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  • Wink, Inc. Releases First Quarter, 2020 Life Sales Results

    June 9, 2020 by Press Release

    — FOR IMMEDIATE DISTRIBUTION — NEWS RELEASE

     

    LIFE INSURANCE SALES FACE DOUBLE DIGIT SALES DECLINES

    Wink, Inc. Releases First Quarter, 2020 Life Sales Results

    Des Moines, Iowa. June 3, 2020 Wink, Inc. released the first quarter, 2020 life sales results in its 91st edition of Wink’s Sales & Market Report. Wink’s Sales & Market Report is the insurance industry’s #1 resource for life insurance sales data, since 1997.

     

    Non-variable universal life sales for the first quarter were $770.3 million; down 28.4% when compared to the previous quarter and down 2.5% as compared to the same period last year. Non-variable universal life (UL) sales include both indexed UL and fixed UL product sales.

     

    Noteworthy highlights for total non-variable universal life sales in the first quarter included Pacific Life Companies retaining the #1 ranking overall for non-variable universal life sales, with a market share of 11.6%. Pacific Life Pacific Discovery Xelerator IUL 2 was the #1 selling product for non-variable universal life sales, for all channels combined, for the 3rd consecutive quarter.

     

     

     

    Indexed life sales for the first quarter were $526.9 million, down 27.3% when compared with the previous quarter, and up 2.1% as compared to the same period last year. Indexed life sales include both indexed UL and indexed whole life. “Everyone was expecting that indexed life sales would be down because of the recent repricing for 2017 CSO and PBR,” exclaimed Sheryl J. Moore, President and CEO of both Moore Market Intelligence and Wink, Inc. She continued, “Yet only 10% of the companies offering indexed life experienced an increase in sales!”

     

    Items of interest in the indexed life market included Pacific Life Companies retaining the #1 ranking in indexed life sales, with a 16.3% market share. National Life Group, Transamerica, John Hancock, and Nationwide rounded-out the top five, respectively.  

     

    Pacific Life Pacific Discovery Xelerator IUL 2 was the #1 selling indexed life insurance product, for all channels combined, for the 3rd consecutive quarter. The top pricing objective for sales this quarter was Cash Accumulation, capturing 71.8% of sales. The average indexed life target premium for the quarter was $9,314, a decline of more than 28% from the prior quarter.

     

     

     

    Fixed UL first quarter sales were $244.2 million, down 30.5% when compared with the previous quarter and down 11.8% as compared to the same period last year. Noteworthy highlights for fixed universal life in the first quarter included the top pricing objective of No Lapse Guarantee capturing 61.3% of sales. The average UL target premium for the quarter was $6,425, a decline of 6% from the prior quarter. Moore commented, “The pain from the forced repricings also hit traditional UL, with more than a third of sales going up in smoke. It is going to get worse here, as additional rounds of GUL repricing have already occurred this year!”

     

    Whole life first quarter sales were $1.0 billion, down 28.5% when compared with the previous quarter, and up 3.0% as compared to the same period last year. Items of interest in the whole life market included the top pricing objective of Final Expense capturing 58.10% of sales. The average premium per whole life policy for the quarter was $4,196, an increase of more than 17% from the prior quarter.  “Like other lines of life insurance sales, whole life was hit hard due to the mandated repricing,” commented Moore. “As with any product, it takes salespeople about a full quarter to learn new products, and get up-and-running where they left-off with sales.”

     

     

    Wink currently reports on indexed universal life, indexed whole life, universal life, whole life, and all deferred annuity lines’ product sales. Sales reporting on additional product lines will follow in the future.  

     

    ****

    For more information, go to www.WinkIntel.com

    Wink, Inc. is the company behind the most comprehensive life insurance and annuity due-diligence tools, AnnuitySpecs and LifeSpecs at www.WinkIntel.com. Wink, Inc. is the distributor of the quarterly Wink’s Sales & Market Report. Serving as the insurance industry’s #1 resource of indexed insurance product sales since 1997, this report provides sales by product, company, crediting method, index, distribution, surrender charge period, and more. Wink’s Sales & Market Report expanded to cover all deferred annuity products in 2015, all deferred variable annuity products in 2019, and all non-variable cash value life insurance products in 2017.

    The staff of Wink, Inc. has the combined experience of more than 175 years working with insurance products, more than a decade of which is specific to competitive intelligence. Based in Des Moines, Iowa, the firm offers competitive intelligence and market research in the life insurance and annuity industries; serving financial services professionals, distributors, manufacturers, regulators, and consultants on both a domestic and global basis.

    Sheryl J. Moore is president and CEO is the guiding force behind Wink, Inc. Ms. Moore previously worked as a market research analyst for top carriers in the life insurance and annuity industries. Her views on the direction of the market are frequently heard in seminars and quoted by industry trade journals.

     

    June 3, 2020

    Des Moines, IA

    (855) ASK-WINK

     

    Originally Posted by Press Release.

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