FIRST QUARTER 2023 LIFE INSURANCE SALES
June 1, 2023 by Sheryl J. Moore
Non-Variable IUL Sales
Sales for the first quarter of 2023 were $730 million, compared with sales of $737 million for the first quarter of 2022. First quarter non-variable life sales were down 15% when compared to the previous quarter and down less than 1% as compared to the same period last year.
Total 1Q2023 non-variable universal life sales were $730,212,516.
Indexed Life
Sales for the first quarter of 2023 were $635 million, compared with sales of $629 million for the first quarter of 2022. First quarter indexed life sales were down nearly 16% when compared with the previous quarter, and up less than 1% as compared to the same period last year.
Total 1Q2023 indexed life sales were $635,516,112.
THE TOP FIVE INDEXED LIFE CARRIERS FOR THE FIRST QUARTER OF 2023:
- National Life Group
- Transamerica
- Nationwide
- Pacific Life Companies
- Sammons Financial Companies
AVERAGE TARGET PREMIUM:
The average target premium was $12,266, a decline of nearly 9% from the prior quarter.
Primary Pricing objective:
80.3% of sales were through products with a primary pricing objective of Cash Accumulation.
1st QUARTER LEADERS BY CHANNEL:
Bank- Pacific Life Companies
Career- National Life Group
Direct Response- Corebridge Financial
Independent Agent- National Life Group
Independent Broker Dealer- American National
National Broker Dealer- Nationwide
1st QUARTER TOP SELLING PRODUCTS BY CHANNEL:
Overall- Transamerica Life’s Transamerica Financial Foundation IUL
Bank- National Western Life’s Lifetime Returns Select
Career- Farm Bureau Life’s Foundations Indexed UL
Direct Response- American General Life’s 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 first quarter of 2023 were $94 million, compared with sales of $107 million for the first quarter of 2022. First quarter universal life sales were down more than 11% when compared with the previous quarter and down nearly 12% as compared to the same period last year.
Total 1Q2023 universal life sales were $94,970,385.
AVERAGE TARGET PREMIUM:
The average target premium paid was $4,690, a decline of nearly 14% from the prior quarter.
Primary Pricing Objective:
Fifty percent of sales were through products with a primary pricing objective of No Lapse Guarantee.
Whole Life
Sales for the first quarter of 2023 were $1,094 million, compared with sales of $1,149 million for the first quarter of 2022. First quarter whole life sales were down nearly 12% when compared with the previous quarter, and down nearly 5% as compared to the same period last year.
Total 1Q2023 whole life sales were $1,094,629,503.
AVERAGE Annual Premium:
The average annual whole life premium per policy reported was $4,127, an increase of nearly 6% from the prior quarter.
primary pricing objective:
Fifty-eight percent of sales were through products with a primary pricing objective of Final Expense.
