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  • 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.

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