NEW YORK, N.Y., July 12, 2007 – New York Life Insurance Company, the largest mutual life insurance company in the United States, announced today that it is ranked as the number one provider of guaranteed lifetime income annuities in the country according to an industry source.*
“As sources of reliable retirement income such as corporate pensions decline and the average number of years spent in retirement expands, consumers are increasingly looking for ways to stretch their nest egg to ensure they have enough savings to last throughout retirement,” said Paul Pasteris, senior vice president of New York Life. “Lifetime income annuities can help make this possible by providing a stable, guaranteed stream of retirement income together with immeasurable peace of mind. New York Life has focused on helping consumers build lifetime income annuities into their retirement plan by providing flexible, innovative products that address their needs and concerns. Our number one ranking is evidence that this approach is resonating with the public.”
New York Life’s guaranteed lifetime income annuity sales rose 45 percent in 2006 on the strength of its innovative product suite and strong distribution, and continued on that pace in first quarter 2007. Over the past two years, the company has introduced a number of new guaranteed lifetime income annuity options designed to address various consumer needs. In addition to the flexible cash access features that are part of all New York Life income annuity products, these offerings include an Income Enhancement Option** that lets consumers take advantage of rising interest rates and a Changing Needs Option** that allows policyholders to increase or decrease monthly payments to suit their unique preferences.
**New York Life was the number one seller of fixed immediate annuities in the first quarter 2007, according to an industry
source. Source: LIMRA International, U.S. Individual Annuity Sales Survey, Fixed Immediates, First Quarter 2007 results.
(Fixed Immediates include Fixed Period Annuities.)
**These options are not available in New York. Guaranteed Lifetime Income 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, New York 10010. In New York the issuer is New York Life Insurance Company. Guarantee is backed by the claims paying ability of the issuer.
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, retirement income, investments 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 Is Market Share Leader In First Quarter 2007 For Guaranteed Lifetime Income Annuities, Building On Achievement Of Number One Status In 2006|