New York Life Agents Achieve a Record Year in Sales in 2013
NEW YORK, February 13, 2014—New York Life, America’s largest mutual life insurer, today announced very strong fourth quarter gains in sales of life insurance, annuities and mutual funds. The company said sales of recurring premium life insurance through agents were up five percent and total annuity sales were up 14 percent compared with 2012, representing the best 12 month growth on record for those product lines.
The company’s fourth quarter insurance sales continued the strong pace set in previous quarters in 2013. The solid sales growth of recurring premium life insurance products came from the company’s suite of permanent products—whole life, universal life and variable universal life.* The company is also seeing exceptional growth in various cultural markets, with 46 percent of the company’s new life insurance sales produced by agents serving the African-American, Chinese, Hispanic, Korean, South Asian, and Vietnamese markets in the United States.
Agents sold $5.4 billion of annuities of all types in 2013, a 14 percent increase from 2012. Sales of guaranteed lifetime income products** through agents, which include single premium immediate annuities and the company’s deferred income annuity, Guaranteed Future Income Annuity, increased six percent through the fourth quarter compared with the same period in 2012.
Sales of New York Life’s MainStay family of mutual funds through agents soared 16 percent over the prior year, to $938 million. Consistent investment performance across the fund family is helping to drive these exceptionally strong mutual fund sales, particularly in funds seeking capital appreciation, which remain in high demand from customers.
“Our agent force, 12,000 strong, is proud to establish a 12 month company sales record. And we are even more pleased that the sales growth tells us that more and more Americans are taking financial responsibility for themselves and their families. Even further, insurance consumers understand the value of mutuality, which allows New York Life to offer dividends on participating products, and keeps our sole focus squarely on creating value for New York Life customers,” said Mark Pfaff, executive vice president of New York Life and co-president of the Insurance and Agency Group.
In 2013, New York Life hired 3,460 full-time agents, continuing its strong trend of hiring over the past several years. It seeks to hire 3,600 financial professionals in 2014, with more than half to be women or individuals who represent the cultural markets.
New York Life’s operations in Mexico, Seguros Monterrey New York Life, had a very strong year with 14 percent sales growth compared with 2012.
New York Life noted that this year is the 160th consecutive year New York Life has paid a dividend to its policyholders, a validation of mutual strength and a reflection of the company’s singular focus on creating value for its customers. New York Life has paid a dividend every year since 1854.
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 currently awarded to any life insurer from all four of the major credit rating agencies: A.M. Best (A++), Fitch (AAA), Moody’s Investors Service (Aaa), Standard & Poor’s (AA+).**** 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 retail mutual funds. Please visit New York Life’s website at www.newyorklife.com for more information.
*Universal life products are issued by New York Life Insurance and Annuity Corporation, a wholly-owned subsidiary of New York Life Insurance Company. Variable products are offered through properly licensed Registered Representatives of NYLIFE Securities LLC (member FINRA/SIPC), a Licensed Insurance Agency and a wholly-owned subsidiary of New York Life Insurance Company. Whole life products are issued by New York Life Insurance Company; dividends are not guaranteed.
**Annuities are issued by New York Life Insurance and Annuity Corporation, a wholly-owned subsidiary of New York Life Insurance Company. .
***Based on revenue as reported by “Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual),” Fortune magazine, May 20, 2013. See http://money.cnn.com/magazines/fortune/fortune500/2013/faq/?iid=F500_sp_method%20 for methodology.
****Individual independent rating agency commentary as of 2/3/14
*****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. The MainStay Funds® are managed by New York Life Investment Management LLC and distributed through NYLIFE Distributors LLC, 169 Lackawanna Avenue, Parsippany, NJ 07054, a wholly-owned subsidiary of New York Life Insurance Company. NYLIFE Distributors LLC is a Member FINRA/SIPC.