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LIMRA: Individual life annualized premium rose 5% in Q1

Individual life insurance new annualized premium increased 5% in the first quarter, according to LIMRA's latest U.S. individual life insurance sales survey.

About 60% of survey respondents reported increased sales, including nine of the top 10 carriers. Universal life new annualized premium increased 6% and both indexed universal life and lifetime guarantee universal life premium grew in the first quarter. Indexed universal life new annualized premium climbed by 5% in the quarter, while lifetime guarantee universal life new annualized premiums rose 14%. Total universal life premium represented 37% of all life insurance premium sold in the first quarter.

Variable universal life new annualized premium fell 3% and its market share dropped to 5% of total life sales in the first quarter. Whole life new annualized premium grew 7%, with eight of the top 10 companies reporting growth. Term life insurance new premium grew 2%.

LIMRA said its first-quarter survey represents 80% of the U.S. individual life insurance annualized premium market.