New York Life Achieves Second Consecutive Year of Double Digit U.S. Life Insurance Sales Growth in 2010
Life Insurance Sales Up 38% on Strong Sales Through Agents And Increasing Focus on Cultural Markets
NEW YORK, N.Y., March 3, 2011 – New York Life Insurance Company today announced record U.S. individual life insurance sales, up 38%* and well above the industry’s growth of 4% in 2010.** In addition, the company added more than 3,400 agents in 2010. Since 2005, the number of New York Life agents has grown 16% to more than 11,900 licensed agents currently.
The 38% increase in U.S. individual life insurance sales in 2010 represents the company’s best one-year sales increase on record. For the most part, this growth was driven by increased sales of both permanent insurance and term products. Sales by New York Life’s 11,900 licensed agents increased 29% to a new record in 2010.
“In the unsteady wake of the Great Recession, more and more Americans recognize that the cost of being exposed to undue financial risk can be enormous. They realize it’s crucial to make thorough and prudent financial decisions to ensure their family’s security,” said Mark W. Pfaff, executive vice president, New York Life. “Our continued strong sales growth proves what we have been seeing in the marketplace – that consumers across the country are more actively engaging with a financial representative from a respected, financially strong company as they respond to the prolonged instability of the economy. And more families and businesses are now recognizing that life insurance is an asset to be maximized, rather than an expense to be minimized.”
Cultural Markets Account for More Than 40% of Life Sales
New York Life is committed to growing not only the amount of life insurance protection in place, but also the number of families who enjoy that protection. The company’s specific focus on cultural markets is key to that effort.
“We are proud that 41% of the company’s new life insurance cases were from Cultural Markets in 2010,” said Juan R. Job, vice president in charge of the Cultural Market unit at New York Life.
The unit was formalized in 1996 with a focus on providing financial guidance to families and businesses in the African-American, Asian Indian, Chinese, Hispanic, Korean and Vietnamese markets. Today, of New York Life’s 11,900 agents working in communities across the country, 31% focus on these cultural markets.
“New York Life remains closely attuned to the financial needs of communities across the country, which includes the minority communities that are becoming an ever-greater percentage of the total population. We are committed to providing a robust support structure that serves a diverse clientele,” added Mr. Job.
Solid Increases in Long-Term Care Insurance, As Well
In addition to strong life insurance sales, in 2010 New York Life generated a 12% increase in long-term care insurance sales over 2009, with the company’s sales in December 2010 the highest monthly sales on record.
"Long-term care insurance is an often overlooked, key piece of any well-designed comprehensive retirement plan that can help preserve a legacy and protect income. These solid sales figures prove that Americans are recognizing that they cannot afford to cover their long-term care needs out of personal savings and that this insurance helps alleviate a potential financial burden,” said Mike Gallo, senior vice president in charge of the long-term care operation at New York Life. “Moreover, at a time when other insurers are exiting the business or significantly raising rates, New York Life has paid a dividend on its long-term care policies for seven consecutive years and has never raised rates on inforce policyholders.”
New York Life Insurance Company, a Fortune 100 company founded in 1845, is the largest mutual life insurance company in the United States*** and one of the largest life insurers in the world. New York Life has the highest-possible financial strength ratings from all four of the major credit rating agencies. Headquartered in New York City, New York Life’s family of companies offers life insurance, retirement income, investments and long-term care insurance. New York Life Investments**** provides institutional asset management and retirement plan services. Other New York Life affiliates provide an array of securities products and services, as well as institutional and retail mutual funds.
Please visit New York Life’s Web site at www.newyorklife.com for more information.
*Does not include life insurance sales through AARP.
**Source: LIMRA International, U.S. Life Sales Survey, Fourth Quarter 2010 results.
***New York Life is the largest mutual life insurance company based on the Fortune 500, ranked within industries, Insurance: Life, Health (Mutual), Fortune magazine, May 3, 2010.
****New York Life Investments is a service mark used by New York Life Investment Management Holdings LLC and its subsidiary, New York Life Investment Management LLC.