Pacific Life Tops U.S. Individual Life Insurance Premiums in Q3 2025

Pacific Life Insurance Co. has claimed the top position in new annualized premium for individual life insurance up to the third quarter of 2025, according to LIMRA data. Its new annualized premiums surged nearly 33% year-over-year to $840.6 million, narrowly outpacing Northwestern Mutual, which saw a modest 2.2% increase to $832.6 million. Despite leading in premium volume, Pacific Life ranks 18th in policy count, indicating a focus on higher-value policies. The overall life insurance market experienced robust growth with new annualized premiums reaching $4.3 billion, up 14% year-over-year in the third quarter. Policy sales volume increased by 10%, leading to a 12% rise in year-to-date new premiums totaling $12.7 billion, alongside a 6% growth in policies sold. Whole life insurance products have been the main driver of growth, particularly final expense policies targeting middle- and lower-income consumers. Product category performance varied, with whole life premium up 11% to $1.5 billion in Q3 and policy count surging 18%, marking the highest growth recorded since 1990. Indexed universal life (IUL) premiums reached over $1 billion in the quarter, growing 16%, buoyed by expanded distribution channels and favorable market conditions such as higher interest rates. IUL year-to-date new premiums set a record at $3.2 billion, representing 25% of the total market. Variable universal life (VUL) insurance also contributed significantly, with premiums increasing 35% to $692 million in Q3 and 30% year-to-date growth to $1.9 billion. Term life insurance saw moderate gains, with premiums rising 5% in Q3 to $760 million, driven by underwriting automation and consumer interest. In contrast, fixed universal life sales declined for the fourth straight quarter, with premiums dropping 4% to $245 million in Q3 and 5% year-to-date. The data highlights ongoing trends such as the growing importance of simplified and accumulation products that cater to both affluent and middle-income markets. Market responsiveness to economic factors like interest rates and equity market strength is evident in product performance variations. These developments emphasize the dynamic nature of the U.S. individual life insurance sector and its adaptation to evolving consumer needs and distribution strategies.