THIRD QUARTER 2019 LIFE INSURANCE SALES
November 27, 2019 by Sheryl J. Moore
Non-Variable UL
Total 3Q2019 non-variable universal life sales were $816,122,151. Third quarter non-variable life sales were down more than 5% when compared to the previous quarter and down nearly 7% as compared to the same period last year.
Indexed Life
Sales for the third quarter of 2019 were $529 million, compared with sales of $528 million for the third quarter of 2018. Third quarter indexed life sales were down more than 4% when compared with the previous quarter, and up less than 1% as compared to the same period last year.
Total 3Q2019 indexed life sales were $529,152,338.
THE TOP FIVE INDEXED LIFE CARRIERS FOR THE Third QUARTER OF 2019:
1. Pacific Life Companies
2. National Life Group
3. Transamerica
4. Lincoln National Life
5. Nationwide
AVERAGE TARGET PREMIUM:
The average target premium paid was $13,374, an increase of 35% from the prior quarter.
Primary Pricing objective:
Nearly 80% 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- Pacific Life Companies
Independent Broker Dealer- Protective Life Companies
National Broker Dealer- Nationwide
1st QUARTER TOP SELLING PRODUCTS BY CHANNEL:
Overall- Pacific Life Pacific Discovery Xelerator IUL 2
Bank- Pacific Life Pacific Discovery Xelerator IUL 2
Career- RiverSource Life RiverSource Multi-Index UL
Direct Response- American General Life Value+ Protector
Independent Agent- Pacific Life Pacific Discovery Xelerator IUL 2
Independent Broker Dealer- Brighthouse Life Brighthouse SmartCare
National Broker Dealer- Nationwide Nationwide YourLife IUL Accumulator II
Universal Life
Sales for the third quarter of 2019 were $287 million, compared with sales of $347 million for the third quarter of 2018. Third quarter universal life sales were down more than 7% when compared with the previous quarter and down more than 17% as compared to the same period last year.
Total 3Q2019 universal life sales were $287,702,590.
AVERAGE TARGET PREMIUM:
The average target premium paid was $4,255 a decline of more than 23% from the prior quarter.
Primary Pricing Objective:
Precisely 68% of sales were through products with a primary pricing objective of No Lapse Guarantee.
Whole Life
Sales for the third quarter of 2019 were $1,173 million, compared with sales of $1,093 million for the third quarter of 2018. Third quarter whole life sales were down nearly 1% when compared with the previous quarter, and up more than 7% as compared to the same period last year.
Total 3Q2019 whole life sales were $1,173,746,892.
AVERAGE Annual Premium:
The average annual whole life premium per policy reported for the quarter was $2,901, a decline of nearly 6% from the prior quarter.
primary pricing objective:
Over 74% of sales were through products with a primary pricing objective of Cash Accumulation.
