NEW YORK--(BUSINESS WIRE)--New York Life announced today that it was the largest seller of new life insurance in 2011, with a strong 10.7%1 market share through the fourth quarter. New York Life’s individual life insurance sales increased solidly in 2011, up 12% over 2010, driven by the company’s 12,250 licensed agents across the United States.
“These terrific results are a credit to New York Life agents, the most educated and knowledgeable career agents in the industry. They work tirelessly with their clients in communities across the country to meet their accumulation, protection and retirement income needs,” said Chris Blunt, head of New York Life’s Insurance Group.
Mr. Blunt noted that with some 1,000 life insurers operating in the United States today, it is remarkable that any one company has a double-digit market share. Since LIMRA has kept records, no other life insurer has had a double-digit market share in life insurance.
Mark Pfaff, head of the company’s Agency Operations, credited the outstanding results last year to the continual efforts of the field force in meeting the needs of Americans across the country. He also noted the continued strength of New York Life’s cultural marketing as a key driver of the results in 2011. “Last year more than 44% of the company’s new life insurance cases were from Cultural Markets, which is a key focus for the company. Our agents are dedicated to serving the financial needs of communities across the country, including the rapidly growing cultural markets,” he said.
The Cultural Markets unit was formalized in 1996 with a focus on providing financial guidance to families and businesses in the African-American, Asian Indian, Chinese, Hispanic, Korean and Vietnamese markets. Today, of New York Life’s 12,250 agents working in communities across the country, 34% focus on these cultural markets.
New York Life Insurance Company, a Fortune 100 company founded in 1845, is the largest mutual life insurance company in the United States2 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+).3 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 Investments4 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 Web site at www.newyorklife.com for more information.
1 Market share calculations based on New York Life’s analysis of results from LIMRA International, Fourth Quarter YTD 2011 U.S. Individual Life Insurance Sales Survey. Single premiums counted at 100%. Counting singles at 10%, New York Life also leads the industry with a 6.2% market share.
2Based on revenue as reported by “Fortune 500, Ranked within Industries, Insurance: Life, Health (Mutual),” Fortune magazine, May 23, 2011. See http:// money.cnn.com/magazines/fortune/fortune500/2011/faq/ for methodology.
3 Source: Third Party Ratings Reports: A.M. Best A++, Moody’s Aaa, and Standard & Poor’s AA+ as of 8/8/11, and Fitch AAA as of 1/25/12.
4New 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.