NEW YORK--(BUSINESS WIRE)--New York Life, the largest life insurer in the US, today announced an 11 percent increase in sales of individual recurring premium life insurance through agents for the first three quarters of 2015, and a four percent increase in the number of policies sold through agents.
These strong results reflect growth across the company’s full suite of permanent life products, every geographic region and in the cultural markets, all backed by one of the industry's largest networks of local agents.
“New York Life agents continue to find that many families and businesses in their communities don’t have the right amount of life insurance in place to provide the proper safety net. Our sales growth reflects the hard work of agents who help their neighbors make good financial decisions and also, the value that these clients place on the security and peace of mind New York Life can provide,” said Mark Pfaff, executive vice president in charge of Agency.
Additional Sales Milestones
- The solid growth of recurring life insurance premium came from the company’s suite of permanent products – whole life (up 13 percent), universal life (up 38 percent), and variable universal life (up four percent)*;
- The company is also seeing exceptional growth in various cultural markets, with 50 percent of the company’s new life insurance policies produced by agents serving the African American, Asian Indian/South Asian, Chinese, Korean, Latino and Vietnamese markets in the United States;
- Sales through New York Life Direct, which includes the AARP Operation**, increased by 10 percent over the same period last year, led by strong life insurance sales; and
- New York Life’s operation in Mexico, Seguros Monterrey New York Life reported an eight percent sales increase through the third quarter compared with the same period last year.
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.
*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.
**AARP Operation is the exclusive provider of life insurance and lifetime income annuities to AARP members.
***Based on revenue as reported by “Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual),” Fortune magazine, 6/15/15. For methodology, please 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.
