Third-quarter indexed universal life (IUL) sales were $452.9 million, down 5 percent from the third quarter 2015, according to Wink’s Sales & Market Report.
IUL sales were up nearly 3 percent compared to the second quarter, noted Sheryl J. Moore, president and CEO of both Moore Market Intelligence and Wink, Inc.
“It is amazing to see that indexed life sales continue to thrive in a post-AG 49 environment,” she said. “This is the second-largest third quarter sales have been, in the history of the product line. IUL continues to thrive.”
AG 49 was put in place to fight a perception that IUL illustrations weren’t appropriately reflecting the results that could reasonably be expected from this type of policy structure.
Transamerica maintained their No. 1 ranking in indexed life sales, with an 11.7 percent market share and Pacific Life Companies moved up to the No. 2 carrier position. National Life Group, Minnesota Life, and Nationwide rounded out the top five companies, respectively.
Forty-seven indexed life insurance carriers participated in the 77th edition of the Wink report.
Transamerica Premier Financial Foundation IUL was the No. 1 selling indexed life insurance product for the eleventh consecutive quarter.
The average indexed UL target premium reported for the quarter was $8,232; an increase of nearly 29 percent from the prior quarter. The average fixed UL target premium was $5,861; a decline of more than 4 percent as compared to last quarter.
The Wink report comes one day after a LIMRA report finding that fixed indexed annuity (FIA) sales increased 5 percent in the third quarter, to $15 billion,
In the first nine months of 2016, FIA sales increased 22 percent compared to prior year to $46.9 billion, according to LIMRA Secure Retirement Institute’s Third Quarter U.S. Annuity Sales survey.
InsuranceNewsNet Senior Editor John Hilton has covered business and other beats in more than 20 years of daily journalism. John may be reached at email@example.com.
© Entire contents copyright 2016 by InsuranceNewsNet.com Inc. All rights reserved. No part of this article may be reprinted without the expressed written consent from InsuranceNewsNet.com.