THIRD QUARTER 2022 LIFE INSURANCE SALES
December 6, 2022 by Sheryl J. Moore
Non-Variable UL
Sales for the third quarter of 2022 were $766 million, compared with sales of $717 million for the third quarter of 2021. Third quarter non-variable life sales were down nearly 3% when compared to the previous quarter and up nearly 7% as compared to the same period last year. Non-variable universal life (UL) sales include both indexed UL and fixed UL product sales.
Total 3Q22 non-variable universal life sales were $766,812,957.
Indexed Life
Sales for the third quarter of 2022 were $670 million, compared with sales of $602 million for the third quarter of 2021. Third quarter indexed life sales were down more than 2% when compared with the previous quarter, and up more than 11% as compared to the same period last year.
Total 3Q2022 indexed life sales were $670,720,327.
THE TOP FIVE INDEXED LIFE CARRIERS FOR THE THIRD QUARTER OF 2022:
1. National Life Group
2. Transamerica
3. Pacific Life Companies
4. John Hancock
5. Nationwide
AVERAGE TARGET PREMIUM:
The average target premium $13,162, an increase of more than 8% from the prior quarter.
PRIMARY PRICING OBJECTIVE:
77.9% of sales were through products with a primary pricing objective of Cash Accumulation.
3RD QUARTER LEADERS BY CHANNEL:
Bank- Pacific Life Companies
Career- National Life Group
Direct Response- Corebridge Financial
Independent Agent- National Life Group
Independent Broker Dealer- Protective Life Companies
National Broker Dealer- Nationwide
3RD QUARTER TOP SELLING PRODUCTS BY CHANNEL:
Overall- Transamerica Life’s Transamerica Foundation IUL
Bank- Pacific Life’s Pacific Discovery Xelerator IUL 2
Career- Life Insurance Co. of the SW SummitLife
Direct Response- American General Life’s 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 third quarter of 2022 were $96 million, compared with sales of $115 million for the third quarter of 2021. Third quarter universal life sales were down more than 8% when compared with the previous quarter and down nearly 17% as compared to the same period last year.
Total 3Q2022 universal life sales were $96,092,630
AVERAGE TARGET PREMIUM:
The average target premium paid was $5,515, an increase of more than 7% from the prior quarter.
PRIMARY PRICING OBJECTIVE:
Fifty-five percent of sales were through products with a primary pricing objective of No Lapse Guarantee.
Whole Life
Sales for the third quarter of 2022 were $1,100 million, compared with sales of $1,102 million for the third quarter of 2021. Third quarter whole life sales were down less than 1% when compared with the previous quarter, and down less than 1% as compared to the same period last year.
Total 3Q2022 whole life sales were $1,100,624,377
AVERAGE ANNUAL PREMIUM:
The average annual whole life premium per policy reported for was $4,074, an increase of nearly 16% from the prior quarter.
PRIMARY PRICING OBJECTIVE:
Fifty-five percent of sales were through products with a primary pricing objective of Final Expense.
