Prudential Tops Q3 U.S. Life Insurance Sales with Variable UL Leadership

In the third quarter, Prudential Financial led the U.S. life insurance market with the highest overall sales, capturing a 5.7% market share. Total life insurance sales reached over $2.8 billion, showing a slight quarterly decrease of 3.9% but an annual growth of 3.2%, reflecting a cautiously steady market environment. Prudential's leadership particularly stems from its dominance in variable universal life (VUL) insurance, underpinned by its extensive distribution network, disciplined pricing strategies, and efficient expense management. Transamerica Life's Financial Foundation IUL II, an indexed universal life (IUL) product, maintained its position as the top-selling life insurance product for the second consecutive quarter. Universal life (UL) product sales totaled over $1.1 billion with Prudential holding a 10.8% market share in this segment. National Life Group secured the leading role in non-variable universal life sales with a 13.6% share, highlighting competitive dynamics in subcategories. The fixed universal life segment generated $73 million in sales, up 4.5% from the previous quarter. Nationwide led this category with a significant 20.9% market share and its CareMatters II product was the top seller for four consecutive quarters. Indexed life sales saw a downturn of 7.4% quarter-over-quarter but rose 2.5% year-over-year, with National Life Group maintaining the top spot in indexed life sales by 14.8%. The majority of sales were driven by cash accumulation objectives. Variable universal life sales increased 9.2% quarterly to $319.3 million, reflecting growing interest in this product type. Prudential commanded a commanding 32.6% share, with Pruco Life's PruLife Custom Premier II as the leading product. Whole life insurance sales exceeded $1 billion but decreased by 3.2% from the prior quarter, with final expense coverage constituting the core sales driver. Term life sales amounted to $574.4 million, slightly declining both quarterly and annually, yet Prudential maintained the leading market share of 6.2%. Pruco Life's Term Essential 10 remained the top-selling term insurance product. These figures illustrate steady demand despite some fluctuations in premium targets and pricing strategies across product lines. Wink Inc.'s comprehensive reporting now includes all annuity and life insurance lines, providing enhanced market transparency. Industry experts expect indexed life sales to reach record levels by 2025 while variable universal life sales continue to gain traction. These trends underscore evolving consumer preferences and strategic shifts among leading insurers.