Life insurers sold fewer individual life policies in the United States in the third quarter, and total annualized premiums from the new policies sold also fell.
LIMRA, a nonprofit life insurance research group, has reported those findings in a summary of results from its latest quarterly life insurer survey.
Life insurers told LIMRA that they sold 3% fewer individual life policies in the third quarter than in the third quarter of 2016.
Annualized premiums for the new policies sold fell 2%, but the total value of the new life insurance coverage provided increased 1%.
Universal life suffered the biggest drop in terms of the number of policies sold, with the policy count falling 7%, year-over-year.
