SECOND QUARTER 2017 LIFE INSURANCE SALES
September 1, 2017 by Sheryl J. Moore
Indexed Life
Sales for the second quarter of 2017 were $485 million, compared with sales of $441 million for the second quarter of 2016. Second quarter indexed life sales were up more than 11% when compared with the previous quarter, and up nearly 10% as compared to the same period last year.
Total 2Q2017 indexed life sales were $485,024,530.
THE TOP FIVE INDEXED LIFE CARRIERS FOR THE SECOND QUARTER OF 2017:
1. Pacific Life Companies
2. Transamerica
3. National Life Group
4. Minnesota Life-Securian
5. Zurich American Life (est)
AVERAGE TARGET PREMIUM:
The average target premium paid was $8,071; a trend that was down nearly 9% from the prior quarter.
PRIMARY PRICING OBJECTIVE:
81% of sales were through products with a primary pricing objective of Cash Accumulation.
2ND QUARTER LEADERS BY CHANNEL:
Bank- Pacific Life Companies
Career- AXA US
Direct Response- AIG
Independent Agent- Pacific Life Companies
Independent Broker Dealer- Protective Life Companies
National Broker Dealer- Nationwide
2nd QUARTER TOP SELLING PRODUCTS BY CHANNEL:
Overall- Transamerica Premier Financial Foundation IUL (2015)
Bank- Pacific Life Pacific Discovery Xelerator IUL
Career- RiverSource Life RiverSource Multi-Index UL
Direct Response- American General Life AG Extend IUL
Independent Agent- Transamerica Premier Financial Foundation IUL (2015)
Independent Broker Dealer: Protective Life Protective Indexed Choice UL
National Broker Dealer- Nationwide Nationwide YourLife IUL Accumulator
Universal Life
Sales for the second quarter of 2017 were $496 million. Second quarter universal life sales were up more than 2% when compared with the previous quarter.
Total 2Q2017 universal life sales were $496,947,610.
AVERAGE TARGET PREMIUM:
The average target premium paid was $7,844; a reduction of over 32% from the prior quarter.
PRIMARY PRICING OBJECTIVE:
Nearly 63% of sales were through products with a primary pricing objective of No Lapse Guarantee.
Whole Life
Sales for the second quarter of 2017 were $1,011 billion. Second quarter whole life sales were up more than 4% when compared with the previous quarter.
Total 2Q2017 whole life sales were $1,011,697,271.
AVERAGE Annual Premium:
The average annual whole life premium per policy reported for the quarter was $3,660; an increase of nearly 11% from the prior quarter.
PRIMARY PRICING OBJECTIVE:
Nearly 51% of sales were through products with a primary pricing objective of Death Benefit.
-SJM
