Prudential Financial ranked No. 1 in overall life insurance sales during the third quarter, with a market share of 5.7%, Wink, Inc. reported.
All life sales for the third quarter were more than $2.8 billion, down 3.9% compared to the previous quarter and up 3.2% compared to the same period last year, according to Wink’s Sales & Market Report. All life sales include fixed universal life, indexed UL, variable UL, indexed whole life, whole life, and term life product sales.
Prudential is a market leader in variable universal life insurance and CEO Andy Sullivan pointed to its industry dominant distribution as one reason why. Sullivan spoke last month during the insurer’s third-quarter earnings call. Prudential also cited “disciplined pricing, expense management and optimizing in-force business” as reasons for its strong life insurance segment showing.
Transamerica Life’s Financial Foundation IUL II, an indexed universal life product, was the No. 1 selling product for all life sales, for all channels combined, for the second consecutive quarter, Wink reported.
All universal life sales for the third quarter were over $1.1 billion, down 2.6% compared to the previous quarter and up 2.2% compared to the same period last year. All universal life sales include fixed UL, indexed UL, and variable UL product sales.
Non-variable universal life sales for the third quarter were $838.4 million, down 6.5% compared to the previous quarter and down 1.1% compared to the same period last year. Non-variable universal life sales include both fixed UL and indexed UL product sales.
Fixed Universal Life sales for the third quarter were $73 million, up 4.5% compared to the previous quarter and down 26.9% compared to the same period last year.
Term life third-quarter sales were $574.4 million, down 7.7% when compared with the previous quarter and down 4.6% compared to the same period last year.
Indexed life sales for the third quarter were $768 million, down 7.4% compared with the previous quarter, and up 2.5% compared to the same period last year. Indexed life sales include both indexed UL and indexed whole life.
Variable Universal Life sales for the third quarter were $319.3 million, up 9.2% compared with the previous quarter and up 12.1% compared to the same period last year.
Whole life third quarter sales were over $1 billion, down 3.2% compared with the previous quarter, and up 8.8% compared to the same period last year.