Braintree, MA. (December 6, 2017) —U.S. individually underwritten life insurance activity turned positive in November with the MIB Life Index composite up 1.2%, year-over-year. The composite’s jump was largely driven by application activity in the 0-44 age group (> 56% of the Index by volume) with November showing the largest percent gain of the year, up 2.3%, year-over-year. Showing modest recovery after Q1 YTD losses (-4.5%), the composite Index remains off -2.0% YTD November. Brisk, late year month-to-month activity has supported the composite’s rise throughout with August/September up 3.7%, Sept./October up 5.9%, and Oct./November up 8.6%. Given the composite’s progressive gains and producers' usual year-end sales push, strength in December activity is anticipated.
U.S. life insurance application activity was mixed across three all age groups. Application activity in the younger ages showed nearly a full percentage point gain in November above its largest 2017 increase. Ages 0-44 were up 2.3%; ages 45-59 losses moderated to -1.0%; and ages 60+ turned positive, up 0.9% compared to same month last year. Despite November’s strength, year-to-date percentages remained negative with ages 0-44 off -0.8% YTD, ages 45-59 off -4.4% YTD, and ages 60+ off -1.9%.
| The MIB Life Index is the life insurance industry's timeliest measure of application activity in the United States. Released to the media each month, the Index is based on the number of searches MIB life member company underwriters perform on the MIB Checking Service database. Since the vast majority of individually underwritten life premium dollars in North America include an MIB search as a routine underwriting requirement, the MIB Life Index provides a reasonable means to estimate new business activity. For past releases, methodology or to subscribe visit http://ift.tt/1Kj82L2. |
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