Some life insurers are taking sharply different approaches to sales of universal life insurance.[@@]
Prudential Financial Inc., Newark, N.J., notes in its third-quarter earnings release that it has doubled its UL sales.
A competitor, Lincoln National Corp., Philadelphia, is emphasizing its efforts to avoid competing too fiercely for UL business.
Prudential is reporting $728 million in net income for the latest quarter on $7.3 billion in revenue, up from $297 million in net income on $6.7 billion in revenue for the third quarter of 2003.
Profits and sales have improved at many units have improved.
At the retirement products unit, sales of guaranteed products increased to $1.7 billion, from almost $1 billion.
UL sales jumped to $48 million, from $24 million.