“Our premiums have been up considerably, which is slightly bit completely different than what most companies skilled in 2022,” McMillan instructed Wealth Skilled not too long ago. “2021 was our greatest 12 months ever for all times insurance coverage, and now 2022 is our greatest 12 months ever as we outpaced the market set a brand new bar in our personal gross sales.”
Apart from the high-quality advisors which have come beneath the Gryphin umbrella, McMillan says advisors which have been with the agency for years have continued to develop their practices – in addition to their sale counts and utility counts – via difficult markets.
Based mostly on data reported to it, MIB discovered the decline in functions final 12 months was pushed by insurance policies as much as and together with $500,000, which made up two thirds (67%) of complete exercise. Whereas functions for face quantities over $1 million noticed double-digit progress, that wasn’t fairly sufficient to make up for the double-digit fall in exercise for smaller insurance policies of as much as $500,000.
Nonetheless, 2022 was a sunnier 12 months for some insurers. In an emailed assertion, a spokesperson from Manulife instructed Wealth Skilled that the corporate elevated its annualized premium equal year-over-year gross sales by 3%, and the insurer’s new enterprise worth jumped year-over-year by a powerful 18%. Progress throughout all group insurance coverage markets, robust momentum in par, and a record-breaking 12 months for journey insurance coverage amid a rebound in leisure journey have been additionally vivid spots.
“General, we’re cautiously optimistic for 2023,” the e-mail mentioned. “We consider the gross sales momentum continues to be constructive, and we profit from the range of our companies, which permits us to be effectively positioned to resist completely different environments, together with a possible recession.”