Variable life insurance sales with single premiums included at 10% for the 35 companies reporting in the VALUE survey for the second quarter of 2009 were $307.3 million, a 4.5% increase from first quarter 2009 sales, which were $294 million, and a 50.9% decrease from second quarter 2008 sales, which totaled $626 million.
(Sales include first-year annualized premium, drop-in premiums and 10% of single premiums.)
The market estimate for the first 6 months of 2009 with single premiums included at 10% is $645 million.
Variable life sales with single premiums included at 100% for the companies in the VALUE survey for the second quarter of 2009 were $309 million, a 4.1% increase over first quarter 2009, which had sales of $297 million, and a 51.2% decrease from second quarter 2008 sales, which were $633 million.
The market estimate for the first 6 months of 2009 with single premiums included at 100% is $655 million, down from $1.35 billion for the same period the year before.
For the first quarter of 2009, the top five companies/fleets–John Hancock, Pacific Life, AXA Financial/MONY, Hartford Life and Lincoln National–captured 59% of all variable life sales (including single premiums at 10%), while the top 10 companies/fleets garnered 82% of VL sales.
For the companies in the survey, the number of flexible-premium contracts issued during the first 6 months of 2009 decreased 57% from the number issued during the first 6 months of 2008. The average face amount increased 7% to $405,631.
The total premium for second-to-die products issued during the first 6 months of 2009 for the companies in the survey was $78 million, compared to $195 million during the first half of 2008.
