Media Contacts
Catherine Theroux
Director, Public Relations
Work Phone: (860) 285-7787
Mobile Phone: (703) 447-3257
Brooke Lacey
Senior Public Relations Specialist
Work Phone: (860) 298-3920
Mobile Phone: (413) 530-6184
LIMRA: Retail Life Insurance New Premium on Pace to Notch Another Record Year
12/5/2024
WINDSOR, Conn., Dec. 5, 2024 — Total new annualized premium jumped 6% to $3.9 billion in the third quarter 2024, according to LIMRA’s third quarter 2024 retail individual life insurance sales survey. The number of policies sold in the third quarter was level with the same period in 2023.
Year to date (YTD), new premium topped $11.6 billion, up 1% over the prior year’s results. In the first nine months of 2024, policy count was flat.
“Following solid third quarter results and strong preliminary October sales figures, LIMRA expects 2024 will mark the fourth year of record-high new premium collected for the industry,” said John Carroll, senior vice president and head of Life & Annuities, LIMRA and LOMA. “Barring an unforeseen economic downturn, LIMRA is forecasting life sales to grow in 2025.”
Variable Universal Life
Variable universal life (VUL) new premium totaled $668 million in the third quarter, 41% higher than third quarter 2023. Accumulation-focused products drove much of the sales this quarter, prompted by the continued growth in the equity markets. The number of policies sold rose 3% in the quarter. YTD, VUL new premium jumped 17% to $1.6 billion and policy count increased 4%.
In the third quarter, VUL held 17% of the total U.S. individual life insurance market.
Whole Life
WL new premium totaled $1.3 billion in the third quarter, down 3% from the prior year’s results. The number of WL policies sold slipped 1%. YTD, WL new premium dropped 6% to $4.3 billion. Policy count fell 4% compared with the same period in 2023.
“Whole life (WL) sales continue to struggle under higher interest rates as consumers move to products with potentially better returns,” noted Karen Terry, assistant vice president, head of LIMRA’s insurance product research. “Should the yield curve return to normal next year, we expect WL sales to improve in 2025.
In the third quarter, WL new premium represented 34% of the total life insurance market.
Indexed Universal Life
Indexed universal life (IUL) new premium was $882 million in the third quarter, up 2% from the prior year. Carriers reporting increases attributed the growth to expanded distribution, product innovation and higher consumer demand. Policy count grew 9% in the third quarter. In the first nine months of 2024, IUL new premium improved 1% to $2.7 billion, and the number of policies sold increased 11%.
IUL new premium represented 23% of the total U.S. life insurance market in the third quarter.
Fixed Universal Life
Fueled by elevated interest rates, fixed universal life (fixed UL) new premium improved for the fifth consecutive quarter. Fixed UL increased 11% year over year to $260 million in the third quarter. YTD, fixed UL new premium was $788 million, 8% above prior year’s results. Policy count dropped 9% in the quarter and 7% YTD.
In the third quarter, fixed UL new premium held 7% of the U.S. life insurance market.
Term Life Insurance
In the third quarter, term life new premium totaled $727 million, down 1% year over year. Policy count also fell 1%, compared with third quarter 2023. YTD, new premium was $2.3 billion, up 1% from the same period in 2023. The number of policies sold increased 1% in the first nine months of 2024.
Term life new premium represented 19% of total sales in the third quarter.
For more details on the sales results, go to Life Insurance Sales Growth Rates (2024 Third Quarter) in LIMRA’s Fact Tank.
- To view the top 20 sales rankings of total U.S. life insurance by new annualized premium and policy sales in the third quarter of 2024, see U.S. Individual Life Insurance – Total Life Insurance Sales (2024 Third Quarter).
- To view the top 20 rankings of whole life insurance sales leaders in the third quarter of 2024, visit U.S. Individual Life Insurance – Whole Life Sales (2024 Third Quarter).
- To view the top 20 rankings of term life insurance sales leaders in the third quarter of 2024, visit U.S. Individual Life Insurance – Term Life Sales (2024 Third Quarter).
- To view the top 20 rankings of variable universal life insurance sales leaders in the third quarter of 2024, visit U.S. Individual Life Insurance – Variable Universal Life Insurance Sales (2024 Third Quarter).
- To view the top 20 rankings of indexed universal life insurance sales leaders in the third quarter of 2024, visit U.S. Individual Life Insurance – Indexed Universal Life Sales (2024 Third Quarter).
- To view the top 20 rankings of fixed universal life insurance sales leaders in the third quarter of 2024, visit U.S. Individual Life Insurance – Fixed Universal Life Sales (2024 Third Quarter).
LIMRA’s Retail Individual Life Insurance Sales Survey represents 80% of the U.S. life insurance market. With more than 100 years of expertise, LIMRA conducts over 80 benchmark studies — producing nearly 500 reports annually — for our members and the industry as a whole. These studies provide trusted insights and a comprehensive understanding of market dynamics, trends, and behaviors.
-end-
About LIMRA
Serving the industry since 1916, LIMRA offers industry knowledge, insights, connections, and solutions to help more than 700 member organizations navigate change with confidence. Visit LIMRA at www.limra.com.