Wink, Inc. Releases Second Quarter, 2023 Life Sales Results
September 1, 2023 by Wink's Press Release
— FOR IMMEDIATE DISTRIBUTION — NEWS RELEASE
INDEXED LIFE SALES SET TO BREAK RECORDS IN 2023
Wink, Inc. Releases Second Quarter, 2023 Life Sales Results
Des Moines, Iowa. August 31, 2023– Wink, Inc. released the second quarter, 2023 life sales results in its 104th 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 second quarter were $827.9 million; up 13.3% compared to the previous quarter and up 4.7% 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 second quarter included National Life Group retaining the #1 overall sales ranking for non-variable universal life sales, with a market share of 13.1%. Transamerica Life’s Transamerica Financial Foundation IUL was the #1 selling product for non-variable universal life sales, for all channels combined for the ninth consecutive quarter.
Indexed life sales for the second quarter were $726.2 million, up 14.2% compared with the previous quarter, and up 5.9% compared to the same period last year. Indexed life sales include both indexed UL and indexed whole life. “Indexed life sales are almost doing as well as indexed annuities,” commented Sheryl J. Moore, CEO of both Moore Market Intelligence and Wink, Inc. “If sales continue to be this strong, the par whole life carriers will have no choice but to develop their own indexed solutions.”
Items of interest in the indexed life market included National Life Group retaining their #1 ranking in indexed life sales, with a 14.9% market share, Transamerica, Pacific Life Companies, Nationwide, 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 ninth consecutive quarter. The top primary pricing objective for sales this quarter was Cash Accumulation, capturing 73.6% of sales. The average indexed life target premium for the quarter was $11,194- a decline of more than 9.0% from the prior quarter.
Fixed UL sales for the second quarter were $101.6 million, up 7.0% compared to the previous quarter and down 2.9% compared to the same period last year. Noteworthy highlights for fixed universal life included the top primary pricing objective of No Lapse Guarantee capturing 54.3% of sales. The average UL target premium for the quarter was $5,396, an increase of more than 15.0% from the prior quarter. Moore commented, “We’ll be lucky if fixed UL sales break $400 million for the year. This once-superstar product is now withering on the vine.”
Whole life second quarter sales were $1.0 billion, flat when compared with the previous quarter, and down 0.9% 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 56.3% of sales. The average premium per whole life policy for the quarter was $4,149, an increase of less than 1.0% 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.
August 31, 2023
Des Moines, IA
(855) ASK-WINK
Displays restated sales as of September 7, 2023
