FOURTH QUARTER 2021 LIFE INSURANCE SALES
March 8, 2022 by Sheryl J. Moore
Non-Variable UL
Sales for the fourth quarter of 2021 were $861 million, compared with sales of $740 million for the fourth quarter of 2020. Fourth quarter non-variable life sales were up 20% when compared to the previous quarter and up more than 16% as compared to the same period last year. Non-variable universal life (UL) sales include both indexed UL and fixed UL product sales.
Total 4Q21 non-variable universal life sales were $861,514,397.
Total 2021 non-variable universal life sales were $2,989,305,588.
Indexed Life
Sales for the fourth quarter of 2021 were $718 million, compared with sales of $621 million for the fourth quarter of 2020. Fourth quarter indexed life sales were up more than 19% when compared with the previous quarter, and up nearly 16% as compared to the same period last year. This was a record-setting year for indexed life sales, topping the prior 2019 record by 4.02%. Indexed life sales include both indexed UL and indexed whole life product sales.
Total 4Q2021 indexed life sales were $718,025,715.
Total 2021 indexed life sales were $2,468,167,552.
THE TOP FIVE INDEXED LIFE CARRIERS FOR THE FOURTH QUARTER OF 2021:
1. National Life Group
2. Pacific Life Companies
3. Nationwide
4. Transamerica
5. John Hancock
AVERAGE TARGET PREMIUM:
The average target premium paid $11,868, an increase of more than 5% from the prior quarter.
PRIMARY PRICING OBJECTIVE:
More than 79% 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- Transamerica Life’s Transamerica Foundation IUL
Bank- Pacific Life’s Pacific Discovery Xelerator IUL 2
Career- Ameritas Life’s Ameritas Growth Index Universal Life
Direct Response- American General Life’s Protection Extend IUL
Independent Agent- Transamerica Life’s Transamerica Foundation IUL
Independent Broker Dealer- Protective Life’s Protective Indexed Choice UL
National Broker Dealer- Nationwide’s Nationwide New Heights IUL Accumulator 2020
Universal Life
Sales for the fourth quarter of 2021 were $143 million, compared with sales of $120 million for the fourth quarter of 2020. Fourth quarter universal life sales were up more than 24% when compared with the previous quarter and up nearly 20% as compared to the same period last year.
Total 4Q2021 universal life sales were $143,741,952.
Total 2021 universal life sales were $522,421,309.
AVERAGE TARGET PREMIUM:
The average target premium paid was $5,776, an increase of nearly 8% from the prior quarter.
PRIMARY PRICING OBJECTIVE:
Forty-six percent of sales were through products with a primary pricing objective of No Lapse Guarantee.
Whole Life
Sales for the fourth quarter of 2021 were $1,506 million, compared with sales of $1,035 million for the fourth quarter of 2020. Fourth quarter whole life sales were up nearly 37% when compared with the previous quarter, and up nearly 46% as compared to the same period last year.
Total 4Q2021 whole life sales were $1,506,651,694.
Total 2021 whole life sales were $4,874,419,208.
AVERAGE ANNUAL PREMIUM:
The average annual whole life premium per policy reported for the was $3,690, an increase of nearly 19% from the prior quarter.
PRIMARY PRICING OBJECTIVE:
Forty-one percent of sales were through products with a primary pricing objective of Final Expense.
