FOURTH QUARTER 2017 LIFE INSURANCE SALES
March 14, 2018 by Sheryl J. Moore
Indexed Life
Sales for the fourth quarter of 2017 were $575 million, compared with sales of $534 million for the fourth quarter of 2016. Fourth quarter indexed life sales were up more than 20% when compared with the previous quarter, and up nearly 8% as compared to the same period last year. This was a record-setting year for indexed life insurance sales, topping the previous 2016 record by 6.16%.
Total 4Q2017 indexed life sales were $575,235,136.
Total 2017 indexed life sales were $1,974,553,648.
THE TOP FIVE INDEXED LIFE CARRIERS FOR THE FOURTH QUARTER OF 2017:
1. Pacific Life Companies
2. National Life Group
3. Transamerica
4. Minnesota Life-Securian
5. [Participant does not want their ranking published publicly]
AVERAGE TARGET PREMIUM:
The average target premium paid was $9,073, an increase of more than 5% from the prior quarter.
PRIMARY PRICING OBJECTIVE:
Nearly 80% of sales were through products with a primary pricing objective of Cash Accumulation.
4th QUARTER LEADERS BY CHANNEL:
Bank- Pacific Life Companies
Career- National Life Group
Direct Response- AIG
Independent Agent- Pacific Life Companies
Independent Broker Dealer- Protective Life Companies
National Broker Dealer- Nationwide
4th QUARTER TOP SELLING PRODUCTS BY CHANNEL:
Overall- Pacific Life Pacific Discovery Xelerator IUL
Bank- Pacific Life Pacific Discovery Xelerator IUL
Career- RiverSource Life RiverSource Multi-Index UL
Direct Response- American General Life AG Extend IUL
Independent Agent- Pacific Life Pacific Discovery Xelerator IUL
Independent Broker Dealer- Protective Life Protective Indexed Choice UL
National Broker Dealer- Nationwide Nationwide YourLife IUL Accumulator
Universal Life
Sales for the fourth quarter of 2017 were $473 million. Fourth quarter universal life sales were down more than 11% when compared with the previous quarter.
Total 4Q2017 universal life sales were $473,840,181.
Total 2017 universal life sales were $1,990,811,659.
AVERAGE TARGET PREMIUM:
The average target premium paid was $5,084; a decline of nearly 34% from the prior quarter.
PRIMARY PRICING OBJECTIVE
Nearly 67% of sales were through products with a primary pricing objective of No Lapse Guarantee.
Whole Life
Sales for the fourth quarter of 2017 were $1,280 million. Fourth quarter whole life sales were up nearly 23% when compared with the previous quarter.
Total 4Q2017 whole life sales were $1,280,239,474.
Total 2017 whole life sales were $4,302,096,781.
AVERAGE ANNUAL PREMIUM
The average annual whole life premium per policy reported for the quarter was $3,925, an increase of more than 31% from the prior quarter.
PRIMARY PRICING OBJECTIVE
Over 81% of sales were through products with a primary pricing objective of Cash Accumulation.
-sjm
