Variable life insurance sales with single premiums included at 10% for the 38 companies reporting in the VALUE survey for the 3rd quarter of 2007 were $717.6 million, a 26.9% increase over 3rd quarter 2006 sales, but up only 0.6% over 2nd quarter 2007 sales, which were $713 million.
Year-to-date 3rd quarter 2007 sales are 18.4% higher than YTD 3rd quarter 2006 sales.
(Sales include first-year annualized premium, drop-in premiums and 10% of single premiums.)
The market estimate for the 3rd quarter of 2007 with single premiums included at 10% is $770 million, while for the first 9 months of 2007 the market estimate is $2.21 billion.
Variable life sales with single premiums included at 100% for the companies in the VALUE survey for the 2nd quarter of 2007 were $729 million, a 0.4% increase over 2nd quarter 2007, which had sales of $725 million, and a 27.2% increase over 3rd quarter 2006 sales, which were $573 million.
The market estimate for the first 9 months of 2007 with single premiums included at 100% is $2.24 billion, up from $1.9 billion for the same period the year before.
For the first 9 months of 2007, the top 5 companies/fleets–John Hancock, Hartford Life, Pacific Life, RiverSource and Lincoln National–captured 55% of all variable life sales (including single premiums at 10%), while the top 10 companies/fleets garnered 78% of VL sales.
For the companies in the survey, the number of flexible-premium contracts issued during the first 9 months of 2007 decreased 9% from the number issued during the first 9 months of 2006. The average face amount increased 8% to $405,355.
The total premium for the 6 companies with single-premium products in the VALUE survey for the first 9 months of 2007 was $21 million, relatively stable when compared to the year before.
