LIFE INSURANCE SALES REBOUND IN THE SECOND QUARTER
Wink, Inc. Releases Second Quarter, 2024 Life Sales Results
Des Moines, Iowa. September 3, 2024- Wink, Inc. released the second quarter, 2024 life sales results in its 108th 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.
All universal life sales for the second quarter were over $1.1 billion; up 11.9% compared to the previous quarter. All universal life (UL) sales include fixed UL, indexed UL, and variable UL product sales.
Noteworthy highlights for total all universal life sales in the second quarter included National Life Group ranking as #1 in overall sales for all universal life sales, with a market share of 11.3%. Transamerica Life’s Transamerica Financial Foundation IUL was the #1 selling product for all universal life sales, for all channels combined for the second consecutive quarter.
Non-variable universal life sales for the second quarter were $847.4 million; up 12.0% compared to the previous quarter and up 2.3% 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 second quarter included National Life Group retaining the #1 overall sales ranking for non-variable universal life sales, with a market share of 15.2%. Transamerica Life’s Transamerica Financial Foundation IUL was the #1 selling product for non-variable universal life sales, for all channels combined for the thirteenth consecutive quarter.
Fixed UL sales for the second quarter were $100.5 million, up 12.2% compared to the previous quarter and down 1.0% compared to the same period last year.
Items of interest in the fixed UL market included Nationwide as the #1 ranking in fixed universal life sales, with a 14.7% market share, John Hancock, Prudential, Protective Life Companies, and Pacific Life Companies completed the top five, respectively.
Nationwide’s Nationwide Care Matters II was the #1 selling fixed universal life insurance product, for all channels combined for the second consecutive quarter. The top primary pricing objective of No Lapse Guarantee capturing 43.7% of sales. The average fixed UL target premium for the quarter was $6,892, an increase of more than 26.0% from the prior quarter. Moore commented, “Had half of the participants not had sales declines, sales over this quarter last year would have fared better…”
Indexed life sales for the second quarter were $747.2 million, up 12.0% compared with the previous quarter, and up 2.8% compared to the same period last year. Indexed life sales include both indexed UL and indexed whole life.
Items of interest in the indexed life market included National Life Group keeping their #1 ranking in indexed life sales, with a 17.1% market share, Transamerica, Pacific Life Companies, Nationwide, and John Hancock rounded 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 thirteenth consecutive quarter. The top primary pricing objective for sales this quarter was Cash Accumulation, capturing 73.1% of sales. The average indexed life target premium for the quarter was $10,783, a decline of nearly 11.0% from the prior quarter.
“It is worth noting that one of the top ten best sellers of indexed life made waves this quarter,” commented Sheryl J. Moore, CEO of both Moore Market Intelligence and Wink, Inc. “They launched a brand-new instant decision underwriting product that buoyed their sales up triple digits!”
Variable Universal Life sales for the second quarter were $291.6 million; up 11.4% compared with the previous quarter.
Items of interest in the variable universal life market included Prudential as the #1 ranking in variable universal life sales, with a 31.8% market share, Lincoln National Life, Pacific Life Companies, RiverSource Life, and John Hancock completed the top five, respectively.
Pruco Life’s VUL Protector was the #1 selling variable universal life insurance product, for all channels combined for the second consecutive quarter. The top primary pricing objective for sales this quarter was Cash Accumulation, capturing 53.7% of sales. The average variable universal life target premium for the quarter was $20,406, a decline of less than 1.0% from the prior quarter.
Whole life second quarter sales were $1.0 billion, up 6.3% compared with the previous quarter, and down 1.1% 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 57.8% of sales. The average premium per whole life policy for the quarter was $3,507, a decline of more than 17.0% from the prior quarter.
Term life second quarter sales were $692.8 million; up 6.8% compared with the previous quarter.
Items of interest in the term life market included RiverSource Life as #1 ranking in term life sales, with a 6.2% market share, Prudential, Pacific Life Companies, Corebridge Financial, and Protective Life Companies rounded the top five, respectively.
RiverSource Life’s RiverSource 20-Year Term Life was the #1 selling term life insurance product, for all channels combined, for the second consecutive quarter. The average annual term life premium per policy reported for the quarter was $2,996, a decline of more than 10% from the previous quarter.
Wink now reports sales on all life insurance product lines, as well as all annuity lines of business.
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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 insurance product sales since 1998, this report provides sales by product, company, crediting method, index, distribution, surrender charge period, guarantee period and more. Wink’s Sales & Market Report expanded to cover all annuity products and all life insurance products in 2024.
The staff of Wink, Inc. has 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 often heard in seminars and quoted by industry trade journals.
September 3, 2024
Des Moines, IA
(855) ASK-WINK