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Sep. 7, 2023

Total U.S. life insurance new annualized premium was $4 billion in the second quarter 2023, a 1% increase, according to final results from LIMRA’s Second Quarter U.S. Retail Individual Life Insurance Sales survey. For the first half of the year, new annualized premium was $7.7 billion, 3% below the same period in 2022.

“The industry experienced broad growth with 6 in 10 carriers reporting increases in premium. Of the top 10 carriers, eight reported, on average, 15% growth,” said Karen Terry, assistant vice president, head of LIMRA Product Research. “This quarter whole life, term and variable universal life experienced the highest premium growth rates, driving the overall positive results in premium. We believe sales will continue to improve in the second half of the year spurred by the stronger economic conditions.”

For the second consecutive quarter, policy sales increased. In the second quarter total policy sales rose 3%, due largely to indexed universal life products. Year-to-date, policy sales increased 4% over the same period in 2022.

For more details on the sales results, go to Second 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. 

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