SECOND QUARTER 2024 LIFE INSURANCE SALES
September 4, 2024 by Sheryl J. Moore
All Universal Life
Sales for the second quarter of 2024 were $1,139 million. Second quarter universal life sales were up nearly 12% when compared to the previous quarter. Given that this is the second quarter that Wink has collected data on sales of all universal life insurance products, additional comparisons will be available in future quarters. All universal life (UL) products include fixed UL, indexed UL, and variable UL products.
Total 2Q2024 all universal life sales were $1,139,024,239.
Non-Variable UL
Sales for the second quarter of 2024 were $847 million, compared with sales of $827 million for the second quarter of 2023. Second quarter non-variable universal life sales were up more than 12% when compared to the previous quarter and up more than 2% as compared to the same period last year. Non-variable universal life (UL) products include fixed UL and indexed UL products.
Total 2Q2024 non-variable universal life sales were $847,418,373.
Universal Life
Sales for the second quarter of 2024 were $100 million, compared with sales of $101 million for the second quarter of 2023. Second quarter universal life sales were up more than 12% when compared with the previous quarter and down more than 1% as compared to the same period last year.
Total 2Q2024 universal life sales were $100,546,44.
PRIMARY PRICING OBJECTIVE:
43.7% of sales were through products with a primary pricing objective of No Lapse Guarantee.
AVERAGE TARGET PREMIUM:
The average target premium paid $6,892, an increase of more than 26% from the prior quarter.
Indexed Life
Sales for the second quarter of 2024 were $747 million, compared with sales of $726 million for the second quarter of 2023. Second quarter indexed life sales were up more than 12% when compared with the previous quarter, and up nearly 3% as compared to the same period last year.
Total 2Q2024 indexed life sales were $747,237,763.
THE TOP FIVE INDEXED LIFE CARRIERS:
1. National Life Group
2. Transamerica
3. Pacific Life Companies
4. Nationwide
5. John Hancock
TOP SELLING PRODUCTS BY CHANNEL: Overall- Transamerica Life’s Transamerica Financial Foundation IUL
Bank- National Western Life Lifetime Returns Select
National Broker Dealer- Nationwide’s Nationwide IUL Accumulator II 2020
Independent Broker Dealer- American National Life Signature Performance IUL
Career- Farm Bureau Life Foundations Indexed UL
Direct Response- American General Life Value+ Protector III
Independent Agent- Transamerica Life’s Transamerica Financial Foundation IUL
LEADERS BY CHANNEL: Bank- Pacific Life Companies
National Broker Dealer- Nationwide
Independent Broker Dealer- American National
Career- National Life Group
Direct Response- Corebridge Financial
Independent Agent- National Life Group
PRIMARY PRICING OBJECTIVE:
73.1% of sales were through products with a primary pricing objective of Cash Accumulation.
AVERAGE TARGET PREMIUM:
The average target premium reported for the quarter was $10,783, a decline of nearly 11% from the prior quarter.
Variable Universal Life
Sales for the second quarter of 2024 were $291 million. Second quarter variable universal life sales were up more than 11% when compared with the previous quarter. Given that this is the second quarter that Wink has collected data on variable universal life sales, additional comparisons will be available in future quarters.
Total 2Q2024 variable universal life sales were $291,605,866.
THE TOP FIVE VARIABLE UNIVERSAL LIFE CARRIERS:
1. Prudential
2. Lincoln National Life
3. Pacific Life Companies
4. RiverSource Life
5. John Hancock
TOP SELLING PRODUCTS BY CHANNEL: Overall- Pruco Life VUL Protector
Bank- Pacific Life Pacific Admiral VUL
Registered Investment Advisor- Nationwide Nationwide Advisory VUL
National Broker Dealer- Nationwide VUL Accumulator
Independent Broker Dealer- Ameritas Life Ameritas Advisor ClearEdge VUL
Career- RiverSource Life RiverSource VUL 6
Independent Agent- Pruco Life VUL Protector
LEADERS BY CHANNEL: Bank- Pacific Life Companies
Registered Investment Advisor- Nationwide
National Broker Dealer- Nationwide
Independent Broker Dealer- Ameritas
Career- Prudential
Independent Agent- Prudential
PRIMARY PRICING OBJECTIVE:
53.7% of sales were through products with a primary pricing objective of Cash Accumulation.
AVERAGE TARGET PREMIUM:
The average target premium reported for the quarter was $20,406, a decline of less than 1% from the prior quarter.
Whole Life
Sales for the second quarter of 2024 were $1,081 million, compared with sales of $1,094 million for the second quarter of 2023. Second quarter whole life sales were up more than 6% when compared with the previous quarter, and down more than 1% as compared to the same period last year.
Total 2Q2024 whole life sales were $1,081,595,757.
PRIMARY PRICING OBJECTIVE:
57.8% percent of sales were through products with a primary pricing objective of Final Expense.
AVERAGE ANNUAL PREMIUM:
The average annual premium per policy reported for the quarter was $3,507, a decline of more than 17% from the prior quarter.
Term Life
Sales for the second quarter of 2024 were $692 million. Second quarter term life sales were up nearly 7% when compared with the previous quarter. Given that this is the second quarter that Wink has collected data on term life sales, additional comparisons will be available in future quarters.
Total 2Q2024 term life sales were $692,867,668.
AVERAGE ANNUAL PREMIUM:
The average annual premium per policy reported for the quarter was $2,996, a decline of more than 10% from the previous quarter.
