Windsor, CT, March 07, 2007 � U.S. individual life insurance sales rose 7 percent in new annualized premium in 2006, a pace unmatched since 2000, according to the quarterly survey by LIMRA International.
LIMRA also reported that total face amount sold in 2006 rose by 4 percent over 2005, while the total number of new policies sold declined by 1 percent. Of the 74 companies that participated in the survey, more than 60 percent increased their total life sales over 2005 and more than 40 percent showed double-digit increases. One third of the companies experienced declines.
Universal life (UL) and variable UL sales each grew by 9 percent. Term life grew 5 percent for the year, with a 10 percent surge in the fourth quarter; whole life grew 2 percent. Estimated industry premium market share of each product shows 40 percent for UL, 14 percent for VUL, 1 percent for variable, 23 percent for term, and 22 percent for whole life.
With continued uncertainty about the ultimate fate of the estate tax, survivorship sales ended the year 3 percent lower than in 2005.
About LIMRA International
LIMRA International is a worldwide association providing research, consulting, and other services to nearly 850 insurance and financial services companies in more than 60 countries. LIMRA was established in 1916 to help its member companies maximize their marketing effectiveness. www.limra.com.Tags: Capgemini, Efma, InsurTech, World Insurance Report