Life insurance sales for the second quarter topped $2.9 billion, up 8.5% compared to the previous quarter and up 2.6% compared to the same period last year, Wink, Inc. reports.
Strong sales of indexed life led the way, said Sheryl Moore, CEO of Wink and Moore Market Intelligence. “Most of second quarter had a steadily-rising market, which lent well to sales of indexed life,” Moore said. “It was the second-best quarter for sales of these index-linked products.”
All life sales include fixed universal life (UL), indexed UL, variable UL, whole life, and term life product sales.
Noteworthy highlights for all life sales in the second quarter included Pacific Life Companies ranking as No. 1 in overall sales for all life sales, with a market share of 5.6%. 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, for the quarter.
Highlights for all universal life sales in the second quarter included Pacific Life Companies ranking as No. 1 in overall sales for all universal life sales, with a market share of 11.1%. 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.
Highlights for total non-variable universal life sales in the second quarter included National Life Group retaining the No. 1 overall sales ranking for non-variable universal life sales, with a market share of 14.5%. Transamerica Life’s Financial Foundation IUL II, an indexed universal life product, was the No. 1 selling product for non-variable universal life sales, for all channels combined, for the quarter.
Items of interest in the indexed life market included National Life Group keeping its No. 1 ranking in indexed life sales, with a 15.6% market share; Transamerica, Pacific Life Companies, Nationwide, and John Hancock rounded out the top five, respectively.
Items of interest in the term life market included Prudential ranking as No. 1 in term life sales, with a 5.9% market share. Pacific Life Companies, Protective Life Companies, Corebridge Financial and National Life Group completed the top five, respectively.