First Half Sales Results Driven 18% Increase Whole Life Premium New York Life Agents
Sales of All Recurring Premium Life Insurance by Agents Up a Solid 4% Recruitment of Agents Well Above Expectations and Represents Best Six Months on Record Strong Sales of Annuities and Mutual Funds Through All Channels
NEW YORK, N.Y., August 21, 2012 – New York Life, America’s largest mutual life insurer, today announced first half gains in sales of insurance, annuities and mutual funds. In addition, the company has recorded strong growth in agent recruitment.
The company’s insurance sales continue to grow with individual recurring premium life insurance sales through agents up 4% through the second quarter, over the first half last year. More specifically, New York Life agents recorded an increase of 18% in sales of recurring premium whole life insurance for the same time period. In addition to strong life insurance sales, New York Life generated a 17% increase in long-term care insurance sales over the first six months of 2012.
“Our strong insurance sales – and in particular whole life – reflect the consumer’s desire for protection and safety in today’s economic environment, coupled with a desire to speak with a knowledgeable financial professional. Our agents have become adept at conveying the New York Life value proposition of safety and soundness, delivered by an institution with a 167-year record of fulfilling our promises,” said Mark Pfaff, executive vice president in charge of Agency for New York Life.
The company’s annuity sales are up 17% and mutual fund sales also rose 17% over the first half of 2011. Annuity sales are being propelled by income annuity sales which increased 11% in the first half compared to the first half in 2011. 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’s recruitment of agents is the best six-month start in agency history, with an increase of 14% over the first half of 2011, with 1,763 new agents hired so far in 2012. The full year 2012 goal for agent recruitment is 3,700.
About New York Life
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 Web site 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 21, 2011. See http://money.cnn.com/magazines/fortune/fortune500/2011/faq/ for methodology.
**Source: Third Party Ratings Reports as of 6/22/12.
***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.