Life insurance sales rose more than 2% in the first quarter, Wink Inc. found in its Sales & Market Report.
Life sales topped $2.7 billion in Q1, down 13.7% quarter-over-quarter and up 2.1% compared to the same period last year. All life sales include fixed universal life, indexed UL, variable UL, whole life and term life product sales.
Noteworthy highlights in the first quarter included Pacific Life Companies ranking as No. 1 in overall sales for all life sales, with a market share of 5.5%. Transamerica Life’s Financial Foundation IUL II, an indexed universal life product, was the No. 1 selling product for all life sales, for all channels combined, in the quarter.
All universal life sales for the first quarter were over $1.1 billion, down 15.5% compared to the previous quarter and up 8.5% compared to the same period last year. All universal life sales include fixed UL, indexed UL and variable UL product sales.
Noteworthy highlights for all universal life sales in the first quarter included National Life Group ranking as No. 1 in overall sales for all universal life sales, with a market share of 11.3%. Transamerica Life’s Financial Foundation IUL II, an indexed universal life product, was the No. 1 selling product for all universal life sales, for all channels combined, for the quarter.
Term life first-quarter sales were $577.9 million, down 4.3% when compared with the previous quarter and down 5% compared to the same period last year.
Items of interest in the term life market included Prudential ranking as No. 1 in term life sales, with a 5.4% market share. Pacific Life Companies, Protective Life Companies, Corebridge Financial and Massachusetts Mutual Life Companies completed the top five, respectively.