Specialists Will Offer Banks Additional Support To Increase Sales of Retirement Income Products
NEW YORK, N.Y., December 4, 2006 – New York Life Insurance Company announced today that it is continuing to build on its success in the bank distribution of annuities by adding four new Retirement Income Specialists to the bank wholesaling team for New York Life annuities. These Retirement Income Specialists will work directly with bank representatives to help increase sales of the Lifetime Income Annuity.
"New York Life has emerged as a leader in offering consumers retirement income solutions, with a focus on products that provide a guaranteed lifetime income stream. Enhancing the support we offer to bank representatives who sell New York Life annuities strengthens our position as market leader and showcases the strengths that have distinguished New York Life for generations - including the range and quality of our product offerings as well as excellence in customer service," said John Meyer, senior vice president, New York Life.
"The Retirement Income Specialists will add to the success of the current wholesaling team who will continue to provide bank representatives with products, marketing support and sales training for the entire family of New York Life annuities distributed through banks. These newly created positions complement and strengthen the relationships that bank representatives have developed with their existing wholesalers," said Andrew Reiss, vice president and national sales manager for New York Life's bank channel. "Our new Retirement Income Specialists will work closely with bank representatives and existing wholesalers to provide additional support in the area of retirement income. Representatives will enjoy greater assistance in the growing field of retirement income planning and we will be able to maximize our wholesaling coverage within each territory."
The Retirement Income Specialists will provide bank representatives with additional resources for training and education, as well as industry information and the role of annuity products in retirement income planning. They will also offer strategies for reaching target clients and conducting public seminars.
New York Life Strengthens Position as Market Leader
As of 3rd Quarter 2006, New York Life became the top seller of fixed immediate annuities sold through banks1. In addition, sales of the Lifetime Income Annuity increased 51 percent in 2005, following a 152 percent increase in 2004, the first year New York Life offered the product with enhanced features. Compared to no growth in the industry for fixed immediate annuities in 20052, sales of the Lifetime Income Annuity rose to $439 million in 2005 up from $290 million in 2004.
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. Headquartered in New York City, New York Life's family of companies offers life insurance, annuities and long-term care insurance. New York Life Investment Management LLC 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 Annuities' Web site at www.mainstayannuities.com.
New York Life annuities are issued by New York Life Insurance and Annuity Corporation, a wholly owned subsidiary of New York Life Insurance Company, 51 Madison Avenue, New York, NY 10010.
1 LIMRA International, Inc., U.S. Individual Annuity Sales Survey, Fixed Immediate, 3rd Quarter 2006. (Fixed Immediate includes Fixed Period Annuities.)
2 LIMRA International, Inc., U.S. Individual Annuity Sales Survey, Fixed Immediate, 2005. (Fixed Immediate includes Fixed Period Annuities.)
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