NEW YORK, N.Y., August 24, 2005 — New York Life Insurance Company is the prevailing leader of the Million Dollar Round Table (MDRT) for the fifty-first consecutive year with approximately 2,300 New York Life agents achieving MDRT membership. MDRT has a total of 14,551 members in the United States, making membership in this organization a distinguishing life insurance career milestone, attained only by those who have demonstrated superior professional knowledge, experience and client service.
"Our MDRT leadership illustrates New York Life's solid commitment to the same values it has honored since 1845 — financial strength, integrity and humanity. The MDRT distinction illustrates our enduring promise to provide our clients with exemplary service while adhering to the highest ethical standards," said Phil Hildebrand, executive vice president & co-head of U.S. insurance operations, New York Life.
"The reason we are able to attain this honor year after year lies in New York Life's commitment to a comprehensive infrastructure and strategy built around our agency system," said Paul Morris, senior vice president in charge of the Agency Department of New York Life. "When it comes to serving our clients, we simply believe that there is no substitute for a highly trained professional. New York Life will continue to provide our agents with the tools needed to succeed and to dominate the Million Dollar Round Table for years to come."
In 2004, New York Life International, LLC, the overseas arm of New York Life, ranked among the leading MDRT companies globally, producing a record number of MDRT members, over 600, from its operations in Hong Kong, India, Mexico, the Philippines, South Korea, Taiwan and Thailand.
Founded in 1927, MDRT is an international, independent association of nearly 30,000 of the world's leading life insurance and financial services professionals from 76 nations and territories, representing over 450 companies. MDRT members are recognized as skillful professionals who are considered to be among the best in the industry, perform outstanding client service, and have achieved the highest standard of sales excellence in the life insurance and financial services business.
To qualify for the 2005 MDRT, which is based on production in 2004, applicants had to produce a minimum of $67,400 US in eligible commissions or $134,800 US in paid premiums. A minimum of 50 percent of the 2005 production requirement ($33,700 US commissions or $67,400 US premium) must come from policies listed under Unlimited Credit.
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.
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|New York Life Leads Million Dollar Round Table for the 51st Consecutive Year|