FOURTH QUARTER 2022 LIFE INSURANCE SALES
March 8, 2023 by Sheryl J. Moore
Non-Variable UL
Sales for the fourth quarter of 2022 were $861 million, compared with sales of $857 million for the fourth quarter of 2021. Fourth quarter non-variable life sales were up more than 12% when compared to the previous quarter and up less than 1% as compared to the same period last year. Non-variable universal life (UL) sales include both indexed UL and fixed UL product sales.
Total 4Q2022 non-variable universal life sales were $861,593,523.
Total 2022 non-variable universal life sales were $3,163,542,896.
Indexed Life
Sales for the fourth quarter of 2022 were $752 million, compared with sales of $718 million for the fourth quarter of 2021. Fourth quarter indexed life sales were up more than 12% when compared with the previous quarter, and up nearly 5% as compared to the same period last year. This was a record-setting quarter for indexed life sales, topping the prior 4th quarter 2021 record by 4.77%. This was also a record-setting year for indexed life sales, topping the prior 2021 record by 10.95%.
Total 4Q2022 indexed life sales were $752,296,152.
Total 2022 indexed life sales were $2,738,545,146.
THE TOP FIVE INDEXED LIFE CARRIERS FOR THE FOURTH QUARTER OF 2022:
- National Life Group
- Transamerica
- Pacific Life Companies
- Nationwide
- John Hancock
AVERAGE TARGET PREMIUM:
The average target premium $13,447, an increase of more than 2% from the prior quarter.
Primary Pricing objective:
79.2% 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- Corebridge Financial
Independent Agent- National Life Group
Independent Broker Dealer- Protective Life Companies
National Broker Dealer- Nationwide
4th QUARTER TOP SELLING PRODUCTS BY CHANNEL:
Overall- Transamerica Life’s Transamerica Financial 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 QoL Value+ Protector III
Independent Agent- Transamerica Life’s Transamerica Financial Foundation IUL
Independent Broker Dealer- Protective Life’s Protective Indexed Choice UL
National Broker Dealer- Nationwide’s Nationwide IUL Accumulator II 2020
Universal Life
Sales for the fourth quarter of 2022 were $109 million, compared with sales of $140 million for the fourth quarter of 2021. Fourth quarter universal life sales were up more than 11% when compared with the previous quarter and down nearly 22% as compared to the same period last year.
Total 4Q2022 universal life sales were $109,626,526.
Total 2022 universal life sales were $425,326,905.
AVERAGE TARGET PREMIUM:
The average target premium paid was $5440 an increase of more than 1% from the prior quarter.
Primary Pricing Objective:
Fifty-four percent of sales were through products with a primary pricing objective of No Lapse Guarantee.
Whole Life
Sales for the fourth quarter of 2022 were $1,241 million, compared with sales of $1,506 million for the fourth quarter of 2021. Fourth quarter whole life sales were up nearly 13% when compared with the previous quarter, and down nearly 18% as compared to the same period last year.
Total 4Q2022 whole life sales were $1,241,283,827.
Total 2022 whole life sales were $4,596,539,097.
AVERAGE Annual Premium:
The average annual whole life premium per policy reported for was $3,894, a decline of more than 4% from the prior quarter.
primary pricing objective:
Fifty-two percent of sales were through products with a primary pricing objective of Final Expense.
