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  • FOURTH QUARTER 2023 LIFE INSURANCE SALES

    March 13, 2024 by Sheryl J. Moore

    Non-Variable UL

    Sales for the fourth quarter of 2023 were $894 million, compared with sales of $859 million for the fourth quarter of 2022. Fourth quarter non-variable life sales were up nearly 16% when compared to the previous quarter and up more than 4% as compared to the same period last year.

    Total 4Q2023 non-variable universal life sales were $894,514,477.

     

    Indexed Life

    Sales for the fourth quarter of 2023 were $799 million, compared with sales of $760 million for the fourth quarter of 2022. Fourth quarter indexed life sales were up more than 16% when compared with the previous quarter, and up more than 5% as compared to the same period last year. This was a record-setting quarter for indexed life sales, topping the prior 4th quarter 2022 record by 5.08%. This was also a record-setting year for indexed life sales, topping the prior 2022 record by 3.69%.

    Total 4Q2023 indexed life sales were $799,163,850.

     

    THE TOP FIVE INDEXED LIFE CARRIERS:

    1. National Life Group
    2. Transamerica
    3. Pacific Life Companies
    4. Nationwide
    5. Lincoln National Life

     

    AVERAGE TARGET PREMIUM:
    The average target premium was $11,974, an increase of nearly 3% from the prior quarter.

     

    Primary Pricing objective:

    76.0% 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- Life Insurance Co. of the SW SummitLife

    Direct Response- American General Life QoL 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 fourth quarter of 2023 were $95 million, compared with sales of $107 million for the fourth quarter of 2022. Fourth quarter universal life sales were up more than 10% when compared with the previous quarter and down nearly 11% as compared to the same period last year.

    Total 4Q2023 universal life sales were $95,673,448.

     

    AVERAGE TARGET PREMIUM:
    The average target premium paid was $5,736 an increase of more than 4% from the prior quarter.

     

    Primary Pricing Objective:

    50.1% of sales were through products with a primary pricing objective of No Lapse Guarantee.

     

     

     

    Whole Life

    Sales for the fourth quarter of 2023 were $1,162 million, compared with sales of $1,241 million for the fourth quarter of 2022. Fourth quarter whole life sales were up more than 14% when compared with the previous quarter, and down more than 6% as compared to the same period last year.

     

    Total 4Q2023 whole life sales were $1,162,355,226.

     

    AVERAGE Annual Premium:
    The average annual whole life premium per policy reported was $4,051, a decline of more than 5% from the prior quarter.

     

    primary pricing objective:

    54.5% percent of sales were through products with a primary pricing objective of Final Expense.

     

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