INDEXED LIFE SALES BREAK RECORDS
Wink, Inc. Releases Fourth Quarter, 2023 Life Sales Results
Des Moines, Iowa. March 12, 2024- Wink, Inc. released the fourth quarter, 2023 life sales results in its 106 th 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.
Non-variable universal life sales for the fourth quarter were $894.5 million; up more than 15.5% compared to the previous quarter and up 4.1% 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 fourth 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 eleventh consecutive quarter.
Indexed life sales for the fourth quarter were $799.1 million, up more than 16.2% compared with the previous quarter, and up 5.0% compared to the same period last year. Indexed life sales include both indexed UL and indexed whole life. This was a record-setting quarter for indexed life sales, topping the prior 4th quarter 2022 record by 5.0%. This was also a record-setting year for indexed life sales, topping the prior 2022 record by 3.6%. Indexed life sales include both indexed UL and indexed whole life. "I am projecting that 2024 will be another record year for indexed life," commented Sheryl J. Moore, CEO of both Moore Market Intelligence and Wink, Inc. “It is the fastest-growing segment of the life insurance market.”
Items of interest in the indexed life market included National Life Group retaining their #1 ranking in indexed life sales, with a 16.3% 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 eleventh consecutive quarter. The top primary pricing objective for sales this quarter was Cash Accumulation, capturing 76.0% of sales. The average indexed life target premium for the
quarter was $11,974, an increase of nearly 3.0% from the prior quarter.
Fixed UL sales for the fourth quarter were $95.6 million, up 10.2% compared to the previous quarter and down 10.6% compared to the same period last year. Noteworthy highlights for fixed universal life included the top primary pricing objective of No Lapse Guarantee capturing 50.1% of sales. The average UL target premium for
the quarter was $5,736, an increase of more than 4.0% from the prior quarter. Moore commented, “While UL sales were up for the quarter, we are forecasting that they will be down in 2024.”
Whole life fourth quarter sales were $1.1 billion, up 14.3% compared with the previous quarter, and down more than 6.3% 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 54.5% of sales. The average premium per whole life policy for the quarter was $4,051, an increase of more than 5.0% from the prior quarter.
Wink currently reports on indexed universal life, indexed whole life, universal life, whole life, and all deferred
annuity lines’ product sales. Sales reporting on structured universal life, variable universal life and additional
annuity product lines will be available starting in 1 st Quarter, 2024’s report.
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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 indexed insurance product sales since
1997, this report provides sales by product, company, indexing method, index, distribution, surrender charge period, and more. Wink’s Sales & Market Report expanded to cover all deferred annuity products in 2015, all deferred variable annuity products in 2019, and all non-variable cash value life insurance products in 2017.
The staff of Wink, Inc. has a 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, 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 frequently heard in seminars and quoted by industry trade journals.
March 12, 2024
Des Moines, IA
(855) ASK-WINK