Wink, Inc. Releases First Quarter, 2024 Life Sales Results
June 13, 2024 by Wink's Press Release
— FOR IMMEDIATE DISTRIBUTION — NEWS RELEASE
Life insurance sales fall in the First Quarter
Wink, Inc. Releases First Quarter, 2024 Life Sales Results
Des Moines, Iowa. June 12, 2024– Wink, Inc. released the first quarter, 2024 life sales results in its 107th 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.
All universal life sales for the first quarter were over $1.0 billion. All universal life (UL) sales include fixed UL, indexed UL, and variable UL product sales. Given that this is the first quarter that Wink has collected data on sales of all universal life insurance products, comparisons will be available in future quarters.
Noteworthy highlights for total all universal life sales in the first quarter included National Life Group as #1 in overall sales ranking for all universal life sales, with a market share of 11.3%. Transamerica Life’s Transamerica Financial Foundation IUL was the #1 selling product for all universal life sales, for all channels combined for the quarter.
Non-variable universal life sales for the first quarter were $779.1 million; down 12.5% compared to the previous quarter and up 6.7% 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 first quarter included National Life Group retaining the #1 overall sales ranking for non-variable universal life sales, with a market share of 15.1%. Transamerica Life’s Transamerica Financial Foundation IUL was the #1 selling product for non-variable universal life sales, for all channels combined for the twelfth consecutive quarter.
Fixed UL sales for the first quarter were $89.6 million, down 6.3% compared to the previous quarter and down 5.6% compared to the same period last year. Noteworthy highlights for fixed universal life included the top primary pricing objective of No Lapse Guarantee capturing 45.4% of sales. The average UL target premium for the quarter was $5,449, a decline of more than 5.0% from the prior quarter. Moore commented, “Watching the downward-trending sales of UL is painful.. Unfortunately, I don’t think things will improve any time soon.”
Indexed life sales for the first quarter were $689.8 million, down 13.2% compared with the previous quarter, and up 8.5% compared to the same period last year. Indexed life sales include both indexed UL and indexed whole life.
Items of interest in the indexed life market included National Life Group keeping their #1 ranking in indexed life sales, with a 17.0% market share, Transamerica, Pacific Life Companies, Nationwide, and Symetra Financial rounded 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 twelfth consecutive quarter. The top primary pricing objective for sales this quarter was Cash Accumulation, capturing 77.8% of sales. The average indexed life target premium for the quarter was $12,087, an increase of nearly 1.0% from the prior quarter.
“I am still projecting that 2024 will be a record year for indexed life,” commented Sheryl J. Moore, CEO of both Moore Market Intelligence and Wink, Inc. “That said, everyone seems to have their attention on structured life products; while only three carriers are offering it, more are doing R&D.”
Variable Universal Life sales for the first quarter were $261.6 million. Given that this is the first quarter that Wink has collected data on variable universal life sales, comparisons will be available in future quarters.
Items of interest in the variable universal life market included Prudential as the #1 ranking in variable universal life sales, with a 30.3% market share, Lincoln National Life, Pacific Life Companies, RiverSource Life, and Nationwide completed the top five, respectively.
Pruco Life’s VUL Protector was the #1 selling variable universal life insurance product, for all channels combined for the quarter. The top primary pricing objective for sales this quarter was Cash Accumulation, capturing 48.0% of sales. The average variable universal life target premium for the quarter was $20,602. Given that this is the first quarter that Wink has collected data on variable universal life sales, comparisons will be available in future quarters.
Whole life first quarter sales were $1.0 billion, down 12.8% compared with the previous quarter, and down 7.4% 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 44.2% of sales. The average premium per whole life policy for the quarter was $4,332, an increase of more than 7.0% from the prior quarter.
Term life first quarter sales were $648.7 million. Items of interest in the term life market include the average annual term life premium per policy reported for the quarter was $3,332. Given that this is the first quarter that Wink has collected data on term life sales, comparisons will be available in future quarters.
Wink now reports sales on all life insurance product lines, as well as all annuity lines of business.
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 insurance product sales since 1998, this report provides sales by product, company, crediting method, index, distribution, surrender charge period, guarantee period and more. Wink’s Sales & Market Report expanded to cover all annuity products and all life insurance products in 2024.
The staff of Wink, Inc. has 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 often heard in seminars and quoted by industry trade journals.
June 12, 2024
Des Moines, IA
(855) ASK-WINK
