Agents Lead the Company’s Strong Sales Growth of Life, Annuities
and Mutual Funds Through the Fourth Quarter of 2013
NEW YORK--(BUSINESS WIRE)--
New York Life, America’s largest mutual life insurer, today announced
very strong fourth quarter gains in sales of life insurance, annuities
and mutual funds. The company said sales of recurring premium life
insurance through agents were up five percent and total annuity sales
were up 14 percent compared with 2012, representing the best 12 month
growth on record for those product lines.
The company’s fourth quarter insurance sales continued the strong pace
set in previous quarters in 2013. The solid sales growth of recurring
premium life insurance products came from the company’s suite of
permanent products – whole life, universal life and variable universal
life.* The company is also seeing exceptional growth in various cultural
markets, with 46 percent of the company’s new life insurance sales
produced by agents serving the African-American, Chinese, Hispanic,
Korean, South Asian, and Vietnamese markets in the United States.
Agents sold $5.4 billion of annuities of all types in 2013, a 14 percent
increase from 2012. Sales of guaranteed lifetime income products**
through agents, which include single premium immediate annuities and the
company’s deferred income annuity, Guaranteed Future Income Annuity,
increased six percent through the fourth quarter compared with the same
period in 2012.
Sales of New York Life’s MainStay family of mutual funds through agents
soared 16 percent over the prior year, to $938 million. Consistent
investment performance across the fund family is helping to drive these
exceptionally strong mutual fund sales, particularly in funds seeking
capital appreciation, which remain in high demand from customers.
“Our agent force, 12,000 strong, is proud to establish a 12 month
company sales record. And we are even more pleased that the sales growth
tells us that more and more Americans are taking financial
responsibility for themselves and their families. Even further,
insurance consumers understand the value of mutuality, which allows New
York Life to offer dividends on participating products, and keeps our
sole focus squarely on creating value for New York Life customers,” said
Mark Pfaff, executive vice president of New York Life and co-president
of the Insurance and Agency Group.
In 2013, New York Life hired 3,460 full-time agents, continuing its
strong trend of hiring over the past several years. It seeks to hire
3,600 financial professionals in 2014, with more than half to be women
or individuals who represent the cultural markets.
New York Life’s operations in Mexico, Seguros Monterrey New York Life,
had a very strong year with 14 percent sales growth compared with 2012.
New York Life noted that this year is the 160th consecutive
year New York Life has paid a dividend to its policyholders, a
validation of mutual strength and a reflection of the company’s singular
focus on creating value for its customers. New York Life has paid a
dividend every year since 1854.
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.
*Universal life products are issued by New York Life Insurance and
Annuity Corporation, a wholly-owned subsidiary of New York Life
Insurance Company. Variable products are offered through properly
licensed Registered Representatives of NYLIFE Securities LLC (member
FINRA/SIPC), a Licensed Insurance Agency and a wholly-owned subsidiary
of New York Life Insurance Company. Whole life products are issued by
New York Life Insurance Company; dividends are not guaranteed.
are issued by New York Life Insurance and Annuity Corporation, a
wholly-owned subsidiary of New York Life Insurance Company.
on revenue as reported by “Fortune 500 ranked within Industries,
Insurance: Life, Health (Mutual),” Fortune magazine, May 20,
2013. See http://money.cnn.com/magazines/fortune/fortune500/2013/faq/?iid=F500_sp_method
****Individual independent rating agency
commentary as of 2/3/14.
*****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. The
MainStay Funds® are managed by New York Life Investment
Management LLC and distributed through NYLIFE Distributors LLC, 169
Lackawanna Avenue, Parsippany, NJ 07054, a wholly-owned subsidiary of
New York Life Insurance Company. NYLIFE Distributors LLC is a Member
New York Life
Terri Wolcott, 212-576-5624
John Hartz, 857-598-4779
Source: New York Life