Variable life insurance sales with single premiums included at 10% for the 38 companies reporting in the VALUE survey for the 4th quarter of 2007 were $802.7 million, a 12.1% increase from 3rd quarter 2007 sales of $716 million, exhibiting the typical seasonality trends of life insurance sales.
This is a 21.6% increase over 4th quarter 2006 sales, which were $660 million.
Full-year 2007 sales at $2.864 billion were 19.2% higher than full-year 2006 sales of $2.403 billion.
(Sales include first-year annualized premium, drop-in premiums and 10% of single premiums.)
The market estimate for 2007 with single premiums included at 10% is $3.07 billion, up from $2.585 billion the previous year.
Variable life sales with single premiums included at 100% for the 38 companies in the VALUE survey for the 4th quarter of 2007 were $812.7 million, an 11.8% increase from 3rd quarter 2007, which had sales of $727 million, and a 20.4% increase from 4th quarter 2006 sales, which were $675 million.
Full-year 2007 sales with single premiums included at 100% were $2.905 billion, up from $2.444 billion in 2005.
The market estimate for the full-year 2007 with single premiums included at 100% is $3.105 billion, up from $2.63 billion the year before.
For 2007, the top 5 companies/fleets–John Hancock, Hartford Life, Pacific Life, Riversource and AXA Financial/MONY–captured 54% of all variable life sales (including single premiums at 10%), while the top 10 companies/fleets garnered 78% of VL sales.
For the 4th quarter of 2007, AXA Financial/MONY ranked among the top 5 companies, displacing Lincoln National, which now ranks 6th.
For the companies in the survey, the number of flexible-premium contracts issued during 2007 decreased 6% from the number issued during 2006. The average face amount increased 5% to $397,553.
