NEW YORK, N.Y., June 8, 2009 – New York Life Insurance Company, the largest mutual life insurance company in the United States, announced today that for 2009’s first quarter it ranked as the number two provider of annuities in the United States, according to an industry source.* The company had the 13th largest market share a year ago. This new ranking is based on robust first quarter sales of both investment annuities (up 91%) and income annuities (up 76%) compared with first quarter 2008 sales.
“The economic crisis is dictating that Americans be vigilant in both the accumulation and income phases of their financial life. And as one of the nation’s strongest insurance companies, New York Life is benefiting from this new era of financial responsibility among consumers. Our continued strong annuity sales growth is evidence that Americans are more attracted than ever to brands known for quality, safety and financial security – attributes that annuities from New York Life provide,” said Chris Blunt, executive vice president and head of Retirement Income Security for New York Life. “Based on the strength of our innovative product suite and strong distribution, New York Life’s annuity platform is meeting the needs of pre–retirees and retirees, and we’ve been rewarded with strong gains in market share.”
According to an industry source*, first quarter 2009 results are as follows:
- New York Life is #2 in total annuity sales, up from 13th position in 2008.
- New York Life is #1 in fixed immediate annuity sales, and has been #1 since 2006.
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 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 http://www.newyorklife.com and GuaranteesMatter, a site dedicated to retirement issues, challenges, and solutions, at: http://www.newyorklife.com/guaranteesmatter/ for more information.
* Source: LIMRA International, U.S. Individual Annuity Sales Survey, First Quarter 2009 results. (Note that 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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|Surging First Quarter Sales Strengthen New York Life Position In Annuities|