Top Two IUL Sellers Trade Places in 4Q

Pacific Life bested rival Transamerica as the top seller of indexed universal life (IUL) insurance sales in the fourth quarter 2016. Meanwhile, Allianz Life broke through into the top-10 list, industry tracker Wink’s Sales & Market Report reported.

The IUL market was an active one last year with sales hitting a record $1.86 billion.

Fourth-quarter 2016 IUL sales dipped 1.3 percent to $534 million, compared with the year-ago period, Wink’s reported. Fourth-quarter 2016 IUL sales increased 18 percent compared with the third quarter.

The average target premium paid in the fourth quarter 2016 was $8,671, an increase of $31 over the year-ago period, Wink’s said. Fourth-quarter target premium of 8,671 rose 5 percent from the third quarter.

Last year was not only an active year for IUL sales but there were numerous changes within the products themselves as insurers began to readjust features. This was happening as Actuarial Guideline 49 receded into the rearview mirror. AG 49 took effect Sept. 1, 2015, and added more consistency in IUL product performance and illustrations.

The rule affected the pace of product introductions last year. However, IUL activity is likely to pick up in 2017. That was what Andrea Mack, Securian Financial Group second vice president, Individual Product Solutions Group, told InsuranceNewsNet earlier this year.

Another expert agreed.

“I anticipate (IUL) sales will be up in 2017,” said Sheryl J. Moore, president and CEO of Moore Market Intelligence and Wink Inc., publisher of Wink’s Sales & Market Report.

Top IUL Sellers in 4Q 2016

1. Pacific Life
2. Transamerica
3. National Life Group
4. Minnesota Life
5. Lincoln National Life
6. Zurich American Life (est.)
7. Nationwide
8. Prudential
9. Allianz Life
10. AXA US

Top IUL Sellers in 4Q 2015

1. Transamerica
2. Pacific Life
3. National Life Group
4. Minnesota Life
5. Lincoln National Life
6. Zurich American Life (est.)
7. Nationwide
8. Prudential
9. AXA US
10. Voya Financial

Channel Leaders 4Q 2016

Bank: Pacific Life
Career: AXA US
Direct Response: AIG
Independent Agent: Pacific Life
Independent Broker Dealer: Protective Life
National Broker Dealer: Nationwide

Channel Leaders 4Q 2015

Bank: Pacific Life s
Career: AXA US
Direct Response: AIG
Independent Agent: Transamerica
Independent Broker Dealer: Ameritas
National Broker Dealer: Nationwide

Product Leaders by Channel 4Q 2016

Overall: Transamerica Premier Financial Foundation IUL
Bank: Pacific Life Pacific Indexed Performer LT2
Career: RiverSource Life RiverSource Multi-Index UL
Direct Response: American General Life AG Extend IUL
Independent Agent: Transamerica Premier Financial Foundation IUL
Independent Broker Dealer: Protective Life Protective Indexed Choice UL
National Broker Dealer: Nationwide Nationwide YourLife IUL Accumulator

Product Leaders by Channel 4Q 2015

Overall: Transamerica Premier Financial Foundation IUL
Bank: Pacific Life Pacific Indexed Performer LT
Career: Bankers Life & Casualty ClearVantage IUL
Direct Response: American General Life AG Extend IUL
Independent Agent: Transamerica Premier Financial Foundation IUL
Independent Broker Dealer: Ameritas Life Excel Plus Index UL
National Broker Dealer: John Hancock Protection IUL

InsuranceNewsNet Senior Writer Cyril Tuohy has covered the financial services industry for more than 15 years. Cyril may be reached at cyril.tuohy@innfeedback.com.
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Cyril Tuohy is a writer based in Pennsylvania. He has covered the financial services industry for more than 15 years. He can be reached at cyril.tuohy@innfeedback.com.