New York Life's Market Share Exceeds 12% for the First Time, Leading the Life Insurance Industry Once Again
NEW YORK, N.Y., June 16, 2011 — New York Life Insurance Company announced today that it is the largest seller of new life insurance through the first quarter 2011, with a strong 12.1%1 market share, up 1.7 points from 10.4% in the fourth quarter. New York Life’s individual life insurance sales increased a robust 24% in the first quarter, far outpacing the industry, driven by a 29% increase in sales through the company’s 11,900 licensed agents across the United States.
“As more Americans recognize the need and benefit of the financial protection that life insurance offers, they are turning to New York Life,” said Mark Pfaff, executive vice president in charge of U.S. Life and Agency Operations at New York Life. “The results of this quarterly sales survey underscore our longtime belief that the combination of the most knowledgeable agent force, unsurpassed financial ratings and a 166-year history of keeping our promises to policyholders is a winning recipe for success in this business.”
Mr. Pfaff noted that with some 1,000 life insurers operating in the United States today, it is remarkable that any one company has a double digit market share. Company research indicates that no other life insurer has ever had a double-digit market share (10% or more) since LIMRA has kept records, he said.
New York Life Insurance Company, a Fortune 100 company founded in 1845, is the largest mutual life insurance company in the United States2 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 companies3 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.
1Market share calculations based on New York Life’s analysis of results from LIMRA International, First Quarter 2011 U.S. Individual Life Insurance Sales Survey. Single premiums counted at 100%. Counting singles at 10%, New York Life also leads the industry with a 6.8% market share.
2Based on revenue as reported by “Fortune 500, Ranked within Industries, Insurance: Life, Health (Mutual),” Fortune magazine, May 5, 2011. See http://money.cnn.com/magazines/fortune/fortune500/2011/faq/ for methodology.
3New 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.