Wink, Inc. Releases First Quarter, 2023 Life Sales Results
June 1, 2023 by Wink's Press Release
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NEWS RELEASE
LIFE SALES DOWN ACROSS THE BOARD
Wink, Inc. Releases First Quarter, 2023 Life Sales Results
Des Moines, Iowa. May 31, 2023– Wink, Inc. released the first quarter, 2023 life sales results in its 103rd 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 $730.2 million; down 15.0% compared to the previous quarter and down 0.98% 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 retaining the #1 overall sales ranking for non-variable universal life sales, with a market share of 12.6%. Transamerica Life’s Transamerica Financial Foundation IUL was the #1 selling product for non-variable universal life sales, for all channels combined for the eighth consecutive quarter.
Indexed life sales for the first quarter were $635.5 million, down 15.5% compared with the previous quarter, and up 0.8% compared to the same period last year. Indexed life sales include both indexed UL and indexed whole life. “Indexed life was the only product line not to experience a decline in sales, over this time last year” commented Sheryl J. Moore, CEO of both Moore Market Intelligence and Wink, Inc. “Sales for the next quarter will likely prove challenging, thanks to the implementation of AG49-B.”
Items of interest in the indexed life market included National Life Group retaining their #1 ranking in indexed life sales, with a 14.4% market share, Transamerica, Nationwide, Pacific Life Companies, and Sammons Financial Companies rounded out the top five, respectively.
Transamerica Life’s Transamerica Financial Foundation IUL was the #1 selling indexed life insurance product, for all channels combined for the eighth consecutive quarter. The top primary pricing objective for sales this quarter was Cash Accumulation, capturing 80.3% of sales. The average indexed life target premium for the quarter was $12,266- a decline of more than 9.0% from the prior quarter.
Fixed UL sales for the first quarter were $94.9 million, down 11.3% compared to the previous quarter and down 11.6% compared to the same period last year. Noteworthy highlights for fixed universal life included the top primary pricing objective of No Lapse Guarantee capturing 50.4% of sales. The average UL target premium for the quarter was $4,690, a decline of nearly 14.0% from the prior quarter. Moore commented, “If AXXX regulation was a death warrant for UL, and historically low interest rates were a nail in the coffin. I just don’t know if sales will ever bounce back.”
Whole life first quarter sales were $1.0 billion, down 11.8% compared with the previous quarter, and down 4.7% compared to the same period last year. Items of interest in the whole life market included the top primary pricing objective of Final Expense capturing 58.7% of sales. The average premium per whole life policy for the quarter was $4,127, an increase of nearly 6.0% from the prior quarter.
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 nearly 200 years working with insurance products, more than a century 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, 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.
May 31, 2023
Des Moines, IA
(855) ASK-WINK
