SECOND QUARTER 2022 LIFE INSURANCE SALES
September 7, 2022 by Sheryl J. Moore
Non-Variable UL
Sales for the second quarter of 2022 were $790 million, compared with sales of $756 million for the second quarter of 2021. Second quarter non-variable life sales were up more than 7% when compared to the previous quarter and up more than 4% as compared to the same period last year. Non-variable universal life (UL) sales include both indexed UL and fixed UL product sales.
Total 2Q22 non-variable universal life sales were $790,303,977.
Indexed Life
Sales for the second quarter of 2022 were $685 million, compared with sales of $614 million for the second quarter of 2021. Second quarter indexed life sales were up nearly 9% when compared with the previous quarter, and up nearly 12% as compared to the same period last year.
Total 2Q2022 indexed life sales were $685,552,874.
THE TOP FIVE INDEXED LIFE CARRIERS FOR THE SECOND QUARTER OF 2022:
1. National Life Group
2. Transamerica
3. Pacific Life Companies
4. Nationwide
5. Sammons Financial Companies
AVERAGE TARGET PREMIUM:
The average target premium $12,138, an increase of more than 5% from the prior quarter.
PRIMARY PRICING OBJECTIVE:
80% of sales were through products with a primary pricing objective of Cash Accumulation.
2ND QUARTER LEADERS BY CHANNEL:
Bank- Pacific Life Companies
Career- Ameritas
Direct Response- AIG
Independent Agent- National Life Group
Independent Broker Dealer- Protective Life Companies
National Broker Dealer- Nationwide
2ND 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 Value+ Protector II
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 second quarter of 2022 were $104 million, compared with sales of $142 million for the second quarter of 2021. Second quarter universal life sales were down nearly 3% when compared with the previous quarter and down nearly 27% as compared to the same period last year.
Total 2Q2022 universal life sales were $104,751,103.
AVERAGE TARGET PREMIUM:
The average target premium paid was $5,145, a decline of less than 1% from the prior quarter.
PRIMARY PRICING OBJECTIVE:
Fifty-seven percent of sales were through products with a primary pricing objective of No Lapse Guarantee.
Whole Life
Sales for the second quarter of 2022 were $1,104 million, compared with sales of $1,173 million for the second quarter of 2021. Second quarter whole life sales were down nearly 4% when compared with the previous quarter, and down nearly 6% as compared to the same period last year.
Total 2Q2022 whole life sales were $1,104,925,106.
AVERAGE ANNUAL PREMIUM:
The average annual whole life premium per policy reported for was $3,513, an increase of nearly 11% from the prior quarter.
PRIMARY PRICING OBJECTIVE:
Fifty-six percent of sales were through products with a primary pricing objective of Final Expense.
