ALL LIFE SALES UP, AS IUL STEALS THE SHOW!

Wink, Inc. released the fourth quarter, 2022 life sales results in its 102nd edition of Wink’s Sales & Market Report. Wink’s Sales & Market Report is the insurance industry’s #1 resource for life insurance sales data, since 1997.

NON-VARIABLE UNIVERSAL LIFE sales for the fourth quarter were $861.5 million; up 12.0% compared to the previous quarter and down 0.4% compared to the same period last year. Non-variable universal life (UL) sales include both indexed UL and fixed UL product sales. Total 2022 non-variable universal life sales were $3.1 billion, an increase of 5.9% over the prior year.

Noteworthy highlights for total non-variable universal life sales in the fourth quarter included National Life Group retaining the #1 overall sales ranking for non-variable universal life sales, with a market share of 12.9%. Transamerica Life’s Transamerica Financial Foundation IUL was the #1 selling product for non-variable universal life sales, for all channels combined.

INDEXED LIFE sales for the fourth quarter were $752.2 million, up 12.1% compared with the previous quarter, and up 4.7% compared to the same period last year. Indexed life sales include both indexed UL and indexed whole life. Total 2022 indexed life sales hit $2.7 billion, an increase of 10.9%.

This was both a record-setting quarter and a record-setting year for indexed life sales. “The #2 seller of indexed life increased their sales by nearly a third this year” commented Sheryl J. Moore, CEO of both Moore Market Intelligence and Wink, Inc. “This put indexed life sales over the top!”

Items of interest in the indexed life market included National Life Group retaining their #1 ranking in indexed life sales, with a 14.7% market share, Transamerica, Pacific Life Companies, Nationwide, and John Hancock rounded out the top five, respectively.

Transamerica Life’s Transamerica Financial Foundation IUL was the #1 selling indexed life insurance product, for all channels combined. The top pricing objective for sales this quarter was Cash Accumulation, capturing 79.2% of sales. The average indexed life target premium for the quarter was $13,447, an increase of more than 2.0% from the prior quarter.

FIXED UL sales for the fourth quarter were $109.6 million, up 11.4% compared to the previous quarter and down 21.7% compared to the same period last year. Total 2022 Fixed UL sales were $425.3 million, a decline of 17.9%. Noteworthy highlights for fixed universal life included the top pricing objective of No Lapse Guarantee capturing 54.6% of sales. The average UL target premium for the quarter was $5,440, a decline of more than 1.0% from the prior quarter. Moore commented, “Universal Life sales are likely the lowest they have been since the product was developed nearly 45 years ago. There definitely needs to be some new innovation in the market, if carriers want to revive the product line.”

WHOLE LIFE fourth quarter sales were $1.2 billion, up 12.7% compared with the previous quarter, and down 17.6% compared to the same period last year. Total 2022 whole life sales were $4.5 billion, a decline of 5.7%. Items of interest in the whole life market included the top pricing objective of Final Expense capturing 52.4% of sales. The average premium per whole life policy for the quarter was $3,894, a decline of more than 4.0% from the prior quarter.

Wink currently reports on indexed universal life, indexed whole life, universal life, whole life, and all deferred annuity lines’ product sales. Sales reporting on additional product lines will follow in the future.

For more information, go to www.WinkIntel.com

Wink, Inc. is the company behind the most comprehensive life insurance and annuity due-diligence tools, AnnuitySpecs and LifeSpecs at www.WinkIntel.com. Wink, Inc. is the distributor of the quarterly Wink’s Sales & Market Report. Serving as the insurance industry’s #1 resource of indexed insurance product sales since 1997, this report provides sales by product, company, crediting method, index, distribution, surrender charge period, and more. Wink’s Sales & Market Report expanded to cover all deferred annuity products in 2015, all deferred variable annuity products in 2019, and all non-variable cash value life insurance products in 2017.

The staff of Wink, Inc. has a combined experience of more than 175 years working with insurance products, more than half of which is specific to competitive intelligence. Based in Des Moines, Iowa, the firm offers competitive intelligence and market research in the life insurance and annuity industries, serving financial services professionals, distributors, manufacturers, regulators, and consultants on both a domestic and global basis.

Sheryl J. Moore, CEO is the guiding force behind Wink, Inc. Ms. Moore previously worked as a market research analyst for top carriers in the life insurance and annuity industries. Her views on the direction of the market are frequently heard in seminars and quoted by industry trade journals.

This information is provided for education only and should not be used to make a buying decision.

https://www.winkintel.com/2023/03/wink4q22lifesales/