NEW YORK, N.Y., April 16, 2009 – New York Life Insurance Company announced today that it has increased the number of sales and service staff in the bank channel. The number of internal sales specialists increased by 100%, regional wholesalers by 30%, retirement income specialists by 50%, and other service staff by 40%, for a total of more than 100 new hires.
“Sales of New York Life’s fixed annuities in the bank channel have surged, up 130% and sales of income annuities almost doubled in 2008, fueling the need for growth in sales support. Now more than ever, consumers are conscious of the need for a safe place to grow their retirement income. Our sales growth is evidence of this flight to quality: bank clients recognize that fixed annuities from New York Life, a financially stable, triple-A rated company, offers that stability and growth potential they seek,” said Andrew Reiss, vice president and national sales manager for New York Life’s bank channel. “New York Life is committed to providing the highest quality products and service and by expanding our sales support team will best be able to meet the growing need in the bank channel for quality retirement planning expertise.”
“New York Life benefited from a growing fixed annuity market but grew more than the industry by increasing market share with our established bank partners and adding distribution with new banks,” added Mr. Reiss. “New York Life is well positioned to continue on this robust pace and meet the growing demand from bank clients for prudent retirement options.”
New York Life is ranked as the number one provider of guaranteed lifetime income annuities in the bank channel according to an industry source for 2008.* In addition, New York Life previously 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, representing an annual growth rate of 55% which includes an annual growth rate of 95% in the bank channel.
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 offer 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 Annuities’ Web site at www.newyorklife.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.
* 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.)
** 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 Responds To Surge In Annuity Sales In The Bank Channel With 100 New Hires|