“Our premiums have been up considerably, which is just a little bit totally different than what most companies skilled in 2022,” McMillan informed Wealth Skilled just lately. “2021 was our greatest yr ever for all times insurance coverage, and now 2022 is our greatest yr ever as we outpaced the market set a brand new bar in our personal gross sales.”
Other than 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 software counts – by means of difficult markets.
Primarily based on info reported to it, MIB discovered the decline in functions final yr was pushed by insurance policies as much as and together with $500,000, which made up two thirds (67%) of whole 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 yr for some insurers. In an emailed assertion, a spokesperson from Manulife informed 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 formidable 18%. Progress throughout all group insurance coverage markets, robust momentum in par, and a record-breaking yr for journey insurance coverage amid a rebound in leisure journey have been additionally brilliant spots.
“Total, we’re cautiously optimistic for 2023,” the e-mail stated. “We imagine the gross sales momentum remains to be optimistic, and we profit from the range of our companies, which permits us to be effectively positioned to resist totally different environments, together with a possible recession.”