Individual life insurance sales in the United States were up four per cent for the first half of 2017, compared to the same period of 2016, according to the LIMRA U.S. Retail Individual Life Insurance Sales Survey released Sept. 25.
“All major product lines experienced annualized premium growth during the first half of 2017,” said Ashley Durham, associate research director, LIMRA Insurance research. “While whole life led the way in terms of absolute dollar growth during the first half of the year, indexed universal life was the primary driver during the second quarter.”
Second quarter sales
LIMRA reports that for the second quarter of 2017, sales were up 3 per cent compared to Q2 2016.
In Q2 2017, the total number of policies sold declined four per cent. The number of policies sold dropped 3 per cent in the first half of the year.
Universal life insurance sales increased two per cent in Q2 2017. UL sales were up four per cent in the first half of 2017.
Indexed UL sales (IUL) rose eight per cent in the second quarter, with almost half of IUL carriers reporting positive growth. “IUL had the largest premium growth in second quarter. It represented 56 per cent of UL premium and 21 per cent of all individual life insurance premium,” says LIMRA.
Whole Life insurance sales were up two per cent in the second quarter but WL growth has slowed, compared to 2016, observes LIMRA.
“Year-to-date, WL premium represented 37 percent of the total life market, a market share level reached in 2016 when it became the highest in 20 years,” says LIMRA’s report.
Term life insurance sales rose three per cent in the second quarter. Term life market share was 21 per cent in the first half of 2017.