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3Q Life Insurance Sales Drop Owing To Persistent Regulation and Low Rates.

The Global Economics by The Global Economics
December 3, 2019
in Insurance
Reading Time: 1min read
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Life insurance sales have slumped in the third quarter, and the reason is low rates and regulation based on Wink Incorporated’s 89th Wink’s Sales & Market Report.

Non-variable universal life sales, including both indexed and fixed UL products for the 3Q, were beyond $818.1 million, which was down by 5.2% compared to the preceding quarter and 6.7% less than the same period last year. Indexed life sales for the 3Q were $529.1 million, which was down 4.2% compared to the previous quarter and down more than 0.1% than the same period last year.

Pacific Life Companies remained in highlight with no. 1 ranking for non-variable UL sales with a 10.7% market share. The no. 1 non-variable UL sales product for all the channels combined was Pacific Life Pacific Discovery Xelerator IUL 2. In the indexed life market also Pacific Life Companies topped with a 16% market share. And the no.1 selling product was Pacific Life Pacific Discovery Xelerator IUL 2.

Fixed UL 3Q sales were $287.7 million, down 7.2% in comparison to the previous quarter and down 17% than the same period last year. Whole life 3Q sales were over $1.1 billion with a 0.5% decline than the prior quarter and up 7.2 % than the same period last year.

Sheryl Moore, President and CEO of Wink Inc., claims, “While third quarter is typically a crummy quarter for life sales, I am anticipating that the fourth quarter will be stronger for all life insurance sales.”

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The Global Economics Limited is a UK based financial publication and a bi-annual business magazine giving thoughful insights into the financial sectors on various industries across the world. Our highlight is the prestigious country specific Annual Global Economics awards program where the best performers in various financial sectors are identified worldwide and honoured.

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