FIRST QUARTER 2024 LIFE INSURANCE SALES
June 13, 2024 by Sheryl J. Moore
All Universal Life
Sales for the first quarter of 2024 were $1,040 million. Given that this is the first quarter that Wink has collected data on sales of all life insurance products, comparisons will be available in future quarters. All universal life (UL) products include fixed UL, indexed UL, and variable UL products.
Total 1Q2024 all universal life sales were $1,040,865,303.
Non-Variable UL
Sales for the first quarter of 2024 were $779 million, compared with sales of $730 million for the first quarter of 2023. First quarter non-variable universal life sales were down nearly 13% when compared to the previous quarter and up nearly 7% as compared to the same period last year. Non-variable universal life (UL) products include fixed UL and indexed UL products.
Total 1Q2024 non-variable universal life sales were $779,187,166.
Universal Life
Sales for the first quarter of 2024 were $89 million, compared with sales of $94 million for the first quarter of 2023. First quarter universal life sales were down more than 6% when compared with the previous quarter and down nearly 6% as compared to the same period last year.
Total 1Q2024 universal life sales were $89,604,735.
Primary Pricing Objective:
45.4% of sales were through products with a primary pricing objective of No Lapse Guarantee.
AVERAGE TARGET PREMIUM:
The average target premium paid was $5,449, a decline of more than 5% from the prior quarter.
Indexed Life
Sales for the first quarter of 2024 were $689 million, compared with sales of $635 million for the first quarter of 2023. First quarter indexed life sales were down more than 13% when compared with the previous quarter, and up nearly 9% as compared to the same period last year.
Total 1Q2024 indexed life sales were $689,801,870
THE TOP FIVE INDEXED LIFE CARRIERS:
- National Life Group
- Transamerica
- Pacific Life Companies
- Nationwide
- Symetra Financial
TOP SELLING PRODUCTS BY CHANNEL:
Overall- Transamerica Life’s Transamerica Financial Foundation IUL
Bank- Pacific Life Horizon IUL
National Broker Dealer- Nationwide’s Nationwide IUL Accumulator II 2020
Independent Broker Dealer- Protective Life’s Protective Indexed Choice UL
Career- Farm Bureau Life Foundations Indexed UL
Direct Response- American General Life QoL Value+ Protector III
Independent Agent- Transamerica Life’s Transamerica Financial Foundation IUL
LEADERS BY CHANNEL:
Bank- Pacific Life Companies
National Broker Dealer- Nationwide
Independent Broker Dealer- Protective Life
Career- National Life Group
Direct Response- Corebridge Financial
Independent Agent- National Life Group
Primary Pricing objective:
77.8% of sales were through products with a primary pricing objective of Cash Accumulation.
AVERAGE TARGET PREMIUM:
The average target premium reported for the quarter was $12,087, an increase of nearly 1% from the prior quarter.
Variable Universal Life
Sales for the first quarter of 2024 were $261 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.
Total 1Q2024 variable universal life sales were $261,678,137.
THE TOP FIVE Variable Universal LIFE CARRIERS:
- Prudential
- Lincoln National Life
- Pacific Life Companies
- RiverSource Life
- Nationwide
TOP SELLING PRODUCTS BY CHANNEL:
Overall- Pruco Life VUL Protector
Bank- Pacific Life Pacific Admiral VUL
Registered Investment Advisor- Nationwide Nationwide Advisory VUL
National Broker Dealer- Nationwide VUL Accumulator
Independent Broker Dealer- Penn Insurance Survivorship Protection VUL
Career- RiverSource Life RiverSource VUL 6
Independent Agent- Pruco Life VUL Protector
LEADERS BY CHANNEL:
Bank- Pacific Life Companies
Registered Investment Advisor- Ameritas
National Broker Dealer- Nationwide
Independent Broker Dealer- Penn Mutual
Career- Prudential
Independent Agent- Prudential
Primary Pricing objective:
48.0% of sales were through products with a primary pricing objective of Cash Accumulation.
AVERAGE TARGET PREMIUM:
The average target premium reported for the quarter was $20,602.
Whole Life
Sales for the first quarter of 2024 were $1,013 million, compared with sales of $1,094 million for the first quarter of 2023. First quarter whole life sales were down nearly 13% when compared with the previous quarter, and down more than 7% as compared to the same period last year.
Total 1Q2024 whole life sales were $1,013,521,409.
primary pricing objective:
44.2% percent of sales were through products with a primary pricing objective of Final Expense.
AVERAGE Annual Premium:
The average annual premium per policy reported for the quarter was $4,332, an increase of nearly 7% from the prior quarter.
Term Life
Sales for the first quarter of 2024 were $648 million. Given that this is the first quarter that Wink has collected data on term life sales, comparisons will be available in future quarters.
Total 1Q2024 term life sales were $648,761,112.
AVERAGE Annual Premium:
The average annual premium per policy reported for the quarter was $3,332.
-sjm