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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%.
(Related: Variable Universal Life Sales Take Lead: LIMRA)
Universal life suffered the biggest drop in terms of the number of policies sold, with the policy count falling 7%, year-over-year.
The policy count for the strongest-performing product, variable universal life (VUL), increased 4%.
But new annualized premiums from VUL policies fell 9%, year-over-year, making that product the worst-performing product in terms of new annualized premiums.
New annualized premiums from term life increased 1%. Term life was the only product that showed growth in new annualized premiums.
—Read LIMRA Stands With You on ThinkAdvisor.
— Connect with ThinkAdvisor Life/Health on Facebook and Twitter.
Brandon Carter of USAA Life is on track to become the chair of LL Global in 2019.
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