U.S. Life Insurance Activity Near Par Q2 2018 YTD Reports the MIB Life Index

BRAINTREE, Mass., July 18, 2018 /PRNewswire/ -- U.S. life insurance application activity grew slightly in June up 0.7% year-over-year, according to the MIB Life Index. The composite Life Index wavered between gains and losses across the first six months of 2018, finishing the first half of the year off slightly at -0.3% YTD. In relative terms, June's YTD composite Index stands -3.5% off from its high seen in June 2016 YTD. Month-to-month, June's activity was level with that of May. The second quarter showed some weakness when compared to last year, off -0.6% Q2 2018/Q2 2017. The first quarter of 2018 was flat at 0.0% YTD.

June's U.S. application activity showed gains in two of the three age groups—ages 0-44 was up 1.0%, ages 45-59 was down -0.4%, and activity ages 60+ was up 1.6%, year-over-year.  Year-to-date, application activity ages 0-44 age group was off -0.2%, ages 45-59 was off -1.1%, and activity ages 60+ was up 0.4%.  Q2 2018 saw the revival of ages 60+ apps. —whereas ages 0-44 was the strongest age group in 2017, ages 60+ re-emerges for one quarter Q2 2018 (chart).  

View the 2018 MIB Life Index "At the Half" video: https://wi.st/2zFNUY8. View additional analytics, Annual Reports and past videos at no charge by registering at the Enhanced Life Index Portal: www.mibsolutions.com/regLI or login at: https://portal.mibsolutions.com/Welcome.

¹ NOTE: March and April 2018 had one more and one less business day than usual, respectively due to Good Friday occurring in March this year instead of April. This anomaly caused March's Y/Y and YTD percent change to be artificially high, and similarly April's percent changes to be artificially low due to how business days impact the MIB Life Index calculations. Unadjusted percent changes appear here; the adjusted numbers for these months are published in their individual press releases: http://www.mibgroup.com/riskanalytics/archives.html.

About the MIB Life Index
The MIB Life Index is the life insurance industry's timeliest measure of application activity in the United States. Released to the media each month, the Index is based on the number of searches MIB life member company underwriters perform on the MIB Checking Service database. Since over 90% of life insurance applications in North America include an MIB search, as a routine underwriting requirement, the MIB Life Index provides a reasonable means to estimate new business activity.  For past releases, methodology or to subscribe visit www.mibgroup.com/lifeindex. 

About MIB
MIB is the life and health insurance industry's most trusted and secure resource for data-driven risk management services that protect the financial integrity of its members and address their evolving needs. Owned by its members, MIB is uniquely positioned to securely collect and analyze confidential data. MIB services help to detect fraud, errors and omissions on insurance applications; to analyze industry data needed to manage a variety of financial risks; and to make regulatory reporting compliance less onerous and more efficient. As the life insurance industry's first statistical agent, our MIB Solutions, Inc. subsidiary cost-effectively performs annual data calls for those insurers subject to principles-based reserving. MIB Group, Inc., a membership corporation, provides services through its wholly-owned operating subsidiaries, MIB, Inc. and MIB Solutions, Inc.  For more information, visit www.mibgroup.com.

Media Inquiries: David O. Aronson, MIB Group, Inc., 781-751-6330, [email protected]

SOURCE MIB Group, Inc.

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