MIB Life Index Reports U.S. Life Insurance Activity off -3.7% in June

BRAINTREE, Mass., July 12, 2013 /PRNewswire/ -- U.S. application activity for individually underwritten life insurance was down -3.7% in June, year-over-year, all ages combined, according to the MIB Life Index.  At the half year mark, life insurance application activity has eroded in five of the past six months year-over-year, with 2013 activity off -2.2% YTD.  Quarterly activity shows the composite Index off -3.3%, Q2-13/Q2-12; and off -1.0%, Q1-13/Q1-12.  June's monthly decline is tempered somewhat by its juxtaposition against +2.1% gain June 2012; however, June's 2013 MIB Life Index value has set a new, all time low for the month across the board. Unfavorable trends as we head into the typically slow summer season.

U.S. application activity was mixed in June across the three age groups. Ages 0-44 experienced the sharpest declines off -5.7%; ages 45-59 were off -2.8%; and ages 60+ increased slightly, up +1.1%. For the second quarter, ages 0-44 were down -4.3%; ages 45-59 were down -3.7%; and ages 60+ were up slightly at +0.8% (Q2-13/Q2-12). Year-to-date, ages 0-44 are off -2.4%; ages 45-59 are off -3.3%; and ages 60+ are at par (+0.2%) in what can thus far be characterized as a contracting year for the MIB Life Index.

Additional 2013 Life Index metrics are available with registration from www.mibsolutions.com/loginLI (register at www.mibsolutions.com/regLI) along with the MIB Life Index Annual Reports.

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 the vast majority of individually underwritten life premium dollars 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 resource for risk information and analytical services. Owned by the industry it has served for more than a century, MIB is uniquely positioned to aggregate industry insights in order to develop products and services for our members that improve their risk assessment. MIB, Inc. and MIB Solutions, Inc. are wholly-owned subsidiaries of the MIB Group, Inc. (www.mibgroup.com).

Contact:
David O. Aronson
MIB Group, Inc.
781-751-6330
daronson@mib.com

SOURCE MIB Group, Inc.