Life Insurance Sales Set a Record in Q1 2017
Life Insurance Sales Resulted in Record High Q1 Numbers
First quarter indexed life insurance sales were $446.5 million. That number is down 16% compared to Q4, but up over 3.4% compared to Q1 2016. “This quarter, indexed life insurance sales were greater than they have ever been in any first quarter, since their introduction 20 years ago,” said Sheryl J. Moore, President and CEO of both Moore Market Intelligence and Wink, Inc. When asked about the life insurance sales decline from last quarter Moore said, “I don’t find the sales decline from last quarter remarkable; that is just a cyclical trend in sales of life insurance products.”
The Wink Sales & Market Report is the insurance industry’s number one resource for indexed life insurance sales data since 1997. It recently expanded to included fixed universal life insurance and whole life products. One hundred life insurance carriers participated in the 79th edition of the report.
Total Q1 non-variable universal life insurance sales were even higher at over $930.3 million. Non-Variable universal life insurance sales include both indexed and fixed universal life insurance product sales.
The survey named Prudential as the number one carrier overall for non-variable universal life insurance sales, with a market share of 6%. Transamerica took second place for non-variable UL, but did have the number one selling product for non-variable universal life insurance sales for all channels combined in the first quarter. Transamerica retained the number one ranking for indexed life sales with an 11.2% market share.
Additional life insurance products will be added to Wink’s Sales & Market Report in coming quarters. The firm will be focusing on increasing participation with their current product lines of indexed universal life insurance, traditional universal life, indexed whole life and traditional whole life insurance product sales.
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