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August 23, 2011 at 08:00 PM
Annualized premium revenue from new U.S. individual life sales increased 1% during the second quarter — and the number of policies sold and total face amount sold also rose 1%.
Whole life and universal life (UL) volume continued to grow, and term life volume continued to shrink, but the performance gap was not as wide as it was in the first quarter, according to LIMRA, Windsor, Conn.
LIMRA has published second-quarter U.S. individual life market statistics in a report based on a life insurer survey.
In the first quarter, sales of whole life and UL products grew rapidly as sales of term life products plunged. New whole life premium revenue increased 10% and new UL premium revenue increased 7% as new term life premium revenue sank 8%.
During the latest quarter, new term life premium revenue fell 5%, but growth in new premium revenue slipped to 5% for whole life and to 1% for UL products.
Although whole life was the leader in terms of revenue from new sales, UL products enjoyed the fastest growth in number of policies sold and total face amount.
