Wink, Inc. Releases Third Quarter, 2024 Life Sales Results
November 27, 2024 by Wink's Press Release
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NEWS RELEASE
INDEXED LIFE SALES REMAIN AFLOAT AS LIFE INSURANCE SALES SINK
Wink, Inc. Releases Third Quarter, 2024 Life Sales Results
Des Moines, Iowa. November 27, 2024– Wink, Inc. released the third quarter, 2024 life sales results in its 109th 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 third quarter were over $1.1 billion; down 0.5% compared to the previous quarter. All universal life (UL) sales include fixed UL, indexed UL, and variable UL product sales.
Noteworthy highlights for total all universal life sales in the third quarter included National Life Group ranking as #1 in overall sales for all universal life sales, with a market share of 10.9%. Transamerica Life’s Transamerica Financial Foundation IUL was the #1 selling product for all universal life sales, for all channels combined, for the third consecutive quarter.
Non-variable universal life sales for the third quarter were $847.8 million; sales remained flat when compared to the previous quarter and up 9.5% 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 third quarter included National Life Group retaining the #1 overall sales ranking for non-variable universal life sales, with a market share of 14.6%. Transamerica Life’s Transamerica Financial Foundation IUL was the #1 selling product for non-variable universal life sales, for all channels combined, for the fourteenth consecutive quarter.
Fixed UL sales for the third quarter were $100.0 million, down 0.5% compared to the previous quarter and up 15.2% compared to the same period last year.
Items of interest in the fixed UL market included Nationwide retaining their #1 ranking in fixed universal life sales, with a 16.7% market share, John Hancock, Pacific Life Companies, Protective Life Companies, and Prudential completed the top five, respectively.
Pacific Life’s Pacific Life Promise GUL was the #1 selling fixed universal life insurance product, for all channels combined for the quarter. The top primary pricing objective of No Lapse Guarantee captured 39.5% of sales. The average fixed UL target premium for the quarter was $7,757, an increase of nearly 13.0% from the prior quarter. Sheryl J. Moore, CEO of both Moore Market Intelligence and Wink, Inc. commented, “Second quarter was a strong quarter for life insurance sales, so sales being flat this quarter isn’t such a surprise.”
Indexed life sales for the third quarter were $748.8 million, up 0.2% compared with the previous quarter, and up 8.9% 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 16.4% market share, Transamerica, Pacific Life Companies, Nationwide, and Lincoln National Life 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 fourteenth consecutive quarter. The top primary pricing objective for sales this quarter was Cash Accumulation, capturing 71.7% of sales. The average indexed life target premium for the quarter was $13,156, an increase of 22.0% from the prior quarter.
“Indexed life was the only line of business which experienced an increase in sales from last quarter,” commented Moore. “And sales were only up 0.2%!”
Variable Universal Life sales for the third quarter were $284.7 million; down 2.3% compared with the previous quarter.
Items of interest in the variable universal life market included Prudential retaining the #1 ranking in variable universal life sales, with a 34.3% market share, Pacific Life Companies, RiverSource Life, John Hancock, 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 third consecutive quarter. The top primary pricing objective for sales this quarter was Cash Accumulation, capturing 54.5% of sales. The average variable universal life target premium for the quarter was $20,001, a decline of nearly 2.0% from the prior quarter.
Whole life third quarter sales were $1.0 billion, down 6.7% compared with the previous quarter, and down 0.8% 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 56.1% of sales. The average premium per whole life policy for the quarter was $3,655, an increase of more than 4.0% from the prior quarter.
Term life third quarter sales were $602.3 million; down 7.4% compared with the previous quarter.
Items of interest in the term life market included Prudential ranking as #1 in term life sales, with a 5.4% market share. Pacific Life Companies, Corebridge Financial, Protective Life Companies, and Massachusetts Mutual Life Companies rounded the top five, respectively.
Pruco Life’s Term Essential 10 was the #1 selling term life insurance product, for all channels combined, for the quarter. The average annual term life premium per policy reported for the quarter was $2,412, a decline of more than 19.0% from the previous quarter.
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, reinsurers, 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.
November 27, 2024
Des Moines, IA
(855) ASK-WINK
