Index positive in seven of the last eight months running
Braintree, Mass. June 14, 2012 — U.S. application activity for individually underwritten life insurance remained positive in May, up +1.3% year-over-year, all ages combined according to the MIB Life Index. Showing positive numbers in seven of the past eight months, the Index broke from monthly losses in fourth quarter 2011, and has trended largely positive since as we enter the summer lull. Year-to-date (YTD), the MIB Life Index is up +2.9% as compared to the same five months last year. The May Life Index slowed by -7.8% from April levels; a decline that was in line with historical percentages for this time period.
U.S. application activity grew across all three age groups in April: ages 0-44, up +0.4%; ages 45-59, up +1.0%; and ages 60+, up +4.8%, year-over-year. The trend line by age group shows, ages 0-44, up in 4 of the last 6 months; ages 45-59, up or flat in 5 of the last 6 months; and ages 60+, up in 6 out of 6 months with three showing double-digit growth. All age groups remain in positive territory year-to-date (2012/2011): ages 0-44, up +1.8%; ages 45-59, up +2.1%; and ages 60+ up, +7.8% year-over-year.
Additional analytics and the MIB Life Index Annual Reports available with registration at: www.mibsolutions.com/regLI.
1. Due to a data reporting anomaly, a small change in the historical percent changes for ages 60+ and ages 0-44 for the monthly periods April 2012 to January 2011have been made. It should be noted that the restated values did not materially impact the stated trends for either age group. Download changes from the Enhanced Life Index Portal: http://www.mibsolutions.com/loginLI.
About the MIB Life Index
The MIB Life Index is the life insurance industry's timeliest measure of application activity in the United States. Released to the media each month, the Index is based on the number of searches MIB life member company underwriters perform on the MIB Checking Service database. Since the vast majority of individually underwritten life premium dollars in North America include an MIB search as a routine underwriting requirement, the MIB Life Index provides a reasonable means to estimate new business activity. For past releases, methodology or to subscribe visit www.mib.com/lifeindex.
MIB is the life and health insurance industry’s most trusted resource for risk information and analytical services. Owned by the industry it has served for more than a century, MIB is uniquely positioned to aggregate industry issues in order to develop products and services that help our members improve risk assessment. MIB, Inc. and MIB Solutions, Inc. are wholly-owned subsidiaries of the MIB Group, Inc. (www.mib.com and www.mibsolutions.com).