Life Insurance Activity Up 0.6%
September 10, 2014 by N/A
Braintree, MA. (September 10, 2014) — U.S. application activity for individually underwritten life insurance rose +0.6% in August year-over-year, all ages combined, according to the MIB Life Index. Modest growth in the composite Index for a second consecutive month may be cause for cautious optimism against a backdrop of five prior consecutive quarterly losses. The Index is showing slow, but positive gains as it inches back in 2014. Year-to-date, the MIB Life Index is off -1.9% at August’s close compared to -2.3% YTD just one month back in July. August results tend to be that much stronger, with one fewer business day this August than in the comparative period. Application activity in August was +1.4% greater than July volumes, displaying typical seasonality as the fall selling season approaches.
Growth in the U.S. composite Index is chiefly attributable to life insurance activity in the ages 60+ demographic, up +3.7% in August, year-over-year. After showing year-over-year growth for the last five months consecutively, ages 60+ was up +1.5% YTD. The other age groups, ages 0-44 was flat in August, off -0.3% and ages 45-59 was up slightly at +0.4%, year-over-year. YTD these age groups were off -2.9% and -2.0%, respectively.