U.S. Life Insurance Policy Sales Increased [LIMRA]

— June 6, 2023—
Published in Newsroom / New Releases
on LIMRA.com

LIMRA: U.S. Life Insurance Policy Sales Increased 4% in First Quarter 2023, Driven by Small and Mid-Size Carriers

Total U.S. retail life insurance new annualized premium fell 7% in the first quarter 2023 to $3.75 billion, yet the number of policies sold increased 4% from the prior year. This represents the highest policy sales growth since the second quarter 2021, during the height of the pandemic sales surge.

Sixty-one percent of the total policy growth was from whole life and term sales and driven primarily by small to mid-sized companies… It is encouraging to see an increase in policies sold with smaller face amount, possibly signaling continued interest from middle-market consumers.

John Carroll, Senior VP, LIMRA and LOMA

For more details on the sales results, go to First Quarter 2023 U.S. Life Insurance Industry Estimates in LIMRA’s Fact Tank.

LIMRA’s Retail Individual Life Insurance Sales Survey represents 83% of the U.S. life insurance market. Since 1921, the U.S. life insurance industry has relied on LIMRA’s benchmark sales study for accurate data and trending insights. 

SEE THE FULL STORY—
limra.com

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