FIRST QUARTER 2017 LIFE INSURANCE SALES
June 12, 2017 by Sheryl J. Moore
Indexed Life
Sales for the first quarter of 2017 were $446 million, compared with sales of $431 million for the first quarter of 2016. First quarter indexed life sales were down more than 16% when compared with the previous quarter, and up more than 3% when compared to the same period last year.
Total 1Q2017 indexed life sales were $446,532,979.
THE TOP TEN INDEXED LIFE CARRIERS FOR THE FIRST QUARTER OF 2017:
1. Transamerica
2. Pacific Life Companies
3. National Life Group
4. Minnesota Life-Securian
5. Nationwide
6. RiverSource Life
7. Zurich American Life (est)
8. Global Atlantic Financial Group
9. Voya Financial
10. AXA US
SALES BY PRIMARY PRICING OBJECTIVE:
The top pricing objective for sales this quarter was Cash Accumulation, capturing 78.7% of sales.
AVERAGE TARGET PREMIUM:
The average target premium paid was $8,865; an increase of more than 2% from the prior quarter.
1st QUARTER LEADERS BY CHANNEL:
Bank- Pacific Life Companies
Career- Transamerica
Direct Response- AIG
Independent Agent- Transamerica
Independent Broker Dealer- Protective Life Companies
National Broker Dealer- Nationwide
1st QUARTER TOP SELLING PRODUCTS BY CHANNEL:
Overall- Transamerica Premier Financial Foundation IUL
Bank- Pacific Life Pacific Indexed Performer LT2
Career- RiverSource Life RiverSource Multi-Index UL
Direct Response- American General Life AG Extend IUL
Independent Agent- Transamerica Premier Financial Foundation IUL
Independent Broker Dealer: Protective Life Protective Indexed Choice UL
National Broker Dealer- Nationwide Nationwide YourLife IUL Accumulator
Universal Life
Sales for the first quarter of 2017 were $484 million. Given that this is the first quarter that Wink has collected data on sales of universal life insurance, comparisons will be available in future quarters.
Total 1Q2017 universal life sales were $484,678,487.
SALES BY PRIMARY PRICING OBJECTIVE:
The top pricing objective for sales this quarter was No Lapse Guarantee, capturing 71.1% of sales.
AVERAGE TARGET PREMIUM:
The average target premium paid was $11,557, an increase of over 66% from the prior quarter.
Whole Life
Sales for the first quarter of 2017 were $933 million. Given that this is the first quarter that Wink has collected data on sales of whole life insurance, comparisons will be available in future quarters.
Total 1Q2017 whole life sales were $933,180,250.
-sjm
updated 7/6/17
