First quarter indexed life sales rose 3.4 percent to $446.5 million compared with the year-ago period, according to Wink’s Sales & Market Report.
Sales dropped 16.4 percent compared with the previous quarter. This is part of a cyclical trend that usually sees first quarter sales drop from fourth quarter sales, Wink said.
“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 Moore Market Intelligence and Wink Inc.
Transamerica has retained the No. 1 ranking in first quarter indexed universal life (IUL) sales with an 11.2 percent market share. The carrier's Premier Financial Foundation IUL was the No. 1 selling IUL insurance product for the thirteenth consecutive quarter, Wink said.
The top pricing objective for sales this quarter was cash accumulation, capturing 78.7 percent of sales, Moore said. The average indexed life target premium reported for the quarter was $8,865, an increase of more than 2 percent from the fourth quarter.
Top 10 IUL Companies 1Q 2017:
1. Transamerica
2. Pacific Life
3. National Life Group
4. Minnesota Life-Securian
5. Nationwide
6. RiverSource Life
7. Zurich American Life (est.)
8. Global Atlantic Financial Group
9. Voya Financial
10. AXA US
Top 10 IUL Companies 1Q 2016:
1. Transamerica
2. Pacific Life
3. National Life Group
4. Nationwide
5. Minnesota Life
6. John Hancock
7. Zurich American Life (est.)
8. AXA US
9. Lincoln National Life
10. Voya Financial
Channel Leaders 1Q 2017:
Bank: Pacific Life
Broker/Dealer National Full Service: Nationwide
Broker/Dealer Independent: Protective Life
Career: Transamerica
Direct Response: AIG
Independent Agent: Transamerica
Channel Leaders 1Q 2016:
Bank: Pacific Life
Broker/Dealer National Full Service: Nationwide
Broker/Dealer Independent: Ameritas
Career: AXA US
Direct Response: AIG
Independent Agent: Transamerica
Top Selling Products by Channel 1Q 2017:
Overall: Transamerica Premier Financial Foundation IUL
Bank: Pacific Life Pacific Indexed Performer LT2
Broker/Dealer National Full Service: Nationwide YourLife IUL Accumulator
Broker/Dealer Independent: Protective Life Protective Indexed Choice UL
Career: RiverSource Life RiverSource Multi-Index UL
Direct Response: American General Life AG Extend IUL
Independent Agent: Transamerica Premium Financial Foundation IUL
Top Selling Products by Channel 1Q 2016:
Overall: Transamerica Premier Financial Foundation IUL
Bank: Pacific Life Pacific Indexed Performer LT
Broker/Dealer National Full Service: Nationwide YourLife IUL Accumulator
Broker/Dealer Independent: Ameritas Life Excel Plus Index UL
Career: Bankers Life ClearVantage IUL
Direct Response: American General AG Extend IUL
Independent Agent: Transamerica Premium Financial Foundation IUL
InsuranceNewsNet Senior Writer Cyril Tuohy has covered the financial services industry for more than 15 years. Cyril may be reached at cyril.tuohy@innfeedback.com.
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