FIRST QUARTER 2022 LIFE INSURANCE SALES
June 7, 2022 by Sheryl J. Moore
Non-Variable UL
Sales for the first quarter of 2022 were $737 million, compared with sales of $653 million for the first quarter of 2021. First quarter non-variable life sales were down nearly 14% when compared to the previous quarter and up nearly 13% as compared to the same period last year. Non-variable universal life (UL) sales include both indexed UL and fixed UL product sales.
Total 1Q22 non-variable universal life sales were $737,455,268.
Indexed Life
Sales for the first quarter of 2022 were $629 million, compared with sales of $533 million for the first quarter of 2021. First quarter indexed life sales were down more than 12% when compared with the previous quarter, and up more than 18% as compared to the same period last year.
Total 1Q2022 indexed life sales were $629,975,792.
THE TOP FIVE INDEXED LIFE CARRIERS FOR THE FIRST QUARTER OF 2022:
- National Life Group
- Pacific Life Companies
- Nationwide
- Transamerica
- John Hancock
AVERAGE TARGET PREMIUM:
The average target premium paid $11,554; a decline of nearly 3% from the prior quarter.
Primary Pricing objective:
Nearly eighty-one percent of sales were through products with a primary pricing objective of Cash Accumulation.
1st QUARTER LEADERS BY CHANNEL:
Bank- Pacific Life Companies
Career- Ameritas
Direct Response- AIG
Independent Agent- Pacific Life Companies
Independent Broker Dealer- Protective Life Companies
National Broker Dealer- Nationwide
1st QUARTER TOP SELLING PRODUCTS BY CHANNEL:
Overall- Transamerica Life’s Transamerica Foundation IUL
Bank- Pacific Life’s Pacific Discovery Xelerator IUL 2
Career- Ameritas Life’s Ameritas Growth Index Universal Life
Direct Response- American General Life Value+ Protector II
Independent Agent- Transamerica Life’s Transamerica Foundation IUL
Independent Broker Dealer- Protective Life’s Protective Indexed Choice UL
National Broker Dealer- Nationwide’s Nationwide New Heights IUL Accumulator 2020
Universal Life
Sales for the first quarter of 2022 were $107 million, compared with sales of $120 million for the first quarter of 2021. First quarter universal life sales were down more than 21% when compared with the previous quarter and down nearly 11% as compared to the same period last year.
Total 1Q2022 universal life sales were $107,479,475.
AVERAGE TARGET PREMIUM:
The average target premium paid was $5,177; a decline of more than 10% from the prior quarter.
Primary Pricing Objective:
Nearly forty-eight percent of sales were through products with a primary pricing objective of No Lapse Guarantee.
Whole Life
Sales for the first quarter of 2022 were $1,149 million, compared with sales of $1,092 million for the first quarter of 2021. First quarter whole life sales were down nearly 24% when compared with the previous quarter, and up more than 5% as compared to the same period last year.
Total 1Q2022 whole life sales were $1,149,705,786.
AVERAGE Annual Premium:
The average annual whole life premium per policy reported for $3,177; a decline of nearly 14% from the prior quarter.
primary pricing objective:
Fifty-five percent of sales were through products with a primary pricing objective of Final Expense.
