Variable life sales with single premiums included at 10% for the 42 companies reporting in Tillinghast's VALUE survey for 2nd quarter 2005 were $630 million. This is a 2.1% increase over 1st quarter 2005 sales, which were $617 million, and a 9.7% decrease from 2nd quarter 2004 sales, which totaled $698 million.
(Sales include first-year annualized premium, drop-in premiums and 10% of single premiums.)
The market estimate for the first 6 months of 2005 with single premiums included at 10% is $1.31 billion.
VL sales with single premiums included at 100% for the 42 companies in the VALUE survey for 2nd quarter 2005 were $642 million. This is a 2.3% increase over 1st quarter 2005 sales, which were $628 million, and a 9.8% decrease from 2nd quarter 2004 sales, which amounted to $712 million.
The market estimate for the first 6 months of 2005 with single premiums included at 100% is $1.36 billion.
For the 1st quarter of 2005, the top 5 companies/fleets–IDS, Hartford Life, Pacific Life, MetLife and John Hancock–captured 43% of all VL sales (including single premiums at 10%), while the top 10 companies/fleets garnered 69% of VL sales.
For the 2nd quarter of 2005, Hancock ranked among the top 5, displacing AXA Financial/MONY, which now ranks 9th.
For the companies in the survey, the number of flexible-premium contracts issued during the first 6 months of 2005 decreased 17% from the number issued during the 1st half of 2004. The average face amount increased 3% to $347,748.
The single-premium variable life market continues to suffer. The total premium for single-premium products for the 6 companies in VALUE for the first 6 months of 2005 was $20 million, compared to $25 million for the first half of 2004.
The number of single-premium contracts issued during the first 6 months of 2005 was 16% lower than the number issued during the 1st half of 2004. The average face amount decreased 1% to $138,558, while the average premium decreased 5% to $57,803.
