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March 04, 2008 at 08:52 AM
U.S. individual life insurance sales rose 8% in new annualized premium in 2007, reports LIMRA International.
“2007 was a strong year for life insurance, with all product lines showing positive growth,” says Ashley Durham, product research analyst for LIMRA, Windsor, Conn.
Durham attributes most of the fourth quarter sales growth to new products, product enhancements–including stronger guarantees and repricing–better service and entrance into new distribution channels.
Total face amount sold in 2007 rose by 5% over the previous year, while the total number of new policies sold remained about level with 2006.
Of 78 companies participating in the survey (representing 80% of the market), 65% reported sales were up, and nearly 40% experienced double-digit increases. Double-digit sales declines were reported by 14% of companies.
