FIRST QUARTER 2018 LIFE INSURANCE SALES
June 6, 2018 by Sheryl J. Moore
Indexed Life
Sales for the first quarter of 2018 were $486 million, compared with sales of $436 million for the first quarter of 2017. First quarter indexed life sales were down nearly 16% when compared with the previous quarter, and up more than 11% as compared to the same period last year.
Total 1Q2018 indexed life sales were $486,224,857.
THE TOP FIVE INDEXED LIFE CARRIERS FOR THE FIRST QUARTER OF 2018:
1. Pacific Life Companies
2. National Life Group
3. Transamerica
4. Minnesota Life-Securian
5. Nationwide
AVERAGE TARGET PREMIUM:
The average target premium paid was $9,221, an increase of nearly 2% from the prior quarter.
PRIMARY PRICING OBJECTIVE:
More than 83% of sales were through products with a primary pricing objective of Cash Accumulation.
1st QUARTER LEADERS BY CHANNEL:
Bank- Pacific Life Companies
Career- RiverSource Life
Direct Response- AIG
Independent Agent- Pacific Life Companies
Independent Broker Dealer- Symetra Financial
National Broker Dealer– Nationwide
1st 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: Symetra Life Symetra Accumulator IUL
National Broker Dealer– Nationwide Nationwide YourLife IUL Accumulator
Universal Life
Sales for the first quarter of 2018 were $451 million, compared with sales of $486 million for the first quarter of 2017. First quarter universal life sales were down nearly 5% when compared with the previous quarter and down more than 7% as compared to the same period last year.
Total 1Q2018 universal life sales were $451,252,704.
AVERAGE TARGET PREMIUM:
The average target premium paid was $7,532, an increase of more than 48% from the prior quarter.
PRIMARY PRICING OBJECTIVE:
Precisely 35% of sales were through products with a primary pricing objective of No Lapse Guarantee.
Whole Life
Sales for the first quarter of 2018 were $1.06 billion, compared with sales of $967 million for the first quarter of 2017. First quarter whole life sales were down more than 16% when compared with the previous quarter, and up nearly 11% as compared to the same period last year.
Total 1Q2018 whole life sales were $1,069,634,311.
AVERAGE ANNUAL PREMIUM:
The average annual whole life premium per policy reported for the quarter was $3,282, a decline of more than 16% from the prior quarter.
PRIMARY PRICING OBJECTIVE:
Over 74% of sales were through products with a primary pricing objective of Cash Accumulation.
