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February 09, 2018 at 08:30 AM
Prudential Financial Inc. is trying to hold down the level of guarantee risk linked to the U.S. individual life insurance policies it sells.
The Newark, New Jersey-based company let sales of variable life insurance policies increase to $55 million in the fourth quarter of 2017, from $25 million for the fourth quarter of 2016.
Sales of universal life policies without guarantees rose to $43 million, from $31 million.
Sales of term life policies, and of universal life policies with guarantees, fell to $85 million, from $127 million.
(Related: Prudential Jumps Into Indexed Annuity Market)
Prudential included individual life sales figures in a financial supplement it released along with its fourth-quarter earnings.
Prudential as a whole is reporting $3.9 billion in net income for the latest quarter on $15 billion in revenue, up from $293 million in net income on $13 billion in revenue for the fourth quarter of 2016.
Gross sales of individual annuities fell to 2.3%, to $1.6 billion, but sales of individual annuities through financial planners increased to $713 million, from $659 million.
