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December 7, 2010updated 13 Apr 2017 8:50am

Whole life holds the fort in dull US life market

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.

By LII editorial

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.

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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