FIRST QUARTER 2020 LIFE INSURANCE SALES
June 3, 2020 by Sheryl J. Moore
Non-Variable UL
Sales for the first quarter of 2020 were $770 million, compared with sales of $790 million for the first quarter of 2019. First quarter non-variable life sales were down more than 28% when compared to the previous quarter and down nearly 3% as compared to the same period last year.
Indexed Life
Sales for the first quarter of 2020 were $526 million, compared with sales of $516 million for the first
quarter of 2019. First quarter indexed life sales were down more than 27% when compared with the previous quarter, and up more than 2% as compared to the same period last year.
Total 1Q2020 indexed life sales were $526,931,988.
THE TOP FIVE INDEXED LIFE CARRIERS FOR THE FIRST QUARTER OF 2020:
1. Pacific Life Companies
2. National Life Group
3. Transamerica
4. John Hancock
5. Nationwide
AVERAGE TARGET PREMIUM:
The average target premium paid was $9,314, a decline of more than 28% from the prior quarter.
PRIMARY PRICING OBJECTIVE:
Nearly 72% of sales were through products with a primary pricing objective of Cash Accumulation.
1ST QUARTER LEADERS BY CHANNEL:
Bank- John Hancock
Career- Equitable Financial
Direct Response- AIG
Independent Agent- Pacific Life Companies
Independent Broker Dealer- Protective Life Companies
National Broker Dealer- Nationwide
RIA- N/A
1ST 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 Value+ Protector
Independent Agent- Pacific Life Pacific Discovery Xelerator IUL 2
Independent Broker Dealer- Protective Life Protective Indexed Choice UL
National Broker Dealer- Nationwide Nationwide IUL Accumulator II
RIA Distribution – N/A
Universal Life
Sales for the first quarter of 2020 were $244 million, compared with sales of $277 million for the first quarter of 2019. First quarter universal life sales were down nearly 31% when compared with the previous quarter and down nearly 12% as compared to the same period last year.
Total 1Q2020 universal life sales were $244,239,898.
AVERAGE TARGET PREMIUM:
The average target premium paid was $6,425, a decline of 6% 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 first quarter of 2020 were $1,039 million, compared with sales of $1,008 million for the first quarter of 2019. First quarter whole life sales were down nearly 29% when compared with the previous quarter, and up more than 3% as compared to the same period last year.
Total 1Q2020 whole life sales were $1,039,344,853.
AVERAGE ANNUAL PREMIUM:
The average annual whole life premium per policy reported for the quarter was $4,196, an increase of more than 17% from the prior quarter.
PRIMARY PRICING OBJECTIVE:
More than 58% of sales were through products with a primary pricing objective of Final Expense.