Des Moines, Iowa. September 1, 2017- One hundred and two life insurance companies participated in the 80th edition of Wink’s Sales & Market Report. Wink’s Sales & Market Report, the insurance industry’s #1 resource for indexed life insurance sales data since 1997, recently expanded to include fixed universal life (UL) and whole life product lines.
Total second quarter non-variable universal life sales were over $980.6 million. Non-Variable universal life sales include both indexed UL and fixed UL product sales.
Noteworthy highlights for total non-variable universal life sales in the second quarter included Pacific Life Companies ranking as the #1 company overall for non-variable universal life sales, with a market share of 6.6%. Transamerica Premier Financial Foundation IUL was the #1 selling product for non-variable universal life sales, for all channels combined, in the second quarter.
Indexed life second quarter sales were $485.0 million; a figure that was up more than 11.2% when compared with the prior quarter, and up nearly 10.0% as compared to the same period last year. “Indexed life sales are on track to set another sales record in 2017” exclaimed Sheryl J. Moore, President and CEO of both Moore Market Intelligence and Wink, Inc. She added, “The most recent trends in product development are absolutely translating to increased sales of these innovative products.”
Items of interest in the indexed life market this quarter included Pacific Life Companies gaining the #1 ranking in indexed life sales, with a 12.8% market share. Transamerica, National Life Group, Minnesota Life-Securian, and Zurich (sales estimated), tallied up the top five sellers, respectively.
Transamerica Premier Financial Foundation IUL was the #1 selling indexed life insurance product, for all channels combined, for the fourteenth consecutive quarter. The top pricing objective for sales this quarter was Cash Accumulation, capturing 81.1% of sales. The average indexed life target premium reported for the quarter was $8,071; a decline of nearly 9.0% from the prior quarter.
Fixed UL second quarter sales were $496.9 million. Noteworthy highlights for fixed universal life in the second quarter include the top pricing objective of No Lapse Guarantee, capturing 62.8% of sales. The average UL target premium reported for the quarter was $7,844; a reduction of over 32.0% from the prior quarter.
Whole life second quarter sales were $1.0 billion. Items of interest in the whole life market include the top pricing objective of Death Benefit capturing 50.7% of sales. The average annual premium per whole life policy reported for the quarter was $3,660; an increase of nearly 11.0% from the prior quarter.
Additional product lines will be added to Wink’s Sales & Market Report, via their quarterly sales survey, in upcoming quarters. Immediately, the firm will focus on increasing participation with their current product lines of indexed universal life, traditional universal life, indexed whole life, and traditional whole life product sales. Looking-forward, Wink anticipates reporting on sales of term life insurance as well as variable life and variable UL.