THIRD QUARTER 2023 LIFE INSURANCE SALES
December 8, 2023 by Sheryl J. Moore
Non-Variable UL
Sales for the third quarter of 2023 were $774 million, compared with sales of $769 million for the third quarter of 2022. Third quarter non-variable life sales were down more than 6% when compared to the previous quarter and down less than 1% as compared to the same period last year.
Total 3Q2023 non-variable universal life sales were $774,037,093.
Indexed Life
Sales for the third quarter of 2023 were $687 million, compared with sales of $670 million for the third quarter of 2022. Third quarter indexed life sales were down more than 5% when compared with the previous quarter, and up more than 2% as compared to the same period last year.
Total 3Q2023 indexed life sales were $687,222,211.
THE TOP FIVE INDEXED LIFE CARRIERS:
- National Life Group
- Transamerica
- Nationwide
- Pacific Life Companies
- Sammons Financial Companies
AVERAGE TARGET PREMIUM:
The average target premium was $11,631, an increase of nearly 4% from the prior quarter.
Primary Pricing objective:
79.1% of sales were through products with a primary pricing objective of Cash Accumulation.
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
TOP SELLING PRODUCTS BY CHANNEL:
Overall- Transamerica Life’s Transamerica Financial Foundation IUL
Bank- National Western Life’s Lifetime Returns Select
Career- Farm Bureau Life Foundations Indexed UL
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 third quarter of 2023 were $86 million, compared with sales of $96 million for the third quarter of 2022. Third quarter universal life sales were down nearly 15% when compared with the previous quarter and down nearly 10% as compared to the same period last year.
Total 32023 universal life sales were $86,820,533.
AVERAGE TARGET PREMIUM:
The average target premium paid was $5,493 an increase of nearly 2% 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 third quarter of 2023 were $1,016 million, compared with sales of $1,100 million for the third quarter of 2022. Third quarter whole life sales were down more than 7% when compared with the previous quarter, and down nearly 8% as compared to the same period last year.
Total 3Q2023 whole life sales were $1,016,904,106.
AVERAGE Annual Premium:
The average annual whole life premium per policy reported was $4,283, an increase of more than 3% from the prior quarter.
primary pricing objective:
Nearly 50% percent of sales were through products with a primary pricing objective of Final Expense.