LIMRA says the number of new individual U.S. life insurance policies sold continued to drop in the second quarter.
Annualized premiums from new policies increased somewhere between 0% and 0.5%, when compared with the total for the second quarter of 2018. But the number of new individual policies sold fell 5%.
(Related: Life Policy Sales Fell 3%: LIMRA)
In the first quarter, the number of policies sold was 3% lower.
LIMRA bases the life sales figures a life insurer survey. The participating insurers represent about 80% of U.S. individual life sales.
The summary available to the general public does not provide the data on the actual policy counts or premium totals.
The summary includes results for universal life, variable universal life, term life and whole life.
Here’s what happened to the number of new policies sold in the second quarter, broken down by product type, when compared with sales for the second quarter of 2018:
- Universal Life: -7%
- Variable Universal Life: Between -0.5% and 0%
- Term Life: -2%
- Whole Life: -7%
LIMRA also provided limited information about sales of indexed universal life (IUL) policies that are filed as fixed-rate life products. New IUL annualized premiums were up 4%, year-over-year. Figures on the number of new IUL policies sold were not available.
A link to the new LIMRA survey summary table is available here.
— Read Prudential Sheds ‘Too-Big-to-Fail’ Label, But…, on ThinkAdvisor.