New York Life’s First Quarter Life Insurance Sales Surge 20%
NEW YORK, May 30, 2013—New York Life, America’s largest mutual life insurer, today announced very strong first quarter gains in sales of life insurance, income annuities and mutual funds.
Continuing the positive momentum from its record results in 2012, the company’s insurance sales advanced strongly with individual recurring premium life insurance sales through agents up 20 percent over the first quarter of 2012. The number of life insurance policies sold through agents rose six percent in the first quarter of 2013, indicating strong interest in protection products, with 45 percent of the company’s new life insurance policies produced by agents serving the cultural markets. New York Life’s cultural markets include African-American, Chinese, Hispanic, Korean, South Asian, and Vietnamese.
“Our life insurance sales have been trending higher since 2008, which speaks to the desire among American families and businesses for financial safety and security, especially when there is so much uncertainty in the economy around us. More and more, we see insurance consumers taking personal responsibility for their financial protection and doing so with the guidance of trusted professionals, led by our field force of more than 12,250 agents across the country,” said Mark Pfaff, executive vice president in charge of Agency.
New York Life remains the leader in sales of fixed immediate annuities, with 28 percent of the market in 2012, according to an industry source.* The company’s sales of these guaranteed income annuity products, which includes single premium immediate annuities and the company’s deferred income annuity, Guaranteed Future Income Annuity, increased 14 percent in the first quarter over the same time period in 2012.
Sales of New York Life’s mutual funds (including the company’s MainStay family of funds) increased by a remarkable 24 percent over the first quarter a year ago. The company’s exceptionally strong mutual fund sales are being driven by consistent investment performance from the company’s investment boutiques in both income oriented and capital appreciation funds, which remain in high demand from customers.
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.
*New York Life was the number one seller of fixed immediate annuities in 2012, according to an industry source. Source: LIMRA International, U.S. Individual Annuity Sales Survey, Fixed Immediates, Fourth Quarter YTD 2012 results. (Fixed Immediates include Fixed Period Annuities.) 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.
***Source: Individual Third Party Ratings Reports as of 2/1/13.
****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.