Variable life insurance sales with single premiums included at 10% for the 38 companies reporting in the VALUE survey for the 2nd quarter of 2008 were $628 million, a 1.4% increase over 1st quarter 2008 sales, which were $619 million and a 12% decrease from 2nd quarter 2007 sales, which totaled $714 million.
Year-to-date 2nd quarter 2008 sales of $1.247 billion are 7.3% lower than the same time period in 2007, which had sales of $1.345 billion.
(Sales include first-year annualized premium, drop-in premiums and 10% of single premiums.)
The market estimate for the 2nd quarter of 2008 with single premiums included at 10% is $675 million, while for the first 6 months the market estimate is $1.34 billion.
Variable life sales with single premiums included at 100% for the companies in the VALUE survey for the 2nd quarter of 2008 were $635 million, a 1.7% increase over 1st quarter 2008, which had sales of $625 million, and a 12.5% decrease from 2nd quarter 2007 sales, which were $726 million.
The market estimate for the first 6 months of 2008 with single premiums included at 100% is $1.35 billion, down from $1.465 billion for the same period the year before.
For the first 6 months of 2008, the top 5 companies/fleets–John Hancock, Hartford Life, Pacific Life, RiverSource and AXA Financial/MONY–captured 56% of all variable life sales (including single premiums at 10%), while the top 10 companies/fleets garnered 80% of VL sales.
