FIRST QUARTER 2019 LIFE INSURANCE SALES
May 24, 2019 by Sheryl J. Moore
Indexed Life
Sales for the first quarter of 2019 were $491 million, compared with sales of $486 million for the first quarter of 2018. First quarter indexed life sales were down more than 20% when compared with the previous quarter, and up just over 1% when compared to the same period last year.
Total 1Q2019 indexed life sales were $491,715,405.
THE TOP FIVE INDEXED LIFE CARRIERS FOR THE FIRST QUARTER OF 2019:
1. National Life Group
2. Pacific Life Companies
3. Transamerica
4. Nationwide
5. Allianz Life
AVERAGE TARGET PREMIUM:
The average target premium paid was $8,900, a decline of more than 9% from the prior quarter.
PRIMARY PRICING OBJECTIVE:
Over 75% of sales were through products with a primary pricing objective of Cash Accumulation.
1st QUARTER LEADERS BY CHANNEL:
Bank- Pacific Life Companies
Career- AXA US
Direct Response- AIG
Independent Agent- National Life Group
Independent Broker Dealer- Protective Life Companies
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: Protective Life Protective Indexed Choice UL
National Broker Dealer- Nationwide Nationwide YourLife IUL Accumulator II
Universal Life
Sales for the first quarter of 2019 were $277 million, compared with sales of $393 million for the first quarter of 2018. First quarter universal life sales were down nearly 21% when compared with the previous quarter and down more than 29% as compared to the same period last year.
Total 1Q2019 universal life sales were $277,476,863.
AVERAGE TARGET PREMIUM:
The average target premium paid was $4,377, a decline of nearly 20% from the prior quarter.
PRIMARY PRICING OBJECTIVE:
Nearly 68% of sales were through products with a primary pricing objective of No Lapse Guarantee.
Whole Life
Sales for the first quarter of 2019 were $1.03 billion, compared with sales of $1.06 billion for the first quarter of 2018. First quarter whole life sales were down more than 17% when compared with the previous quarter, and down nearly 4% as compared to the same period last year.
Total 1Q2019 whole life sales were $1,030,019,775.
AVERAGE ANNUAL PREMIUM:
The average annual whole life premium per policy reported for the quarter was $2,815, a decline of more than 24% from the prior quarter.
PRIMARY PRICING OBJECTIVE:
Nearly 67% of sales were through products with a primary pricing objective of Cash Accumulation.
