Indexed life sales up 6.1% in 2017
Total 2017 sales of indexed life insurance came in at $1.9 billion, an increase of 6.1% as compared to 2016, according to the Wink’s Sales & Market Report, released on March 14.
“Another record-setting year for indexed life sales is on the books!” said Sheryl J. Moore, President and CEO of both Moore Market Intelligence and Wink, Inc., based in Des Moines. “Five of the top 10 manufacturers had double-digit sales increases; this is absolutely a product line with growth potential!”
Indexed life sales in the fourth quarter of 2017 totaled $575.2 million; up 20.3% when compared with the prior quarter, and up 7.6% as compared to the same period last year.
Items of interest in the indexed life market included Pacific Life Companies retaining the No. 1 ranking in indexed life sales, with an 18.5% market share. National Life Group, Transamerica, and Minnesota Life-Securian round out the top four sellers, respectively.
Pacific Life’s Pacific Discovery Xelerator IUL was the top-selling indexed life insurance product, for all channels combined, for the quarter. The top pricing objective for sales this quarter was Cash Accumulation, capturing 79.7% of sales. The average indexed life target premium reported for the quarter was $9,073, an increase of more than 5.0% from the prior quarter.