SECOND QUARTER 2023 LIFE INSURANCE SALES
September 1, 2023 by Sheryl J. Moore
Non-Variable UL
Sales for the second quarter of 2023 were $827 million, compared with sales of $790 million for the second quarter of 2022. Second quarter non-variable life sales were up more than 13% when compared to the previous quarter and up nearly 5% as compared to the same period last year.
Total 2Q2023 non-variable universal life sales were $827,913,344.
Indexed Life
Sales for the second quarter of 2023 were $726 million, compared with sales of $685 million for the second quarter of 2022. Second quarter indexed life sales were up more than 14% when compared with the previous quarter, and up nearly 6% as compared to the same period last year.
Total 2Q2023 indexed life sales were $726,287,158.
THE TOP FIVE INDEXED LIFE CARRIERS FOR THE SECOND QUARTER OF 2023:
- National Life Group
- Transamerica
- Pacific Life Companies
- Nationwide
- Sammons Financial Companies
AVERAGE TARGET PREMIUM:
The average target premium was $11,194, a decline of nearly 9% from the prior quarter.
Primary Pricing objective:
73.6% of sales were through products with a primary pricing objective of Cash Accumulation.
2nd 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
National Broker Dealer- Nationwide
2nd QUARTER TOP SELLING PRODUCTS BY CHANNEL:
Overall- Transamerica Life’s Transamerica Financial Foundation IUL
Bank- National Western Life’s Lifetime Returns Select
Career- Life Insurance Co. of the SW SummitLife
Direct Response- American General Life’s Value+ Protector III
Independent Agent- Transamerica Life’s Transamerica Financial Foundation IUL
Independent Broker Dealer- Protective Life’s Protective Indexed Choice UL
National Broker Dealer- Nationwide’s Nationwide IUL Accumulator II 2020
Universal Life
Sales for the second quarter of 2023 were $101 million, compared with sales of $104 million for the second quarter of 2022. Second quarter universal life sales were up 7% when compared with the previous quarter and down nearly 3% as compared to the same period last year.
Total 2Q2023 universal life sales were $101,626,186.
AVERAGE TARGET PREMIUM:
The average target premium paid was $5,396, an increase of more than 15% from the prior quarter.
Primary Pricing Objective:
Fifty-four percent of sales were through products with a primary pricing objective of No Lapse Guarantee.
Whole Life
Sales for the second quarter of 2023 were $1,094 million, compared with sales of $1,104 million for the second quarter of 2022. Second quarter whole life sales were flat when compared with the previous quarter, and down nearly 1% as compared to the same period last year.
Total 2Q2023 whole life sales were $1,094,610,924.
AVERAGE Annual Premium:
The average annual whole life premium per policy reported was $4,149, an increase of less than 1% from the prior quarter.
primary pricing objective:
Fifty-six percent of sales were through products with a primary pricing objective of Final Expense.
Sales restated 9/7/2023 – sjm
