Wink, Inc. Releases First Quarter, 2021 Life Sales Results
July 13, 2021 by Press Release
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NEWS RELEASE
UNIVERSAL LIFE SALES HIT ALL TIME LOW
Wink, Inc. Releases First Quarter, 2021 Life Sales Results
Des Moines, Iowa. July 8th, 2021– Wink, Inc. released the first quarter, 2021 life sales results in its 95th edition of Wink’s Sales & Market Report. Wink’s Sales & Market Report is the insurance industry’s #1 resource for life insurance sales data, since 1997.
Non-variable universal life sales for the first quarter were $649.8 million; down 12.1% when compared to the previous quarter and down 15.6% as compared to the same period last year. Non-variable universal life (UL) sales include both indexed UL and fixed UL product sales.
Noteworthy highlights for total non-variable universal life sales in the first quarter included National Life Group gaining the #1 overall sales ranking for non-variable universal life sales, with a market share of 11.9%. Allianz Life’s Allianz Life Pro+ Advantage IUL was the #1 selling product for non-variable universal life sales, for all channels combined.
Indexed life sales for the first quarter were $530.6 million, down 14.6% when compared with the previous quarter, and down 0.7% as compared to the same period last year. Indexed life sales include both indexed UL and indexed whole life. “This was obviously going to be a tough quarter for life insurance sales. No sooner than we have products repriced for 2017 CSO, we have to reprice for AG49. And now that AG49 is under our belts, everyone is looking at the prospects of repricing for 7702. When product development is active, sales suffer.,” explained Sheryl J. Moore, Chairwoman & CEO of Wink, Inc. and President & CEO of Moore Market Intelligence.
Items of interest in the indexed life market included National Life Group gaining the #1 ranking in indexed life sales, with a 14.4% market share. Pacific Life Companies, Transamerica, Nationwide, and Allianz Life rounded out the top five, respectively.
Allianz Life’s Allianz Life Pro+ Advantage IUL was the #1 selling indexed life insurance product, for all channels combined. The top pricing objective for sales this quarter was Cash Accumulation, capturing 74.1% of sales. The average indexed life target premium for the quarter was $ 12,279, a decline of more than 2.0% from the prior quarter.
Fixed UL first quarter sales were $119.7 million, up 0.6% when compared to the previous quarter and down 50.9% as compared to the same period last year. Noteworthy highlights for fixed universal life in the first quarter included the top pricing objective of No Lapse Guarantee capturing 41.6% of sales. The average UL target premium for the quarter $5,021, a decline of more than 6.0% from the prior quarter. Moore commented, “Seeing Universal Life hit rock bottom is a personal low for me. I remember developing the most competitive GUL in the life insurance industry 17 years ago; back then, I never would have foreseen that sales would get this bad.”
Whole life first quarter sales were $1.0 billion, up 4.5% when compared with the previous quarter, and up 4.0% as compared to the same period last year. Items of interest in the whole life market included the top pricing objective of Final Expense capturing 54.9% of sales. The average premium per whole life policy for the quarter was $2,675, a decline of more than 25.0% from the prior quarter. “As forecasted, whole life sales are going to continue to be strong for the foreseeable future. The guarantees become more valuable during periods of sustained low interest rates,” commented Moore.
Wink currently reports on indexed universal life, indexed whole life, universal life, whole life, and all deferred annuity lines’ product sales. Sales reporting on additional product lines will follow in the future.
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For more information, go to www.WinkIntel.com
Wink, Inc. is the company behind the most comprehensive life insurance and annuity due-diligence tools, AnnuitySpecs and LifeSpecs at www.WinkIntel.com. Wink, Inc. is the distributor of the quarterly Wink’s Sales & Market Report. Serving as the insurance industry’s #1 resource of indexed insurance product sales since 1997, this report provides sales by product, company, crediting method, index, distribution, surrender charge period, and more. Wink’s Sales & Market Report expanded to cover all deferred annuity products in 2015, all deferred variable annuity products in 2019 and all non-variable cash value life insurance products in 2017.
The staff of Wink, Inc. has a combined experience of more than 175 years working with insurance products, more than a decade of which is specific to competitive intelligence. Based in Des Moines, Iowa, the firm offers competitive intelligence and market research in the life insurance and annuity industries; serving financial services professionals, distributors, manufacturers, regulators, and consultants on both a domestic and global basis.
Sheryl J. Moore, Chairwoman & CEO is the guiding force behind Wink, Inc. Ms. Moore previously worked as a market research analyst for top carriers in the life insurance and annuity industries. Her views on the direction of the market are frequently heard in seminars and quoted by industry trade journals.
July 8th, 2021
Des Moines, IA
(855) ASK-WINK
