Pacific Life Dominates Indexed Life Sales as Market Heats Up
September 12, 2017 by Alex Padalka
Sales in indexed life insurance are poised to reach record highs this year, with Pacific Life Companies dominating the market, according to a press release from Wink.
Pacific Life now has a 12.8% market share in the sector, with Transamerica, National Life Group, Minnesota Life-Securian and Zurich filling out the top five spots. The best-selling product across all channels, however, remains Transamerica Premier Financial Foundation IUL, which has now held the top spot for fourteen consecutive quarters, according to Wink’s survey of 102 life insurance companies.
Overall, sales of IUL products reached $485 million in the second quarter, a 10% rise year-over-year.
Pacific Life also dominates sales in non-variable universal life insurance products, taking a 6.6% share of the market, Wink says. The sector, which includes indexed UL and fixed UL products, had $980.6 million in sales in the second quarter.
In the fixed UL market, the most popular pricing objective in the second quarter was no lapse guarantee, which accounted for 62.8% of sales, according to the press release. Average premiums slid 32% from the previous quarter to $7,844.
Meanwhile, there were $1 billion worth of whole life insurance products sold in the second quarter, Wink says. Here, the top pricing objective was death benefit, which took in 50.7% of all sales. Average annual premiums rose 11% from the previous quarter to $3,660, according to the press release.
