Industrial Alliance Life leads the life insurance industry in annualized premiums and has sold the most universal life (UL) policies in Canada in the first quarter of 2003.
According to LIMRA International's first quarter report, Industrial Alliance achieved a total market share of 11.5% based on annualized premiums of new individual life insurance sales. The company was followed closely by Sun Life Financial (which includes Clarica), at 11.4%, Great-West Life and London Life at 11.1% (sales figures for Great-West and Canada Life have not yet been consolidated), with Manulife Financial and at 11.0%.
Although its sales of UL were down from the same period last year, Industrial Alliance dominated in annualized premiums, face amount, and number of policies sold. Based on policies sold, it realized a market share of 29.8%. It was followed by Sun Life at 17.5%, RBC Life Insurance at 8.1%, and Transamerica at 8.0%.
Based on UL premiums, Industrial Alliance held 15.9% of the market, its total UL sales down 20% from the same period last year. It is followed by Transamerica with 14.8% of the market, its total UL sales up 16%. Third is RBC Life with 13.4% of the market, its total UL sales up 26%. And despite it selling the second most number of policies, Sun Life fourth at 11.2% of the market, total UL sales down 38% from last year.
However, Sun Life leads in all products regarding face amount and number of policies sold. Its total market share in policies sold is 16.9%, followed by Industrial Alliance at 15.1%, Great-West and London Life at 12.4%, and Transamerica at 7.8%.
Of special note is Standard Life Canada's increase in whole life sales of 6,875% from the same period last year. Standard Life discontinued its whole life products in March. Unity Life draws attention as it heads up in market share based on premiums (up form 0.4% to 1.1%) with an increase in total sales of 162%.