by 6.13%.
Total 4Q2019 indexed life sales were $725,115,919.
Total 2019 indexed life sales were $2,372,826,564.
THE TOP FIVE INDEXED LIFE CARRIERS FOR THE Fourth QUARTER OF 2019:
- Pacific Life Companies
- Lincoln National Life
- National Life Group
- John Hancock
- Transamerica
AVERAGE TARGET PREMIUM:
The average target premium paid was $12,947, a decline of more than 3% from the previous quarter.
Primary Pricing objective:
Nearly 68% of sales were through products with a primary pricing objective of Cash Accumulation.
4th QUARTER LEADERS BY CHANNEL:
Bank- Pacific Life Companies
Career- National Life Group
Direct Response- AIG
Independent Agent- Pacific Life Companies
Independent Broker Dealer- Protective Life Companies
National Broker Dealer- John Hancock
RIA- John Hancock
4th QUARTER TOP SELLING PRODUCTS BY CHANNEL:
Overall- Pacific Life Pacific Discovery Xelerator IUL 2
Bank- Pacific Life Pacific Discovery Xelerator IUL 2
Career- Farm Bureau Life Foundations Indexed UL
Direct Response- American General Life AG Extend IUL
Independent Agent- Lincoln National Life Lincoln WealthAccumulate (2019)
Independent Broker Dealer- Protective Life Protective Indexed Choice UL 2014
National Broker Dealer- John Hancock Life Accumulation IUL 2018
RIA Distribution – John Hancock Life of New York Accumulation IUL
Universal Life
Sales for the fourth quarter of 2019 were $351 million, compared with sales of $348 million for the fourth quarter of 2018. Fourth quarter universal life sales were up more than 22% when compared with the previous quarter and up nearly 1% as compared to the same period last year.
Total 4Q2019 universal life sales were $351,818,220.
Total 2019 universal life sales were $1,226,843,730.
AVERAGE TARGET PREMIUM:
The average target premium paid was $6,836, an increase of nearly 61% from the previous quarter.
Primary Pricing Objective:
Nearly 63% of sales were through products with a primary pricing objective of No Lapse Guarantee.
Whole Life
Sales for the fourth quarter of 2019 were $1,455 million, compared with sales of $1,228 million for the fourth quarter of 2018. Fourth quarter whole life sales were up 24% when compared with the previous quarter, and up nearly 19% as compared to the same period last year.
Total 4Q2019 whole life sales were $1,455,507,066.
Total 2019 whole life sales were $4,817,484,194.
AVERAGE Annual Premium:
The average annual whole life premium per policy reported for the quarter was $3,580, an increase of more than 23% from the previous quarter.
primary pricing objective:
Precisely 75% of sales were through products with a primary pricing objective of Cash Accumulation.
Wink anticipates compiling first quarter, 2019’s sales with a release date of May, 2019.
