From Workers Reviews
U.S. Particular person life insurance coverage new annualized premium elevated simply 1% in first quarter 2019, in comparison with first quarter 2018, in response to LIMRA’s U.S. Particular person Life Insurance coverage Gross sales Survey.
The overall variety of particular person life insurance coverage insurance policies offered within the first quarter decreased three%, in contrast with the identical quarter of the prior yr.
Common life (UL) new annualized premium was flat within the first quarter. This was primarily pushed by the 15% lower in fastened UL gross sales.
Lifetime assure UL (LTGUL) new premium fell 12%, in contrast with prior yr. That is the eighth consecutive quarter of declines for this product. LTGUL represented 15% of whole UL gross sales and 5% of whole life premiums within the first quarter.
Listed common life (IUL) new annualized premium grew 9% within the first quarter. That is the 10th consecutive quarter of progress for IUL. Within the first quarter, IUL represented 68% of UL and 24% of all particular person life premium.
Complete UL premium represented 36% of all life insurance coverage premium offered within the first quarter 2019.
Complete life (WL) new annualized premium dropped 1% within the first quarter, in contrast with prior yr. Half of the WL writers, together with half of the highest 10 WL carriers, reported declines for this quarter. WL premium represents 36% of the full particular person life insurance coverage market.
Variable common life (VUL) new annualized premium rose 12% within the first quarter. Whereas the protection-focused VUL merchandise contributed to most of this progress, accumulation-focused VUL merchandise skilled a rise as properly. That is the sixth consecutive quarter of will increase to VUL. VUL holds 6% market share of whole life insurance coverage gross sales within the first quarter.
Time period life insurance coverage new annualized premium grew 2% in comparison with first quarter 2018. Half of time period writers and 7 of the highest 10 recorded will increase within the first quarter. Time period’s market share is 22%. Time period life insurance coverage market share has been within the 20-22% vary since 2011.
LIMRA’s Particular person Life Insurance coverage Gross sales Survey represents roughly 80% of the U.S. particular person life insurance coverage annualized premium market.
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