Total 2017 sales of indexed life insurance came in at $1.9 billion, an increase of 6.1% as compared to 2016, according to the Wink’s Sales & Market Report, released on March 14.
“Another record-setting year for indexed life sales is on the books!” said Sheryl J. Moore, President and CEO of both Moore Market Intelligence and Wink, Inc., based in Des Moines. “Five of the top 10 manufacturers had double-digit sales increases; this is absolutely a product line with growth potential!”
Indexed life sales in the fourth quarter of 2017 totaled $575.2 million; up 20.3% when compared with the prior quarter, and up 7.6% as compared to the same period last year.
Items of interest in the indexed life market included Pacific Life Companies retaining the No. 1 ranking in indexed life sales, with an 18.5% market share. National Life Group, Transamerica, and Minnesota Life-Securian round out the top four sellers, respectively.
Pacific Life’s Pacific Discovery Xelerator IUL was the top-selling indexed life insurance product, for all channels combined, for the quarter. The top pricing objective for sales this quarter was Cash Accumulation, capturing 79.7% of sales. The average indexed life target premium reported for the quarter was $9,073, an increase of more than 5.0% from the prior quarter.
Non-variable universal life sales for the fourth quarter were over $1.0 billion and annual sales for 2017 totaled $3.9 billion. 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 fourth quarter included Pacific Life Companies keeping the top spot overall for non-variable universal life sales, with a market share of 10.3%. Pacific Life’s Pacific Discovery Xelerator IUL was the No. 1-selling product for non-variable universal life sales, for all channels combined, in the fourth quarter.
Fixed UL fourth quarter sales were $473.8 million; annual sales for 2017 were $1.9 billion. Noteworthy highlights for fixed universal life in the fourth quarter include the top pricing objective of No Lapse Guarantee, capturing 66.6% of sales. The average UL target premium reported for the quarter was $5,084, a decline of nearly 34% from the prior quarter.
Whole life fourth quarter sales were $1.2 billion, bringing annual sales for 2017 to $4.3 billion. Items of interest in the whole life market include the top pricing objective of Cash Accumulation capturing 81.1% of sales. The average annual premium per whole life policy reported for the quarter was $3,925, an increase of more than 31% from the prior quarter.
Sixty-four life insurance companies participated in the 82nd edition of Wink’s Sales & Market Report. Wink’s Sales & Market Report, the insurance industry’s No. 1 resource for indexed life insurance sales data since 1997, expanded in 2017 to include fixed universal life (UL) and whole life product lines.
Wink is focusing on increasing participation with their current product lines of indexed universal life, traditional universal life, indexed whole life, and traditional whole life product sales. Additional product lines, such as term life insurance, will be added to Wink’s Sales & Market Report in upcoming quarters.
For more information, go to www.LookToWink.com.