NEW YORK, September 27, 2016 — New York Life, America’s largest mutual life insurer, today announced continued record sales of life insurance by agents through the second quarter of 2016, as well as solid growth in sales of income and fixed annuities, and long-term care insurance. The company reported a three percent rise in individual recurring premium life insurance sales through agents, compared with the first half of 2015, and an 11 percent jump in whole life sales.
“Recent market volatility is a continual reminder of the lessons learned following the Great Recession: lifetime savings can quickly be put in jeopardy, deeply impacting and threatening financial futures. These are the types of worries our more than 12,000 agents hear from families and businesses every day. And why products that offer safety – like life insurance and income annuities – are what more consumers are relying on,” said Mark Madgett, senior vice president and head of Agency. “While many players in the industry are facing turmoil and working to change their business model or make bolt-on acquisitions, our agent force remains focused on one thing: addressing and responding to the needs of consumers looking for insurance and financial guidance,” added Madgett. “That dedication and commitment is giving New York Life momentum in categories that some of our competitors do not have.”
As a leading employer across the country, New York Life already has hired more than 1,500 new agents through the first half of 2016 – 68 percent of which are women or individuals who represent cultural communities. The company is on pace to mark its tenth consecutive year of hiring more than 3,200 agents.
Sales of income annuities – single premium immediate annuities and deferred income annuities – are up 22 percent and fixed deferred annuities are up 12 percent compared to the same period last year. New York Life continues to lead the industry in providing guaranteed lifetime income, with a 28 percent market share in single premium immediate annuities and 33 percent of the market for deferred income annuities, according to an industry source.* In addition, New York Life is now the third largest individual long-term care provider by market share having placed $12.7 million of new premium in the first half of 2016, a 62 percent year-over-year growth rate when compared to the same period 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. 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.
*Source: LIMRA International, U.S. Individual Annuity Sales Survey, Participants Report, Fixed Immediates and Deferred Income Annuities, Second Quarter 2016 results. (Fixed Immediates include Fixed Period Annuities.) Annuities are issued by New York Life Insurance and Annuity Corporation, a wholly owned subsidiary of New York Life Insurance Company.
**Source: LIMRA International, Mid-Year 2016 Long-Term Care Insurance Market Share Report.
***Based on revenue as reported by “Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual),” Fortune magazine, 6/17/16. For methodology, please see http://ift.tt/1rBpRP2
****Individual independent rating agency commentary as of 8/09/16
*****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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