New York Life, nation’s largest mutual life insurance company, will hire more than 3,700 insurance and financial professionals in 2016.

Industry’s leading agent force has grown 28 percent since 2007.
Special efforts underway to increase the number of women agents and agents from cultural markets.

 

NEW YORK, March 28, 2016—While ongoing low interest rates and shareholder pressures challenge the ability of other insurers to invest in their agents, New York Life has increased its agent recruitment target for 2016, firm in its belief that working with an insurance agent is the best way for families and businesses to achieve financial security. The company intends to hire 3,750 insurance and financial professionals in 2016, with more than half expected to be women or individuals who represent cultural communities.

“New York Life’s agent force, 12,000 strong and growing, is the core reason why year after year we boast the largest market share in the U.S., and more agents who qualify for the Million Dollar Round Table, the industry’s premier sales organization,” said Mark Madgett, senior vice president and head of New York Life’s field force.

“As the company that is known for its career agency system and grew it into one of the largest of any life insurer, we know that sustained, long-term investment in our agents is the best way to support their ability to help friends, families and neighbors achieve their financial goals, while enjoying a successful career. The success of our approach is proven in our consistent sales growth, which includes record life insurance sales in 2015, and a record amount of life insurance in force,” added Madgett.

Madgett also noted other reasons why families and businesses looking for a life insurance company they can trust turn to New York Life, including:


  • The highest ratings for financial strength currently awarded to any life insurer by the major rating agencies.
  • A highly attractive dividend payout, which will total more than $1.7 billion for qualifying individual life policyholders–an increase of 37 percent since 2012, and is the largest payout to participating policyholders in the company’s 170 year history.

Madgett says that new agents, whether from competitors or other occupations, are attracted to New York Life for similar reasons: the company’s financial strength, comprehensive training, significant income potential and diverse career paths that may include opportunities to enter management roles.

Noted Madgett, “For results-driven professionals, New York Life offers a career where individuals can create their own work schedules and find pride in assisting families and businesses in their own communities. They will also find a career that offers them support of full-time managers and trainers in every office, backed by a company investing heavily in digital tools and technologies to help them succeed.”

Among the company’s key hiring priorities in 2016 is to represent the remarkable diversity of the communities served by more than 12,000 New York Life agents. In 2015, 69 percent of New York Life’s new hires in the field were women or individuals who represent the cultural markets, and the company will continue its focus on hiring and supporting women and individuals serving the African-American, Chinese, Korean Latino, South Asian, and Vietnamese communities in the United States. Insurance and financial professionals serving the cultural markets accounted for 51 percent of the company’s new life insurance sales in 2015.

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 currently awarded to any life insurer from all four of the major credit rating agencies: A.M. Best (A++), Fitch (AAA), Moody’s Investors Service (Aaa), Standard & Poor’s & (AA+).*** 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 retail mutual funds. Please visit New York Life’s website at www.newyorklife.com for more information.

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Further Reading
  • Dividends are not guaranteed.
  • The Million Dollar Round Table (MDRT), The Premier Association of Financial Professionals, is recognized globally as the standard of excellence for life insurance sales performance in the insurance and financial services industry.
  • Based on revenue as reported by “Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual),” Fortune magazine, 6/15/15. For methodology, see http://fortune.com/fortune500/.
  • ****Individual independent rating agency commentary as of 8/11/15.
  • 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