NEW YORK, N.Y., March 27, 2009 – New York Life Insurance Company, the largest mutual life insurance company in the United States, announced today that for 2008 it ranked as the number one provider of guaranteed lifetime income annuities in the country according to an industry source.*
“Our strong sales growth indicates that more Americans are taking the necessary steps to help protect themselves by entrusting their financial future to one of the nation’s strongest insurance companies,” said Chris Blunt, head of Retirement Income Security for New York Life. “In this rough market, income annuity holders take great comfort in a guaranteed, monthly paycheck that continues throughout their lifetime, no matter what is happening in the markets. Being ranked the top seller of income annuities in 2008 is evidence that retirees and pre-retirees are flocking to the quality, safety and financial security that New York Life, a triple A rated mutual insurer, provides.”
Earlier this year, New York Life announced that total sales of its income annuities had exceeded $1 billion for the first time, reaching more than $1.2 billion at year-end 2008, and representing an annual growth rate of 55%. This illustrates that Americans are seeking guarantees from companies with a history of unquestioned financial strength and stability, and are purchasing income annuities from New York Life based on the strength of our innovative product suite and strong distribution. Sales of New York Life income annuities continue on this robust pace in the first quarter 2009, with sales up more than 80% through both agents and banks compared with 2008’s first quarter.**
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 from all four of the major credit rating agencies. 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 institutional and retail mutual funds.
Please visit New York Life’s Web site at www.newyorklife.com and GuaranteesMatter, a site dedicated to retirement issues, challenges, and solutions, at: www.newyorklife.com/guaranteesmatter/ for more information.
* New York Life was the number one seller of fixed immediate annuities in 2008, according to an industry source. Source: LIMRA International, U.S. Individual Annuity Sales Survey, Fixed Immediates, Fourth Quarter 2008 results. (Fixed Immediates include Fixed Period Annuities.) ** Sales results through March 25, 2009 *** 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
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|New York Life Is Market Share Leader In 2008 For Guaranteed Lifetime Income Annuities|