Whole life sales in the US
continued to set the pace in an otherwise dull US life market in
the third quarter of 2010, Limra has reported.
According to the financial
service organisation, whole life sales in the third quarter were up
8% compared with the same quarter of 2009, while total new
individual life annualised premium in the quarter was
flat.
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Whole life sales growth
slowed compared with the 15% and 23% increases seen in the first
two quarters of the year, commented Limra senior analyst, product
research, Ashley Durham.
However, he stressed: “It’s
important to remember that third quarter 2010 is being compared
with the time when the double-digit increases began. As of the end
of September, whole life represented 30% of overall annualised
premium sales.”
Over the first three quarters
of 2010, sales of universal life products were up 6% compared with
the same period in 2009. Total new individual life annualised
premium sales in the second quarter of 2010 were up 7% and sales in
the first quarter up 10%.
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