New York Life to Hire More Than 3,600 Financial Representatives in 2014 with Special Focus on Women and Cultural Markets
Company Has Hired More Than 3,200 Financial Representatives Annually Since 2007
NEW YORK, January 28, 2014—New York Life announced that the company hired 3,460 full-time agents last year, continuing its strong trend of hiring over the past several years. Since 2007 the company has recorded 9.4 percent growth of its agent force. 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 continues to be successful in hiring individuals from various backgrounds, especially those seeking a career change. We are proud to reflect the diverse communities in which we serve,” said Rich Simonetti, senior vice president of field recruiting and development at New York Life.
In 2013, 62 percent of New York Life’s new hires in the field were women or individuals who represent the cultural markets. The company expects similar results in 2014 as it continues its long commitment to hiring and supporting women and individuals serving the African-American, Chinese, Hispanic, Korean, South Asian, and Vietnamese markets in the United States. Agents serving the cultural markets accounted for 46 percent of the company’s new life insurance sales in 2013.
“New York Life has been recognized as an employer of choice for its strong commitment to women and individuals who represent cultural markets by top outlets including Working Mother magazine, LATINAStyle magazine, DiversityBusiness.com, Women For Hire, Hispanic Business, and the National Association for Female Executives (NAFE),” added Mr. Simonetti. “The company is also proud to be recognized for its broader commitment to its employees with recognitions from CAREERS & the disABLED magazine as a ‘Top 50 Employer’; Dave Thomas Foundation for Adoption’s 100 Best Adoption-Friendly Workplaces List; and Work Life Matters magazine’s ‘Top Company for LGBT Equality’.”
Mr. Simonetti noted that New York Life led new agent membership in the Million Dollar Round Table (MDRT) in the United States for the 59th consecutive year in 2013. Membership in MDRT is a distinguishing life insurance career milestone for those demonstrating superior professional knowledge, experience, client service and sales achievement. In addition, New York Life led female membership in the United States, accounting for 29 percent of the 1,180 female MDRT members, more than three times the number of women members employed by the second place company.
“New agents are pleased to find they are supported by full-time managers and trainers in every office and by product specialists across the country. The company continues to invest significantly in training new and experienced agents, with the ultimate goal being to best serve the financial needs of Americans in the middle income, upper income and high net worth markets,” added Mr. Simonetti.
The Fortune 100 company was named one of Fortune magazine’s World’s Most Admired Companies in 2013 and retained its title as the largest mutual life insurance company in the United States. In addition, the company announced late last year a dividend payout to participating policyholders of $1.43 billion in 2014. It marks the 160th consecutive year New York Life has paid a cash dividend and the second consecutive year that it has increased both its dividend scale and its total dividend payout, the only major company to do so.
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.
* 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 8/1/13.
***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.